Connecticut Joins Other States in Suing Countrywide

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By REUTERS
Published: August 6, 2008

The Countrywide Financial Corporation was sued by Connecticut, which accused the company of steering customers into mortgages they could not afford, and charging excessive legal fees to borrowers in default.

Connecticut joined California, Florida and Illinois among the states that have sued Countrywide, which as recently as last year made one in six mortgage loans. Washington State has separately announced plans to fine Countrywide and possibly revoke its lending license.

The Bank of America Corporation acquired Countrywide in July for $2.5 billion.

“Countrywide conned customers into loans that were clearly unaffordable and unsustainable, turning the American dream of homeownership into a nightmare,” Richard Blumenthal, Connecticut’s attorney general, said in a statement Wednesday.

Connecticut is demanding that Countrywide make restitution to affected borrowers, give up improper gains, and rescind, reform or modify all mortgages that broke state laws.

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1. Is that the company with the stupid dancing chick in my Hotmail?

Always with the dancing chicks...and the one who gets caught dancing and makes a surprised face...I've never wanted to kill an ad more.

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2. Whenever I think Countrywide, I think 'Tan Man'

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3. Ah...TV advertisers I believe...on Cable channels

No shock there.

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4. "Tan Man" is Countrywide CEO Angelo Mozilo who walks away with million $$$ as homeowners are thrown

onto the streets.

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5. Where's he at now?

Still living in the states or scurried away from wrath.

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6. Yep, he is still here, CA, I believe. David Sambol, previous president of Countrywide Financial

left for Africa.

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7. You know if I had nothing to lose and these assclowns took me for everthing I had

I'd have "nothing to lose"...just saying. If I were them I'd fear for my life.

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8. I think that's what happen here ...

Killer gets life sentence plus pizza in plea deal

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9. He's Got Future Republican Office Holder Written All Over Him

Doesn't he?