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California sues Countrywide

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The California Attorney General filed suit against Countrywide Financial in a Los Angeles state court today, alleging that the nation’s biggest mortgage lender misled borrowers into taking risky loans. The company has lost $2.5 billion since the mortgage meltdown erupted. The lawsuit comes the same day that Countrywide’s shareholders are set to vote on a $3 billion takeover offer by Bank of America Corp. Countrywide faces a similar suit in Illinois.