Fla. AG Sues Countrywide For Misleading Borrowers

Law360, New York (July 1, 2008, 12:00 AM EDT) -- Florida Attorney General Bill McCollum has sued Countrywide Financial, one of the nation's largest mortgage companies, for misleading Florida homeowners into purchasing mortgages they could not afford.

The lawsuit, filed Monday in Broward County Circuit Court, claims that Countrywide Financial and subsidiary Countrywide Home Loans Inc. engaged in alleged deceptive and unfair trade practices in order to generate large numbers of mortgage loans for lucrative resale on the secondary market.

The complaint, which follows a subpoena issued by McCollum in February after his office had received...
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