On Tuesday shares in Countrywide Financial drastically dropped $1.47 (or 19.2%) to $6.17, finally leveling out at $5.76. This occurred shortly after the New York Times did a piece saying that the lender had falsified bankruptcy documents. At the same time an analyst from Lehman Brothers also reported that the odds of the company reaching its prior profit levels was not likely. This is their lowest ranked amount, since 2000, when rumors of their possible bankruptcy first started. Since the start of 2007, the shares have dropped an astonishing 84%, or about 26% of their total value.

The NY times article in question, claims that Countrywide falsified letters saying certain borrowers owed money, even though the borrowers in question were supposedly under bankruptcy protection. Countrywide countered saying that the letters were made with listing dates of when payment adjustments occurred with the escrow accounts of the borrowers.

It is reported that over 300 cases concerning Countrywide, in the Pennsylvania area alone, are being looked into.