Ill. AG's Suit Claims Countrywide Duped Borrowers

Law360, New York (June 25, 2008, 12:00 AM EDT) -- Illinois Attorney General Lisa Madigan is taking aim at Countrywide, accusing the nation's largest mortgage lender of marketing unnecessarily risky and costly mortgage loans to homeowners in the state.

The lawsuit, filed Wednesday in Cook County Circuit Court, claims Countrywide Home Loans Inc. and its parent company, Countrywide Financial Corp., engaged in unfair and deceptive conduct in a single-minded quest to dominate the nation’s mortgage market.

The complaint, which follows a nine-month probe by Madigan’s office into the company's lending practices, alleges that Countrywide sold risky...
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