This morning California Attorney General Jerry Brown filed a lawsuit in Los Angeles County Superior Court against the nation's largest home loan lender, Countrywide Financial Corp. of Calabassas. He alleges a host of deceptive practices to sell loans without regard to borrowers' ability to repay.The announcement is here. A copy of the lawsuit is attached to the news release.
My online story is here and drawing a lot of reader comments. That's not surprising. Countrywide was the biggest lender in the Sacramento region from mid-2005 to mid-2007, according to DataQuick Information Systems.
I called Bank of America, which is taking over Countrywide on July 1. The bank has no comment on the California and Illinois lawsuits.
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