The FBI has begun a criminal inquiry into the largest U.S. mortgage lender, Countrywide Financial Corp, for suspected securities fraud as part of investigations into the mortgage crisis, The New York Times reported in Sunday editions.
Citing unnamed government officials with knowledge of the case, the Times said the investigation into whether Countrywide misrepresented its financial condition and the soundness of its loans in securities filings was at an early stage and it was not clear if any charges would result
I see the bubbles burst and here come the Enrons. Who says this isn't cyclical (or maybe spiral downward?).