It was once one of Ventura County’s largest employers, and was America’s largest mortgage company.
But, sinking under bad mortgages, and shaky mortgage based securities, Countrywide Financial Corporation sold itself to Bank of America in 2008.
Yesterday, B of A announced a record $500 million dollar settlement with investors as part of billions it’s spent to try to deal with the liability it inherited from Countrywide.
KCLU’s Lance Orozco looks at how Countrywide’s devastating legacy continues to drag on, long after the company was dissolved.
Click on link to listen to/download story: Countrywide Settlements