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10-09-28 AMBAC v Countrywide (651612/2010) at the NY Supreme Court, County of NY, Summons and Complaint

10-09-28 AMBAC v Countrywide (651612/2010) at the NY Supreme Court, County of NY, Summons and Complaint

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Countrywide] emerged as the number-one mortgage lender in the country
over the last decade as it fueled the inflation ofthe housing market bubble. Now that the bubble
has burst, the secret of Countrywide's short-term success-and long-term demise-has become
clear: Countrywide became the country's number-one mortgage lender by abandoning its
underwriting standards and condoning fraud by its employees, business partners, and many of its
borrowers.
Countrywide] emerged as the number-one mortgage lender in the country
over the last decade as it fueled the inflation ofthe housing market bubble. Now that the bubble
has burst, the secret of Countrywide's short-term success-and long-term demise-has become
clear: Countrywide became the country's number-one mortgage lender by abandoning its
underwriting standards and condoning fraud by its employees, business partners, and many of its
borrowers.

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Published by: Human Rights Alert, NGO on Oct 16, 2010
Copyright:Attribution Non-commercial

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