Suit Says Countrywide Hid Loan Fees, Costs
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Countrywide Financial Corp. was sued by two California homeowners who claimed that the company hid home equity loan fees and costs.
The suit, filed Monday in Redwood City, Calif., argues that Countrywide violated state and federal laws that require lenders to disclose accurate estimates of all costs at the time borrowers apply for a loan.
Attorney Bruce L. Simon said the lawsuit might be extended to cover as many as 500,000 loans nationally, including 100,000 in California.
A Countrywide spokeswoman said the company didn’t comment on pending litigation.
Countrywide shares fell 73 cents to $32.98 on the New York Stock Exchange.
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