WELL, ONE CIVIL SUIT WORKED

There was so much corruption among the MOTU that I thought there would be many more cases like this one.

Countrywide settlement pays fraction to investors
Aug 3 05:33 PM US/Eastern
By ALAN ZIBEL
AP Real Estate Writer

WASHINGTON (AP) - Former shareholders of fallen mortgage giant Countrywide Financial Corp. are in line to recoup a fraction of their investments now that a Los Angeles judge has approved a settlement worth more than $600 million settlement.

The agreement stands to return about 40 cents per share of Countrywide's common stock, before legal fees and expenses. Consider that the stock peaked at $45 a share in February 2007, before the financial crisis. So an investor who held 100 shares could bank on receiving $40 for an investment that was once worth $4,500.

Several New York pension funds who served as lead plaintiffs alleged that Countrywide hid how risky its business had become during the housing market's boom years. Calabasas, Calif.-based Countrywide was once the nation's largest mortgage lender.