West Virginia AG Sues Countrywide Over Unfair & Deceptive Lending, Servicing Practices; Seeks Rescission Of Bad Mortgages, Restitution For Borrowers

In Charleston, West Virginia, The Charelston Gazette reports:

• West Virginia Attorney General Darrell McGraw filed suit [yesterday] against a mortgage lender, alleging it sold loans on terms that were "unaffordable and unconscionable," McGraw said a news conference today. The suit against Countrywide Financial Corp., Countrywide Home Loans Inc., Countrywide Home Loans Servicing LP, Full Spectrum Lending Inc. and Countywide's chief executive officer Angelo R. Mozilo was filed [yesterday] in Putnam County Circuit Court. [...] Countrywide also "engaged in unfair and deceptive acts or practices in servicing loans," according to the suit.

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• The suit seeks an injunction against Countrywide to stop the alleged practices and an order that all contracts and loan agreements using these practices be rescinded. Also, the suit asks that the consumers be awarded lost money and that Countrywide delete any negative reported credit history.

For more, see W.Va. AG files suit against mortgage lender.

From the Office of the West Virginia Attorney General:

• Copy of Lawsuit: State of West Virginia v. Countrywide Financial Corp., et al.,
• AG's press release.

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