Wow....now what? Bank of America may not be in the best of positions and still willing to move forward with the acquisition of Countrywide. We have talked about issues like this at www.InvestSmarter.com looking at other possible issues when it comes to lending and the scrutiny that lenders are going through. This is why:
Daily Real Estate News July 1, 2008Lawsuit Claims Countrywide Misled Borrowers The state of Florida has sued Countrywide Financial Corp., accusing the company of unfair and misleading trade practices.The 12-page suit, filed in the 17th Judicial Circuit in Broward County, claims Countrywide hid the potential negative effects of subprime loans, including increased interest rates and prepayment penalties.Illinois and California sued Countrywide last week, also accusing the company of cheating home owners."It appears to us Countrywide did no due diligence and accepted applications which were patently fraudulent and reflected no ability on the part of the borrowers to make the required payments," says Marc Taps with Legal Services of North Florida. "The most financially unsophisticated segment of the population was targeted by the brokers who knew Countrywide would write these mortgages."Countrywide is in the process of being sold to Bank of America. The deal is expected to close this week. Source: The Associated Press, Brent Kallestad (06/30/08)
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