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February 7th, 2008

Audio - Regulator says no action pending against Countrywide before BoA deal

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Posted by: Julie Vorman
Tags: Regulation, Summit

The U.S. Office of Thrift Supervision said it had “no formal enforcement action” pending against Countrywide Financial Corp. before the January announcement that Bank of America would buy the subprime mortgage lender. 

OTS Deputy Director Scott Polakoff, speaking at the annual Reuters Regulation Summit, responded to a question about Wall Street rumors last month that Countrywide was on the verge of seeking bankruptcy protection before the BoA deal was announced. 

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