LLINOIS AND CALIFORNIA ATTORNEY GENERALS HAVE SUED COUNTRYWIDE FINANCIAL FOR MORTGAGE FRAUD, UNFAIR AND DECEPTIVE, TRADE PRACTICES

1/14/2010

CHICAGO-(AEAE) The California Attorney General and the Illinois Attorney General have sued http://www.illinoisattorneygeneral.gov/pressroom/2008_06/20080625.html Countrywide Financial which is now owned by Bank of America for using misleading advertising and other unfair business practices to trick borrowers into taking risky home loans they didn't fully understand. The lawsuits alleged Countrywide engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means. lawsuit alleging Countrywide engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means. n the complaint filed in Los Angeles Superior Court, California Attorney General Jerry Brown asserts Countrywide violated the state's unfair business practices and false advertising laws with just about every action it took to market and originate some of the most popular -- and potentially risky -- types of home loans in recent years.
The lawsuit alleges Countrywide obscured the potential risks in the loans, misled consumers about payment terms, prepayment penalties and other obligations, and told borrowers they would be able to refinance before the interest rate on their loans adjusted. Story continues http://cbs2.com/local/Countrywide.Financial.Jerry.2.756778.html
LEGAL DISCLAIMER: WALTER E. MASSEY IS CONSIDERED INNOCIENT OF ALL CHARGES UNTIL PROVEN GUILTY BEYOND A REASONABLE DOUBT.

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