The state of Connecticut (thank you Mrs. McFadden - ed/sp!) sued Countrywide Financial Corp. this week and joined California, Illinois, Florida and US cities including San Diego in allegeing that Countrywide 'misled borrowers' into purchasing home loans they could not afford.
So the question is this: in a highly regulated industry with the levels of oversight and process control(s) present in the mortgage business, is it acceptable - even conceivable - for legal action from a state to come to bear against a (federally controlled) lender?
Obviously, if there are evident, blatant, or criminal actions on the part of the lender and/or it's policies and practices, this would make sense.
- But to sue because the economy in America has run afoul and consumers as a whole are indebted beyond their ability to recover - is this what we've come to?
Share your thoughts, your evidence, your opinions and more here. I have by no means been exhaustive in my research, however I firmly believe that at the least, an equal portion of the responsibility (note I did not say 'blame' here) rests firmly on the consumer.
-Tim Mancuso
International Real Estate Advisor
Speak your Mind! Let your Real Estate Voice be Heard!
International-Real-Estate-Advisor.com
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