About time, why is it they do this crap after the fact and of course after the fact it is revealed that many in our Congress received favorable loans?
Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford.
Countrywide and Chief Executive Officer Angelo Mozilo were named in the suits, filed today, claiming the lender's tactics led thousands of borrowers to lose their homes when they couldn't make their payments. Countrywide used deceptive practices, including low ``teaser'' rates, to entice borrowers into adjustable-rate loans without adequately informing them that the payments would balloon in later months, according to the suits
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