Illinois plans suit against Countrywide
From Times Staff and Wire Services
Countrywide Financial Corp. engaged in “unfair and deceptive” practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois’ attorney general planned to file today.
The lawsuit against the nation’s biggest mortgage lender -- planned for the same day shareholders were scheduled to vote on Countrywide’s takeover by Bank of America Corp. -- stems from information from documents subpoenaed by Illinois beginning last fall, as the number of foreclosures nationwide began to skyrocket.
A draft of the lawsuit was provided by Illinois Atty. Gen. Lisa Madigan’s office.
A spokeswoman for the Calabasas company declined to comment on the litigation.
