Countrywide Affiliates Hit With Predatory Lending Suit

By Marc Tracy

Law360, New York (January 31, 2008, 12:00 AM ET) -- Three affiliates of Countrywide Financial Corp., the mortgage lender Bank of America has agreed to buy in a $4.1 billion deal, were hit with a proposed class action accusing them of forcing their own insurance on Florida borrowers who were already insured.

Two plaintiffs filed the suit in Florida state court Wednesday against mortgage lender Countrywide Home Loans Inc., broker Countrywide Insurance Services Inc. and insurer Balboa Insurance Co.

The plaintiffs brought one count under the Florida Unfair Deceptive Trade Practices Act. They also made common-law...
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