Countrywide Lawsuit

Jun

Archived in the category: home loans

LOS ANGELES (AP) – Countrywide Financial is accused of using misleading advertising and other unfair business practices to trick borrowers into taking on risky home loans they didn’t fully understand in a lawsuit filed by the California attorney general’s office today.

The lawsuit was filed on the same day Countrywide shareholders approved the company’s takeover by Bank of America. The suit stems from information gathered under subpoena after the state launched a probe last year into the troubled company’s business.

It also came on the same day Illinois attorney general filed a lawsuit alleging Countrywide engaged in “unfair and deceptive” practices to get homeowners to apply for risky mortgages far beyond their means.

In the complaint filed in Los Angeles Superior Court, California Attorney General Jerry Brown asserts Countrywide violated the state’s unfair business practices and false advertising laws with just about every action it took to market and originate some of the most popular, and potentially risky, types of home loans in recent years.

The lawsuit alleges Countrywide obscured the potential risks in the loans, misled consumers about payment terms, prepayment penalties and other obligations, and told borrowers they would be able to refinance before the interest rate on their loans adjusted.

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Posted by: admin - 12 Comments

12 comments for “Countrywide Lawsuit”

SR20DETricer

i’m sad know that …
i’m sad know that god had stupid people like the butt up there in this world , but then some people have to have a sad,sorry,loser life we cant all have it good so they have to make them self’s feel good . my GOD put you in and of your people . i feel sorry for your mother for having someone like you ,or she could have been a old sorry hag like you

June 15th, 2010 at 3:32 am

hotathlete2

and they should get …
and they should get sued again. Having countrywide on one’s resume is cursery. It took me 4 month to find a job. I applied and applied then I found out that a lot of financial institutions were blackballing former countrywide employees whose resumes they’d receive. I had to pull countrywide out of my resume before I finally found a job.

June 15th, 2010 at 3:32 am

hotathlete2

No, I worked out of …
No, I worked out of the rosemead call center in southern cal.

June 15th, 2010 at 3:32 am

zandj710

the cell is big …
the cell is big enough for Countrywide’s CEO along with KBhomes ex CEO, we all pay now fool, even the finger pointers, happy job hunting, the ex homeowners found a new home, moved on and we all pay while the greedy theives still hold the cash. By the way, anyone who was frauded and had the smarts to give it back, they still have jobs. I suppose the Enron folks whom where ripped off were fools also right? and the S & L business? I havent’ forgotten. Its was just a house, never to be a home.

June 15th, 2010 at 3:32 am

zandj710

When I hear they …
When I hear they shouldnt have owned a home, that is so rediculous, all they are doing now is replacing those hard working people with new faces who will now pay less then what the home is worth, the current homeowner was qualified for more then the market now. so point the finger, no one would have lost their jobs if countrywide would have retracted their false documents, erased the 2nd mortgage which was 100 g over qualifications. and they knew it, we would go to jail had we lied on documents

June 15th, 2010 at 3:32 am

zandj710

anonymous843e you …
anonymous843e you don’t know what your talking about. All the ones pointing the finger at the homeowners, whom are, were and should be homeowners, because of your ignorance, the fingerpointers just found themselves in deep doo doo and in the same boat because they lost their jobs. Anyone who had a job, excellent credit and therefore what they called resources, countrywide hurry the signing, sneaking documents that were falsified. We are talking about hard working people who were taken.

June 15th, 2010 at 3:32 am

Dave985033

were you in the …
were you in the west valley division in los angeles county? worst place was there.

June 15th, 2010 at 3:32 am

anonymous843e

I don’t feel sorry …
I don’t feel sorry for these people. In fact when they get tossed onto the streets because they “didn’t understand” I’ll be driving up reeeeeal slow and roll down my windows to point and laught at them.

June 15th, 2010 at 3:32 am

hotathlete2

I worked at this …
I worked at this company for four long years. I was a witness to their crooked business dealings such as manipulating prime grade applications to subprime grade. this was done by hiding assets like 401k’s etc then selling them high interest, high cost loans.

June 15th, 2010 at 3:32 am

.10

sickwiththetruth

I love that Country …
I love that Country Wide got sued. That is what they get.

June 15th, 2010 at 3:32 am

.11

dave98503

Where I worked, …
Where I worked, they criminals, current smokers, manly tattoos, assholes, argumentative who hated men, McD’s throwing who threw wrappers in between the files, lost home mortgage loans of clients, hated to do any work, made me do the work, and were just plain lazy, and slept with homeless guys. one and all.
These were also women! These were just women I am talking about !!!
fuck them & this company for ruining my life & laying me off & keeping the lazy.

June 15th, 2010 at 3:32 am

.12

Lwoodnj

HAHAHAHAHAHAHAHAHA. …
HAHAHAHAHAHAHAHAHA. People are retarded, and then want people to clean up their for them. I’m sorry, feel bad for them, but: YOU UP and let SOMEONE SWINDLE YOU. All it would take is a little thinking.

June 15th, 2010 at 3:32 am

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