SAN DIEGO (CN) - Countrywide Financial is a fraudulent and predatory lender that originated loans with little or not regard for borrowers' ability to repay them, in a destructive pattern that devastated homebuyers in San Diego, the State of California claims in Superior Court.
The State also sued CEO Angelo Mozilo, Countrywide COO David Sambol, its former COO Stanford Kurland, former CFO Carlos M. Garcia, and Bank of America.
Bank of America acquired Countrywide on July 1, in an all-stock deal.
The state demands fines and an injunction.
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