Mark Zachary has the potential to be a real thorn in the side of Countrywide at a tough time. He has filed another suit against the company. This one invokes the whistle-blower provision of Sarbanes-Oxley. In this updated suit, Zachary repeats his claims that he was fired for raising concern about some dubious financial practices at the company. If you recall, the former regional vice president said he objected to using questionable appraisers known to inflate the value of homes. He also objected to practices that made it easier for applicants to get "stated income" loans. Countrywide has denied wrong-doing in the past. It's tough to get OSHA to agree that you are protected under Sarbox. Most whistleblowers that go this route are denied. We'll see what happens.
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