The Real Deal Miami

Connecticut sues Countrywide

August 07, 2008 08:15AM

Connecticut has joined a number of other states, including Florida and California, in suing Countrywide Financial. The suit charges that Countrywide approved mortgages that customers could not afford and charging excessive legal fees to borrowers in default. Connecticut is demanding restitution from Countrywide to borrowers, and seeking fines for each violation of state banking laws. Bank of America acquired Countrywide in July for $2.5 billion.