California, Illinois sue Countrywide and Mozilo

Bloomberg reports California and Illinois sued Countrywide Financial and its CEO Angelo Mozilo today for allegedly luring borrowers into risky loans they couldn't afford. The suits claim the lender's tactics led thousands of borrowers to lose their homes when they couldn't make their payments. Here's more from Bloomberg: Countrywide used deceptive practices, including low "teaser" rates, to [...]