Lawsuits Pile Up Against Countrywide - Mortgage Forums for Mortgage Brokers

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Lawsuits Pile Up Against Countrywide

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08-06-2008, 03:26 PM

Veronica Corningstone Veronica Corningstone is offline

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Lawsuits Pile Up Against Countrywide

Connecticut's attorney general announced today that his office has sued Countrywide Financial Corp. He claims the company forced borrowers into deceptive, unaffordable loans. The lender allegedly falsified borrowers' incomes to qualify them for loans they couldn't pay back. In addition to civil penalties of up to $100,000 per violation of state banking laws and up to $5,000 per violation of state consumer protection laws, the state is seeking for Countrywide to provide restitution for the borrowers and give back ill-gotten gains.

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