California, Countrywide settle predatory lending charges for $6.5 million

[JURIST] The Superior Court of California County of Los Angeles [official website] on Wednesday approved [opinion, PDF] a $6.5 million settlement between the state of California and two former Countrywide Financial Corporation executives accused of predatory lending. The lawsuit alleged that Countrywide lured borrowers with low teaser rates prior to the mortgage crisis. The loan officers did not warn borrowers of the downside of these loans, leading tens of thousands of homeowners into foreclosure. Following the settlement, Attorney General Kamala…

By | 2011-02-03T04:06:17+00:00 February 3rd, 2011|Uncategorized|0 Comments

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