WV Attorney General Sues Countrywide

Posted by Orb Staff on August 13, 2008 No Comments
Categories : Residential Mortgage

West Virginia Attorney General Darrell McGraw has filed suit against Countrywide Financial Corp., Countrywide Home Loans Inc., Countrywide Home Loans Servicing LP, Full Spectrum Lending Inc. and Angelo R. Mozilo, individually and as CEO of Countrywide Financial Corp.

According to the attorney general's office, Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans.

‘Foreclosures in a neighborhood affect the value of all homes in that neighborhood,’ says McGraw. ‘Therefore, while the consumers facing foreclosure are directly affected by Countrywide's practices, all homeowners are indirectly affected.’

Source: Office Of West Virginia Attorney General Darrell McGraw

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