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"LOS ANGELES (AP) -- A lawsuit filed against Countrywide Financial Corp. on behalf of its employees claims the mortgage lender failed to warn its employees about the depth of its financial troubles, resulting in heavy stock losses in their 401k retirement accounts."
Countrywide the largest mortgage lender in the country is in trouble due to the risky mortgages they made which are now being defaulted on.Now the 401k which management put heavily into their own stock is losing money big time while the employess were being told everything was fine and should also invest the part they controlled in the company stock 401k option.Sounds a lot like Enron.
"LOS ANGELES (AP) -- A lawsuit filed against Countrywide Financial Corp. on behalf of its employees claims the mortgage lender failed to warn its employees about the depth of its financial troubles, resulting in heavy stock losses in their 401k retirement accounts."
Countrywide the largest mortgage lender in the country is in trouble due to the risky mortgages they made which are now being defaulted on.Now the 401k which management put heavily into their own stock is losing money big time while the employess were being told everything was fine and should also invest the part they controlled in the company stock 401k option.Sounds a lot like Enron.
