Oregon Sues Countrywide Over Pension Fund Losses Associated with Risky Mortgage-Backed Securities

Here we go again…

Man, these investors must of been really stupid, really greedy, or both.

Guess they got in over their heads and were livin above their means…

If they couldn’t afford to lose their investment, they shouldn’t of put their money into it.

I have no idea what they could of been thinking…

Just like the the homeowners, right?

Lies to the borrower, lies to the investor.

IT COULD NOT OF WORKED ANY OTHER WAY

“Oregon is taking a stand against predatory lenders and the financial wreckage they caused for families and for investors including Oregonians,” said Treasurer Wheeler. “With this lawsuit, we are attempting to recover losses from lenders that took advantage of innocent families, whose only fault was wanting to participate in the American dream and own a home.”

Office of the  State Treasurer

(July 14, 2010) Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announced that they are suing Countrywide Financial Corp. of Delaware and its underwriters for misleading investors into buying risky mortgage-backed securities.

That alleged deceit ultimately cost Oregon: The Oregon Public Employee Retirement Fund was induced to invest $200 million into home loans originated by Countrywide, and lost $29 million as a result of misrepresentations by Countrywide and its financial underwriters, the lawsuit says.

“Oregon is taking a stand against predatory lenders and the financial wreckage they caused for families and for investors including Oregonians,” said Treasurer Wheeler. “With this lawsuit, we are attempting to recover losses from lenders that took advantage of innocent families, whose only fault was wanting to participate in the American dream and own a home.”

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Investors sue for losses due to fraudulent misrepresentation, borrowers sued for foreclosure and kicked out of their home…

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4closureFraud.org

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Oregon Sues Countrywide Over Pension Fund Losses

Comments
2 Responses to “Oregon Sues Countrywide Over Pension Fund Losses Associated with Risky Mortgage-Backed Securities”
  1. Ali says:

    I find it really interesting that anyone would invest anyones pensions in a risky market. That why investors have to read the really, realy small print, it say “its really realy risky and you can’t hold the seller of “risky” bet responsible if anything goes wrong. I used to work at the CME and Board of trade in Chicago and thats how it works, if you lose, well then, you lose. Thats why all investments on Wall Street are RISKY. You don’t go to the casino and lose all your money and go to the management and ask for your money back. You don’t buy a losing lottery ticket and ask for your money back, hell it’s not even tax deductable!

  2. Michael says:

    Interesting; they mention families but their “stand” doesn’t seem to have broad state-based foreclosure legislation to slow down their train wreck. It seems to be focused on the public employee pension funds, and the verbiage almost looks like they’re using homeowners to garner sympathy while doing nothing at all to shield homeowners form the practices outlined. If I didn’t know better I may even think it sounds hypocritical. I’m sure that government employees wouldn’t throw homeowners under the bus or use them as pawns to increase the holdings of their own pension funds.

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