W.Va. Sues Countrywide

Law360, New York (August 13, 2008, 12:00 AM EDT) -- As Countrywide Financial Corp. continues to field charges of abusive lending, West Virginia's attorney general has accused the U.S.' largest mortgage lender of selling loans with “unaffordable and unconscionable” terms.

Attorney General Darrell McGraw sued Tuesday in the Circuit Court of Putnam County, W.Va., demanding restitution for consumers and a $5,000 civil penalty for every violation of the state's Consumer Credit Protection Act.

West Virginia's suit alleges that Countrywide, which Bank of America purchased July 1, used deceptive lending practices such as “teaser rates” to induce...
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