The Hammering Of Countrywide, Mozilo Continues; Florida AG Files Suit Alleging Predatory Lending Practices

In Fort Lauderdale, Florida, Reuters reports:

• Florida sued mortgage lender Countrywide Financial Corp. on Monday for predatory lending practices, alleging the company at the center of the U.S. mortgage crisis made subprime loans to people who could not repay them.

• The Florida attorney general filed the lawsuit, which names Countrywide Chief Executive Angelo Mozilo as a defendant, in state court in Broward County, Florida. Last Wednesday, officials in Illinois and the company's home state of California also sued Countrywide. On the same day, shareholders approved the company's takeover by Bank of America Corp.

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• Florida and California are among the leaders in mortgage defaults.

For more, see Florida sues Countrywide over mortgages.

From the Florida AG's office:

• Lawsuit: State of Florida v. Countrywide Financial Corporation, et al.,
• Press release: Florida Attorney General Files Lawsuit Against Countrywide Financial (Lawsuit alleges deceptive marketing of loans to boost company profits).

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