Countrywide Financial Corp Sued by Attorney Generals in Illinois and California

Countrywide Set To Merge With Bank of America

Countrywide Financial has been served with two lawsuits, and more may be coming, with Arizona completing an investigation into the company. Countrywide is set to merge with Bank of America following a shareholders' meeting on Thursday.

On June 25, Attorney General officials in Illinois and California filed lawsuits against the country's largest mortgage lender. The lawsuit filed by Ilinois alleges Countrywide violated the state's consumer protection statutes by making unaffordable loans and failing to make adequate disclosures to borrowers. In California, the suit alleges that Countrywide violated the state's unfair business practices and false advertising laws to market and originate sometimes-risky mortgages.

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Last updated on Jun-26-08