The Real Deal Miami

Florida sues Countrywide

July 01, 2008 08:13AM

Florida Attorney General Bill McCollum is suing Countrywide Financial for misleading borrowers and practicing unfair trade practices. The suit claims Countrywide hid negative aspects of “teaser loans,” like increased interest rates and prepayment penalties. Illinois and California sued Countrywide last week. Countrywide merges with Bank of America today, and its embattled CEO Angelo Mozilo will also step down today.