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June 25, 2008
Illinois Attorney General To Sue Predatory Lender Countrywide
UPDATE: Alan White of Consumer Law and Policy blog has an item with links to the Illinois and concurrent filings by Washington State and California against Countrywide.
Original post: In today's New York Times, Gretchen Morgenson reports in Illinois To Sue Countrywide that Illinois Attorney General Lisa Madigan will file suit in state court today against Countrywide, the once-high flying predatory lender run by the flamboyant Angelo Mozilo. The firm is at the epicenter of the mortgage meltdown: "People were put into loans they did not understand, could not afford and could not get out of," Ms. Madigan said. "This mounting disaster has had an impact on individual homeowners statewide and is having an impact on the global economy. It is all from the greed of people like Angelo Mozilo."
Bank of America is in the process of acquiring Countrywide. Meanwhile, as the Senate prepares to consider major legislation to resolve the housing crisis, Jeffrey Birnbaum in the Washington Post reports that a Vital Part of Housing Bill Is Brainchild of Banks.
Posted by Ed Mierzwinski at June 25, 2008 08:30 AM
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