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Consumer Law

: CL&P Blog

States going after Countrywide

By Alan White

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By Alan White Illinois, California and Washington all filed actions against Countrywide this week alleging a variety of deceptive practices and fair lending violations. The California complaint attacks a variety of origination practices, especially involving negative amortizing mortgages (so-called pay option ARMs) and hybrid ARMs. The Washington DFI's complaint proposes to revoke Countrywide's license to make mortgage loans in the state, based among other things on evidence of race discrimin read more

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Full post as published by CL&P Blog on June 27, 2008 (boomark / email).

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