It sure is great being a banker these days.
Let's take the example of Countrywide Financial.
Today both California and Illinois opened lawsuits against Countrywide for "using misleading advertising and other unfair business practices to trick borrowers into taking on risky home loans they didn't fully understand". Also today, Washington State is moving to pull Countrywide's licenses after it found "evidence of predatory practices aimed at minorities".
This is after a year in which Countrywide stock has dropped from nearly 40 to just 4.58.
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