FLORIDA LAUNCHES PROBE OF COUNTRYWIDE
The Florida attorney general is investigating mortgage lender Countrywide for unfair and deceptive business practices related to home loans. A subpena dated January 17 directs Countrywide to provide documents and other information describing procedures used to determine whether borrowers qualify for subprime loans.
The state also wants informaton on how Countrywide credited borrowers' payments any time after January 2005. It also asks for documents that track applications of borrowers payments to bankruptcy debt and a description of fees charged to mortgage holders during the same period. The Florida Attorney General's office started a mortgage fraud hot line last year. It has received over 150 complaints on Countrywide.
Attorneys general in Illinois and California are conducting similar investigations.
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