More from Moore on Countrywide

ryanteaguebeckwith — Fri, 14 Sep 2007 09:07:10 -0400

Richard Moore took another swing at Countrywide Financial Tuesday.

After attacking the troubled mortgage lender on CNBC last week, the state treasurer sent the company a letter accusing it of unethical and unsustainable business practices, the Triangle Business Journal reports.

In the letter Moore, writes that the company rewarded employees who gave subprime mortgages to customers it knew could not afford them.

"As an owner of this company and a large institutional investor, I ask that you provide me with an explanation of why the company implemented and continued this business model in the face of mounting evidence that the product was unsustainable," he writes.

The state retirement system, which Moore oversees, owns about $12 million worth of shares in Countrywide.

Moore is running for the Democratic nomination for governor.

Document(s):
moore-countrywide.pdf

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More from Moore on Countrywide