Add Indiana AG To The "Sue Countrywide Hit Parade" - Seeks to Void Loans Originated Thru Deceptive Practices, Up To $15.5K Per Violation Of Law

From the Indiana Attorney General's Office:

• Indiana Attorney General Steve Carter has filed a lawsuit against the country’s largest mortgage lender, Countrywide Home Loans, Inc., and its parent company, Countrywide Financial Corporation. Carter alleges that Countrywide engaged in deceptive and misleading practices that led to borrowers obtaining potentially risky and costly loans. The lawsuit has been filed in Steuben County Court.

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• Carter is requesting that the court order Countrywide to end the deceptive practices listed, void the prepayment penalties on Countrywide originated loans, and void any portion of the Countrywide originated loans resulting from deceptive acts.

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• The state is also seeking civil penalties of up to $15,500 per violation, as well as investigative costs and consumer restitution in an amount to be determined at trial. The penalties are allowed under the Home Loan Practices Act, Indiana Code 24-9-8 which took effect July 1, 2005, and the Indiana Deceptive Consumer Sales Act, Indiana Code 24-5-0.5.

For more, see Indiana AG takes Action against Mortgage Lender Countrywide for Unfair Practices.

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