Lawsuits”o” plenty are being fired at lending and servicing giant, Countrywide Financial and this is in the wake of the controversial Bank of America take over that is finally official today.
Just last week attorney generals in Illinois and California filed predatory lending lawsuits accusing Countrywide of unfair and deceptive business practices. Now, Florida has jumped on the predatory lending lawsuit bang wagon with a similar lawsuit filed Monday.
My guess is that this will be a emerging trend with state AG’s across the US and soon we will have city attorneys following suit.
Wall Street Journal:
The Florida attorney general on Monday filed a civil lawsuit against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging the company engaged in deceptive and unfair trade practices.
![[Angelo Mozilo]](http://s.wsj.net/public/resources/images/HC-GF401_Mozilo_20051012164349.gif)
The lawsuit, filed in state court in Broward County by Florida Attorney General Bill McCollum, alleges that Countrywide put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading. It seeks civil penalties and damages.
Florida’s action follows similar lawsuits filed last week by attorneys general in California and Illinois. Mr. McCollum said that his state has had a continuing investigation of Countrywide and “we thought it was important for us to do this right now.”
A Countrywide spokesman declined to comment on the specifics of the suit but said the company is “fully cooperating” with the Florida attorney general’s office and is “particularly focused” on working with customers who are having difficulty making payments.
{ 4 comments… read them below or add one }
The District Attorneys office did not
specify wether it is no longer safe
for individuals to continue doing
business with Countrywide.
Is it safe for anyone
to apply for mortgage loans and do
business with Countrywide in the State
of Florida?
Ameriquest had us sign an agreement with an appraisal on the property of 603K for a property worth (FHA Appraisal) of 2225K in 2005. As a result we went in BK because of what they did. We are still in this loan at high end $2,800 per month no escrow to present $2,400 per month no escrow. We are staying ahead by using our life savings, please help. This loan was an ARM, 3 year penalty of about 10,000 if you tried to get out and a promise at the table by the broker with the notary that the company policy is “IF YOU MAKE ALL YOUR PAYMENTS O TIME FOR TWO YEARS” we will put into a fixed rate 30 year and help you build your credit back. We are here to help and the ARM will not kick in for two years. The penalty is there in case you decided to go with another company and we want your business back. Such lies, we were trapped and still are and not one attorney including the attorney general of Florida is doing anything. Ameriquest was fined by Federal Court for predatory lending practices so why is our note any good. How do we sue the owner of the note, the servicer Option One which recently received the note from Citi Residential who received it from Americquest LLC. This is such a scam why can’t we sue. There is no tolling on TILA violations and when they move the note around I guess they are not responsible for what they have done. Where is the law group out there that is willing to sue these rats out of unlawful gains?
I’m so tired of working with these rats, AMC did nothing to help, Citi Residential did nothing not even with HOPE, HUD, LETTERS, BUDGETS, pleas, upon pleas…I really want these rats to pay but I don’t know the law and I don’t know if I have a case.
Randall M Sutherland
The final outcome is to easy to predict. Living the exact same nightmare as Randall M Sutherland this conspiracy already has a premeditated ending. Even with the current proof of employess from lending firms admitting their part in fraud and all the proof of violations, the ending result will end in a judges dismissal.
Yes, lawyers are currently haulting foreclosures and charging monthly fees (since your not paying your mortgage), but one question is are they quoting an overall cost.
I have not read or may never read about a predatory victum succeeding in suing their lender.
It’s too easy to predict that if one judge allows a suit to succeed several others will follow.
A good example is my small claims law suit against Ford. Driving along one day I smelt electrical burning. My 2001 F-150 burned to the ground and upon research I discovered I was’nt the first one in America to experience this (my cruise control was fixed). Lawyers being too expensive, my only alternative left was small claims. Even with months worth of downloaded evidence, the judge agreed I was getting screwed, but he stated “I was taking on the big guys.” So I think he decided to be passive and state I just did’nt have enough evidence.
My point is it’s a lost cause. “Your taking on the big guys.” They will do anything to be passive and make this go away.
My only hope this time around you do’nt give up. Screw the big guys!
Countrywide AKA Bank of America — the very worst ! They drag their feet on everything and LIE BIG Time. They employ the most obnoxious CSRs who think the money is coming out of their own pockets and treat you like crap when you call to speak with them about modification or any other problems with regards to payment. Charge fees at the drop of pin and with NO prior notification to the borrower. Talk about predatory lending practices — they are at the top of the list. I have been trying for almost six months now to get a straight answer from them regarding Modification since I cannot afford a home that is 150K below market value and what with pay cuts etc — Countrywide/Bank of America – SILENCE. Trust me, nothing is going to happen with this Attorney General suing them– it will all eventually slip into oblivion. People like us pay their salaries and still get screwed! They have their jobs because idiots like us help to keep them employed. The person above is so RIGHT — please I implore someone in authority to be honest and really work for the average American and take on the BIG GUYS.