Illinois Sues Countrywide on Consumer Fraud

     CHICAGO (CN) – The State of Illinois sued Countrywide Home Loans and its CEO Angelo Mozilo for consumer fraud, claiming they rewarded brokers for approving unqualified borrowers, falsified loan applications, falsely advertised, trapped customers in risky adjustable-rate mortgages and concealed the availability of less predatory loans.

     Attorney General Lisa Madigan seeks rescission of contracts, restitution, and other relief, in Cook County Court.

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