Florida sues Countrywide


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From the Wall Street Journal: Florida Sues Countrywide

The Florida attorney general has filed a lawsuit against Countrywide Financial Corp. and its chief executive, Angelo Mozilo, alleging that the company engaged in deceptive and unfair trade practices.

[Angelo Mozilo]

The lawsuit, filed on Monday in state court in Broward County by Florida Attorney General Bill McCollum, alleges that the company put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading.

The action follows similar lawsuits that were filed against the company last week by attorneys general in California and Illinois. Efforts to reach a Countrywide spokesperson were unsuccessful

Bank of America Corp. plans to complete its acquisition of Countrywide on Tuesday, and the 69-year-old Mr. Mozilo will retire.

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