The New York Times has an article F.B.I. Opens Criminal Inquiry Into Countrywide over "suspected securities fraud" posted on its website to appear in tomorrow's paper. The story was first reported in a story in the Saturday Wall Street Journal (pd. subs. req'd) by Glenn R. Simpson and Evan Perez. From the WSJ:

Federal investigators are looking at evidence that may indicate widespread fraud in the origination of Countrywide mortgages, said one person with knowledge of the inquiry. If borne out, that could raise questions about whether company executives knew about the prospect that Countrywide's mortgage securities would suffer many more defaults than predicted in offering documents. Another potential issue facing the company is whether it has been candid in its accounting for losses. People familiar with the matter said that Countrywide's losses may be several times greater than it has disclosed.