1.
U.S. markets recover from steep losses
SPRINGFIELD, Ill., June 25 (UPI) -- Illinois Attorney General Lisa Madigan said she would sue the nation's largest mortgage lender for overselling risky loans.
The lawsuit accuses Countrywide Financial and its Chief Executive Officer Angelo Mozilo of inflating incomes for loans and misleading customers with hidden fees and false advertising. The suit also says the company gave employees monetary incentives to sell loans with risky features, The New York Times reported.
"People were put into loans they did not understand, could not afford and could not get out of," Madigan said. The "mounting disaster" had a statewide and global impact, she said.
"It's all from the greed of people like Angelo Mozilo," she said.
Countrywide, which has lost $2.5 billion the last three quarters, didn't respond to e-mail from the Times requesting comment, the newspaper reported.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
