San Diego aims to block foreclosures
From Times Staff and Wires
San Diego has filed a civil complaint asking a state court to block mortgage lender Countrywide Financial Corp. from foreclosing on subprime borrowers.
The filing in San Diego County Superior Court claims Calabasas-based Countrywide engaged in predatory lending by selling borrowers loans they could not repay and failing to adequately explain the risks of adjustable-rate loans.
The complaint names Countrywide and its new owner, Charlotte, N.C.-based Bank of America Corp., along with four former executives and unnamed loan officers and securitization agents.
Bank of America spokeswoman Shirley Norton said she had not seen the complaint and could not comment.
