The Florida Attorney General has filed a civil lawsuit against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging the company engaged in deceptive and unfair trade practices. The lawsuit, filed in state court in Broward County by Florida Attorney General Bill McCollum, alleges that Countrywide put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading. The suit seeks civil penalties and damages. Florida’s action follows similar lawsuits filed in June by attorneys general in California and Illinois. Attorney General McCollum said that Florida has had a continuing investigation of Countrywide and that he thought it was “important” for Florida to file suit without delay.
Source: Wall Street Journal
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