Countrywide Pushed Risky Loans On Minorities: Ill. AG

Law360, New York (June 30, 2010, 11:37 AM EDT) -- Illinois Attorney General Lisa Madigan has accused Countrywide Financial Corp. of discriminating against black and Hispanic borrowers by steering them into risky subprime mortgages more frequently than whites.

Madigan accuses Countrywide Financial, Countrywide Home Loans Inc. and Full Spectrum Lending Inc. of violating the Illinois Human Rights Act and the Illinois Fairness in Lending Act, according to a complaint filed in Cook County Circuit Court on Tuesday.

Countrywide, Illinois' biggest mortgage lender from 2004 through 2006, gave black and Hispanic borrowers who applied for and were...
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