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Countrywide California Piles On

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by Felix Salmon
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Jun 26 2008 12:00am EDT

Countrywide: California Piles On

Well, that didn't take long. California attorney general Jerry Brown (yes, that Jerry Brown) has now joined Illinois in deciding to sue Countrywide. Brown's rhetorical powers have not deserted him:

"Countrywide exploited the American dream of homeownership and then sold its mortgages for huge profits on the secondary market," Attorney General Brown said. "The company sold ever-increasing numbers of complex and risky home loans, as quickly as possible. Countrywide was, in essence, a mass-production loan factory, producing ever-increasing streams of debt without regard for borrowers. Today's lawsuit seeks relief for Californians who were ripped off by Countrywide's deceptive scheme."

I'm sure Tanta and others will notice that there's precious little substance to these allegations. But in a cage match between Angelo Mozilo and Jerry Brown, I'd wouldn't place any money on the man with a tan. He's going to need those legal fees that Ken Lewis is so generously paying.

Also on Portfolio

The VIP ClubPortfolio.com's guide to the loan scandal.
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Who's who in the scandal.

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