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Senate panel to probe lenders

May 01, 2008|From Times Wire Services

Sen. Charles E. Schumer (D-N.Y.) said he would hold a hearing next week to probe allegations that some mortgage lenders were abusing the U.S. bankruptcy system.

The Tuesday hearing before the Senate Judiciary subcommittee on administrative oversight and courts will include testimony from executives of Calabasas-based Countrywide Financial Corp. and officials of the Justice Department, which has launched a probe of the mortgage lender's dealings.

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