Fundublog Loans - Everything one needs to know

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 suits, filed today, claiming the biggest U.S. home lender used deceptive practices such as low “teaser” rates to entice thousands of borrowers into adjustable-rate loans without adequately informing them that payments would balloon in later months. Read more
Courtesy: www.bloomberg.com

Tags: No Comments