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Oregon Sues Country Wide Over Pension Fund Losses

Oregon Sues Country Wide Over Pension Fund Losses

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Published by Tiffany L. Arthur
States beginning to sue Lenders for mortgage fraud, this is going to get interesting......but hopefully we will see some leveling of the playing field between homeowners and their lenders.....here in Florida too! My advice, Homeowners need to start thinking like any other business would.
States beginning to sue Lenders for mortgage fraud, this is going to get interesting......but hopefully we will see some leveling of the playing field between homeowners and their lenders.....here in Florida too! My advice, Homeowners need to start thinking like any other business would.

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Published by: Tiffany L. Arthur on Jul 16, 2010
Copyright:Attribution Non-commercial

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07/15/2010

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TED
 
WHEELER
STATE
 
TREASURER
 
350 WINTER ST. NE
 
SALEM, OREGON 97301
 
Phone 503‐378‐4329
 
JOHN KROGER
ATTORNEY GENERAL1162 COURT ST. NESALEM, OREGON 97301Phone 503‐378‐6002
FOR IMMEDIATE RELEAS
:
July 14 
,
2010 
 
CONTACTS:James Sinks, Office of the State Treasurer 
 503-508-0737 or  James.sinks@state.or.us
Tony Green, Department of Justice
 
Oregon sues Countrywide over pension fund lossesassociated with risky mortgage-backed securities
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 SALEM
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Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announcedthat they are suing Countrywide Financial Corp. of Delaware and its underwriters for misleadinginvestors into buying risky mortgage-backed securities.That alleged deceit ultimately cost Oregon: The Oregon Public Employee Retirement Fund wasinduced to invest $200 million into home loans originated by Countrywide, and lost $29 millionas 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, whoseonly fault was wanting to participate in the Am
erican dream and own a home.”
 
“Oregon is currently No. 3 nationwide in foreclosures,” said Attorney General Kroger. “This
lawsuit will help hold the responsible companies
accountable.”
 With the action
today, Oregon is partnering with the Iowa Public Employees’ Retirement
System, which is the lead plaintiff in the case. Along with the Oregon Public EmployeeRetirement System, other plaintiffs include the General Board of Pension and Health Benefits of the United Methodist Church and the
Orange County Employees’ Retirement System.
 

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