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July 1st, 2008

Florida Sues Countrywide

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Florida became the third state to sue Countrywide Financial yesterday over predatory lending practices. In a lawsuit filed by Florida’s attorney general, the state accused the mortgage lender of deceiving borrowers into taking loans that Countrywide allegedly knew they could not afford. Illinois and California sued the mortgage financer last Wednesday, the same day Bank of America took over the troubled lender.

Florida’s lawsuit claimed Countrywide knowingly loaned money at higher subprime rates to borrowers who qualified for prime rates. Managers were encouraged to approved subprime loans that the company’s underwriters had previously rejected. The lawsuit claims underwriters were threatened with termination if they investigated into a borrower’s ability to effectively pay back their loan.

Florida and California have the highest mortgage default rates in the country.

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One Response to “Florida Sues Countrywide”

  1. Diana Leahy Says: August 5th, 2008 at 6:07 pm

    (dleahy901@aol.com)
    After testifying for the Florida Attorney General regarding what Countrywide did to me, I was told to hire an attorney. I have tried to find an attorney to represent me in my case against these crooks. It seems most attorneys won’t touch this or are representing Countrywide/Bank of America. No one seems to be representing the people. I live in south central Florida.

    Under the Freedom of Information Act, I am requesting the names of people who have found an attorney and the phone numbers of the attorneys. I am also requesting the names and phone numbers of people who have found someone that I can contact to assist me. If there is anyone out there that can contact me regarding this matter please do so at the above email address. Thank you. Someone has to help the little people whose lives they have destroyed. Apparently their (Countrywides) pockets are deeper than mine.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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