Watchdog raises concerns about Countrywide loans

10/4/2011 | Bloomberg

The inspector general for the Department of Housing and Urban Development said that Bank of America's Countrywide division submitted inaccurate information about borrowers for loans insured by the government. Several of the firm's loans had "material underwriting deficiencies," according to Kelly Anderson, a regional inspector general for HUD. "Countrywide did not properly verify, analyze, or support borrowers' employment and income, source of funds to close, liabilities and credit information," according to the watchdog. "This noncompliance occurred because Countrywide's underwriters did not exercise due diligence in underwriting the loans."

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