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.

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.

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