Illinois to sue Countrywide, Mozilo

Illinois Attorney General Lisa Madigan plans to file suit against Countrywide and their orange-tinted CEO Angelo Mozilo tomorrow for risky and deceptive mortgage lending practices in the state.  Ms. Madigan claims that the state has ample evidence to charge Countrywide for lending practices that have put borrowers in loans that can't be repaid, and using sales and marketing tactics that encouraged borrowers and rewarded employees to take and make risky loans. Illinois, like other parts of the country is dealing with a massive uptick in home foreclosures. I can't say I'm surprised.  Mozilo has flaunted his company's success, blamed others for its losses, and there are more than a few stories from inside Countrywide about the ridiculous compensation and underwriting guidelines that