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Daily Real Estate News  |  October 26, 2009  |   House Panel Probing Mortgage Practices
A U.S. House committee announced Friday it is investigating whether lenders deliberately used deceptive practices to persuade people to buy property during the boom.

A key part of the probe will be subpoenaing Countrywide Financial Corp., said New York Democrat Rep. Edolphus Towns, chair of the Oversight and Government Reform Committee. Countrywide was the largest U.S. mortgage lender before the company was bought by Bank of America in July.

Towns said the probe is exploring "whether mortgage companies employed deceptive and predatory lending practices or improper tactics to thwart regulation, and the impact of those activities on the current crisis."

Source: Associated Press, Marcy Gordon (10/23/2009)

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