Another State—Florida—Sues Countrywide

July 2, 2008 RSS Feed Print

Last week, attorneys general in California and Illinois filed lawsuits against beleaguered mortgage lender Countrywide. On Monday, Florida threw its hat in the ring as well:

From Reuters:

Florida sued mortgage lender Countrywide Financial Corp. on Monday for predatory lending practices, alleging the company at the center of the U.S. mortgage crisis made subprime loans to people who could not repay them.

The Florida attorney general filed the lawsuit, which names Countrywide Chief Executive Angelo Mozilo as a defendant, in state court in Broward County, Florida.

So where might Countrywide's next legal jab come from?

From Portfolio:

Attorneys general from Connecticut and Iowa have also indicated they are weighing suits. The states seek restitution for borrowers who may have been victims of Countrywide's allegedly deceptive business practices. Senator Charles Schumer has also asked the Federal Trade Commission to investigate Countrywide's treatment of homeowners in bankruptcy.

Tags:
fraud,
subprime mortgages,
mortgages,
Florida,
housing market

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There are two together upper-class homes of spaghetti.

xps m1330 laptops dell design 13-inch of AL 9:16PM May 19, 2010

We too were treated wrong. We have never been late on a mtg payment in 25 yrs of marriage until we both were laid off in '08. We called Countrywide in Oct. '08 to inform them of what was happening, they said they couldn't help us until we were late by two months. We called them back in Dec. and they said don't make any more payments on 1st or 2nd that they will get back with us. Went on-line to pay our 2nd mtg because we could afford it and found that they had locked our 1st mtg account, couldn't make payments if we wanted to. Remained current on 2nd mtg for 17 mos while sending 7 hardship letters and all docs for what we thought they were going to help us. Received final foreclosure letter end of Feb. '10 to be out by Mar. 19th. We started moving Mar. 12th and were done by 18th, checked our mailbox one last time on 18th and found a letter from their atty and courhouse a "Motion to Cancel Foreclosure Sale" (one day before it was to sell on the courthouse steps). By the way, the judge was extremely rude to us when we had our 5 min. consultation in her office. We spent $2,400. moving and securing a rental home because we didn't want an eviction on our record. We even left the home clean, left all our 2" blinds, surround sound speakers (because we didn't want to leave holes in the walls). We tried so hard to stay in our home only to be treated so wrong. It's too late....we'll rent from our new landlords and never do business with Countrywide or Bank of America again!!! If there is a lawsuit against them, we want to be a part of it, we want our moving expenses back, we want restitution for the stress this caused us.

Glenda Buckland of FL 9:51AM March 19, 2010

countrywide reps are all crooks that need to go to jail

i am doing the best i can to stay current and they want me to get behind before they will help me

roy compton of FL 12:13PM March 19, 2009

The Collar

Luke Mullins is an associate editor at U.S. News, covering banking, real estate, and white-collar crime. He came to the magazine from the American Banker, a financial services daily newspaper, after a stint in the Peace Corps in West Africa and 18 months coaching baseball in the Dominican Republic. Mullins earned a master's degree in journalism from Syracuse University in 2005 and now lives in Washington, D.C., where he grew up. He has written about white-collar criminals for the American magazine, and his work was included in 20 Something Essays by 20 Something Writers: The Best New Voices of 2006, a Random House anthology that appeared on the Boston Globe's bestseller list.

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