Thread: State Seeks To Pull Countrywide's License To Write Loans In

State Seeks To Pull Countrywide's License To Write Loans In Washington

POSTED: 8:50 am PDT June 25, 2008
UPDATED: 5:46 pm PDT June 25, 2008

SEATTLE -- Gov. Chris Gregoire said the state is seeking to pull the license of Countrywide Home Loans to write any more loans in Washington because investigators found evidence of "predatory practices" aimed at minorities.

The governor spoke at a news conference Wednesday at the Urban League of Metropolitan Seattle, revealing results of a an investigation into the nation's biggest and much-embattled mortgage lender. [PDF:] Lawsuit Against Countrywide http://www.kirotv.com/download/2008/0625/16710950.pdf

Earlier Wednesday, the states of California and Illinois filed lawsuits against Countrywide. The Illinois attorney general's office claims Countrywide misled borrowers.

Gregoire's office alleges that Countrywide targeted Washington's minority communities.

Shareholders from California-based Countrywide on Wednesday approved a takeover by Bank of America.

http://www.kirotv.com/news/16706810/detail.html

About time.