CALABASAS, Calif. — Credit unions that did business with Countrywide shouldn't worry about legal liability from the spate of recently announced lawsuits.
Even though Countrywide Financial Corp. has been hit with lawsuits from the attorneys general of California, Illinois and Florida, and faces threats of additional legal action from Washington Gov. Chris Gregoire, credit unions likely have nothing to fear.
Both credit union attorney Joe Melchione and American Credit Union Mortgage Association President Bob Dorsa agree that the correspondent relationship credit unions had with Countrywide are unlikely to be connected to charges of misleading and unfair trade practices.
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