A Countrywide Financial Corp. official told a U.S. Senate committee on Thursday that 2006 could end up as the company’s worst-ever for sub-prime mortgage defaults reports the Los Angeles Business Journal.

 

In addition, 2007 may become worst single origination year for the nation’s largest lender, said Sandor Samuels, Countrywide’s executive managing director and chief legal officer, during presentation to the Senate Banking Committee.

 

Read it here: http://www.labusinessjournal.com/article.asp?aID=853986802.38534102.1450748.9507817.8306194.276&aID2=111587