A lot of Countrywide news

The New York Times is reporting that North Carolina's state treasurer asked the Securities and Exchange Commission on Oct. 8 to investigate stock sales by the chief executive of Countrywide Financial, one of the nation's largest subprime lenders.

Treasurer Richard Moore questioned changes Countrywide chief executive, Angelo Mozilo, made to his stock-selling program in the months before the stock price plunged.

Then there are the folks who obtained Countrywide mortgages. Boston housing activist Bruce Marks, head of the Neighborhood Assistance Corp. of America, which put up $1 billion to refinance subprime mortgages, is launching a boycott of Countrywide today.

In NACA's statement, borrower Martin Dolloff told a story one hears repeatedly from subprime borrowers. "Although we knew the interest rate was not fixed, we were told we could refinance to a fixed within 6-12 months," said Dolloff of Raynham. "When we contacted them [Countrywide] to do so, they were unwilling to help us."

Countrywide responded in a statement today, saying it is working extensively with borrowers, by renegotiating mortgages directly with them, through 40 community groups, such as NeighborWorks, and through counseling organized by federal agencies.

Moore, trustee for $11 million in stock held by the North Carolina employees' pension fund, has been a harsh critic of Countrywide's subprime loans in the past. In a September letter, he charged mortgage payments would double or triple for customers who "had no ability repay the loan."

Countrywide has not yet commented on Moore's actions.