Mortgage Lenders Facing $100 Million Lawsuit

In a lawsuit filed in November, Countrywide Financial Corp., IndyMac Bancorp Inc. and 23 other defendants were named as defendants by two dozen homeowners in which they are asking for $100 million in fraud damages and a halt in debt collection and foreclosures, according to a Bloomberg News article published in today's Los Angeles Times website. The homeowners recently increased their money damages demand from $50 million.

The homeowners claim that they were duped into borrowing the money and investing the proceeds. To read more, see Countrywide, IndyMac sued by homeowners.
.