First it was Wells Fargo Home Mortgage which was sued by the city of Baltimore for deceptive lending practices. Now, Connecticut Attorney General Richard Blumenthal has sued Bank of America Corp.'s Countrywide Financial Corp. for allegedly deceptive lending practices.
Mr. Blumenthal told Wall Street Journal saying "Countrywide conned customers into loans that were clearly unaffordable and unsustainable, turning the American Dream of homeownership into a nightmare."
If found in favor of Connecticut, Countrywide is to pay as much as $100,000 per violation of state banking laws and as much as $5,000 per violation of state consumer-protection laws.
