Senator Schumer Seeks Probe of FHLB Loans to Countrywide
Senator Chuck Schumer (D-NY) sent a letter on Monday to Ronald A Rosenfeld, Chairman of the Federal Housing Finance Board, expressing his "serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank."
Schumer stated that Countrywide was reported to hold $27 billion of "pay option ARMs" as of the end of September, over one-third of all of the loans held for investment by the bank. The Senator quoted a Wall Street Journal report that 91 percent of Countrywide's option ARMS issued last year were...
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