Illinois Attorney General Lisa Madigan filed a lawsuit yesterday against Countrywide
(CFC) claiming that the company deceptively sold risky loans despite borrowers’ ability
to repay and used deceptive marketing tactics.
http://www.ag.state.il.us/pressroom/2008_06/20080625.html
I cannot tell you how glad I am that a state finally stepped it up to go after a federally-
chartered bank. And I really believe this lawsuit can help many people. Here in Ohio, I’ve
been told time after time by representatives of the AG’s office that Ohio does not have
jurisdiction over federal banks – which is true – however I’ve argued the AG should at
least work on behalf of the residents: Ohio has been one of the hardest hit states by
bad mortgages.
It does not matter where you live for this lawsuit, as this lawsuit can help any borrowers
of Countrywide anywhere in the country.
Call (312) 814-3000
The AG has asked the Court for 90 days to review customers’ information, so hurry up.
I thought this news was right in line with what I was going to issue today regarding the
fraud that occurred by my former employers and competitors, so I gave this news
priority because I believe it can really help consumers. As I’ve been in related business
for more than five years, I know for a fact that Countrywide is absolutely dirty. I hope our
own AG steps it up to protect Ohio consumers by taking matters in their own hands to
go after even worse companies like CitiFinancial, Beneficial, Wells Fargo, WaMu, Fifth
Third, and the like.
To urge Ohio AG, Nancy Rogers, to take action against other predatory lenders, she
may be reached at (614) 466-4320 and
http://www.ag4ohio.gov/Public/details.aspx?
s=222
