Source: Boston Globe
CHICAGO - Countrywide Financial Corp., the biggest US mortgage lender, was accused in a complaint by Florida of fraudulently making loans to homeowners who couldn't afford to repay them.
CHICAGO - Countrywide Financial Corp., the biggest US mortgage lender, was accused in a complaint by Florida of fraudulently making loans to homeowners who couldn't afford to repay them.
Attorney General Bill McCollum said in a complaint filed yesterday in a Fort Lauderdale state court that the company and its founder, Angelo Mozilo, had violated the state's deceptive trade-practices law.
"Subprime loans were approved for borrowers who were not qualified and could not afford such loans," McCollum said in the complaint, which seeks unspecified damages for consumers hurt by the company plus $10,000 fines for each violation of the state's laws.
McCollum joins California Attorney General Jerry Brown and their Illinois counterpart, Lisa Madigan, in pursuing lawsuits against the Calabasas, Calif.-based company that they accuse of deceiving consumers.
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