The Fresno lawsuit accuses Countrywide of having “repeatedly touted its prudent, conservative and risk-managed lending practices,” while abandoning them in a drive for greater market share in a booming housing market that began to collapse four years ago.
Once losses began to mount, prices on Countrywide securities plummeted, causing losses of millions of dollars for Fresno.
You can check out the complaint in full below…
Fresno County Employees’ Retirement Association v. Countrywide
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