States Sue Countrywide for Deceptive Loans
ARI SHAPIRO, host:
NPR's business news starts with more trouble for Countrywide.
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SHAPIRO: The struggling mortgage lender has two new lawsuits on its hands. One is from Illinois, the other from Countrywide's home state of California. It's the first time state attorneys general have gone after the lender, which has become a symbol of the housing crises. The Illinois suit claims the company engaged in deceptive trade practices. California's suit accuses the company of violating the state's unfair business practices and false advertising laws. Both suits were filed today, just as Countrywide shareholders prepared a vote on whether to approve the sale of their company to Bank of America.
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