Countrywide is facing a class action lawsuit from current/former employees.
The lawsuit claims that CEO Angelo Mozila deliberately provided inaccurate information, and intentionally concealed information from the 401k/pension participants.
In other news, it has been said that Countrywide is seeking more funds from Bank of America.
With many lenders stepping out of the subprime lending, Countrywide will be the biggest downfall. Countrywide has estimated layoffs of approximately 12,000 employees.
http://www.forbes.com/afxnewslimited/feeds/afx/2007/09/12/afx4108158.html
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