Oregon Joins Lawsuit Against Countrywide

Oregon Joins Lawsuit Against Countrywide

Chris Lehman | July 14, 2010 | Salem, OR

Oregon is joining a class action lawsuit against mortgage lender, Countrywide. The suit alleges Countrywide duped investors into buying securities backed by on home loans that were riskier than Countrywide represented.

The investors included the Oregon Public Employees Retirement System.

Oregon Attorney General John Kroger says it’s time for Countrywide to pay up.

John Kroger: “We bought products from Countrywide based on their false misstatements. And because of those false misstatements weíve lost $30 million. And the goal of our lawsuit it to get that money back for Oregon retirees.”

Countrywide was acquired by Bank of America in 2008. The suit names Bank of America along with nearly three dozen other financial institutions and individual executives.

The lead plaintiff in the suit is the Iowa Public Employees’ Retirement System.

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