McCollum discusses Florida suit against Countrywide

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McCollum discusses Florida suit against Countrywide

Story Created: Jul 1, 2008 at 2:27 PM EDT

Story Updated: Jul 1, 2008 at 5:42 PM EDT

TALLAHASSEE, Fla. (AP) - Attorney General Bill McCollum says the nation's largest mortgage lender engaged in deceptive practices that left Florida borrowers with mortgages they couldn't afford.

McCollum filed a lawsuit yesterday against Countrywide Financial Corp. for unspecified damages. The lawsuit claims the lender hid from borrowers the potential costs of some loans, including higher interest rates and prepayment penalties.

Countrywide says it's not commenting on the specifics of the lawsuit but plans to cooperate with McCollum's office.

Illinois and California sued Countrywide last week, alleging the company persuaded homeowners to apply for risky mortgages far beyond their means. Washington's governor has accused the company of cheating the state out of five million dollars by underreporting assessments.

Countrywide is in the process of being taken over by Bank of America.

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Attorney General's Fraud Outline: 1-866-966-7226
On the Net:http://www.myfloridalegal.com/

(Copyright 2008 by The Associated Press. All Rights Reserved.)

Tuesday, Jul 8 at 7:38 PM Anne m ocean wrote ...

DEAR MR. MC COLLUM I DO HAVE A COMPLAINT ABOUT COUNTRY WIDE I CANT NOT MAKE ANY PAYMENT FOR TWO MONTH MY HUSBAND LOSS HE JOB MY WORK DONT GIVE ANY HOURS I CANT NOT MAKE ANY PAYMENT FOR NOW I CALL COUNTRY WIDE TO PUT ME TO SOMME PROGRAM THEY SAY SORY FIND ANOTHER JOB TO PAY THIS MORTGAGE. I LIKE TO GIVE YOU PERMISION TO TAKE LOOK OF MY PROPERTY TO SEE ARE BAD THIS COMPAGNY BAD NOW THEY CHARGE ME LOT THE PENALITY AN THIS MORTGAGE PLEASE HELP ME. THE ADRESS IS 1209 SW 39TH ST CAPE CORAL, FL 33914.

Wednesday, Jul 2 at 10:51 AM Dale Dalton wrote ...

I was told by Countrywide that the penalty for early withdrawal of a CD would be penalizes by half of the CD interest rate, but when I took my money it was only 25% of CD interest rate, thus Countrywide ripped me of by at least $1000 in 2005. After three letters to Countrywide, no response. Never trust this company... Dale Dalton

Wednesday, Jul 2 at 8:42 AM Just wondering wrote ...

We have our home loan with Country Wide and are looking to sell. I wanted to see what my early pay off was and they are charging me penalties too, by 1,000 dollars! Weve had our account with them for 4 years since we refianced and we are always on time with the payment. I cant believe im being punished for wanting to pay my loan off in full!

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