Housing Giants - April 10, 2008 - (Page 10)

MOVES MORE BAD NEWS FOR COUNTRYWIDE Bloomberg TV noted Countrywide Financial in mid-March as a stock to watch because the company is being investigated by the FBI for securities fraud. Countrywide Financial and Wells Fargo & Co. were issued subpoenas midMarch by Illinois Attorney General Lisa Madigan for an investigation into whether lenders have improperly steered minority borrowers into high-cost or inappropriate loans, The Wall Street Journal reported. It also said Florida’s Attorney General Bill McCollum is looking to determine whether Countrywide put borrowers into loans they couldn’t afford or loans with rates that weren’t what the company was advertising or were misleading. If that’s not enough, the Securities and Exchange Commission is probing Countrywide’s accounting practices. In January, the Watch Video City of Baltimore sued Wells Fargo, alleging that it systematically targeted lowincome minority homeowners for loans they couldn’t afford, in violation of the Fair Housing Act. When Housing Giants pressed for an interview, both companies declined to comment. Pass & Seymour/Legrand, which manufactures electrical wiring devices, accessories and home systems, announced Jim Osterbrock’s promotion to vice president of engineering. Osterbrock will be responsible for driving innovation through new product and technology development, as well as product design, packaging design and product testing. Vicki Bratvold is the new vice president of sales and marketing for Ryland Homes’ Jacksonville, Fla., division. Bratvold comes to them after 11 years with Pulte Homes. Let Jennifer Po hgnews@ree well know at: dbusiness.c om GOT NEWS? 10 HOUSING GIANTS.4.10.08 WWW.HOUSINGGIANTS.COM http://www.clipsyndicate.com/publish/video/539405 http://www.baltimorecity.gov/news/press/index.php http://my.countrywide.com/ http://myfloridalegal.com/ https://www.wellsfargo.com/ http://www.illinoisattorneygeneral.gov/pressroom/2008_03/20080306.html http://www.illinoisattorneygeneral.gov/ http://www.usdoj.gov/crt/housing/housing_coverage.htm http://www.sec.gov/ http://online.wsj.com/public/us http://www.sec.gov/ http://online.wsj.com/public/us http://www.realestatejournal.com/buysell/mortgages/20080310-simon.html?refresh=on http://www.passandseymour.com/ http://www.ryland.com/home.html http://www.pulte.com/ http://WWW.HOUSINGGIANTS.COM

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Housing Giants - April 10, 2008 Contents Viewpoint News and Moves Market CEO Spotlight The New Housing Demographics

Housing Giants - April 10, 2008

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