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Home / West Virginia AG Latest To Sue CountrywideWest Virginia AG Latest To Sue Countrywide
Last Updated on Wednesday, 13 August 2008 12:30 Written by rslcpol Wednesday, 13 August 2008 12:30
From the AP:
West Virginia’s attorney general accuses a national mortgage lender of making risky and unconscionable loans in a lawsuit that’s similar to challenges filed in several other states.
In the lawsuit, filed Tuesday, Attorney General Darrell McGraw asks a county circuit judge to stop Countrywide Financial Corp. and four subsidiaries from foreclosing on loans, using “unfair and deceptive” practices and enforcing delinquency judgments.
McGraw accuses the Calabasas, Cal.-based companies of luring customers with teaser rates that rise to unaffordable rates of up to 18 percent. He also claims the companies enticed customers with no-down payment loans and inflated appraisals.