Countrywide's Loan Servicing Operations The Target Of FTC Investigation

Reuters reports:

• Countrywide Financial Corp, which was the largest U.S. mortgage lender before being acquired by Bank of America Corp, faces a Federal Trade Commission probe into whether its loan-servicing activities violated federal law. Countrywide in its quarterly report filed on Monday with the U.S. Securities and Exchange Commission said the FTC has issued civil investigative demands requiring it to provide documents. It said the agency is assessing whether activities related to Countrywide's $1.49 trillion servicing portfolio, covering roughly 9 million borrowers, violated laws the agency administers.

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• Separately, Countrywide is under investigation by the FBI, authorities have said. That agency last month said it had 21 corporate targets in its probe of potential corporate fraud in the mortgage industry.

For more, see Countrywide faces FTC probe over loan servicing.

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