Countrywide, IndyMac, First Fed, WaMu, Wells Fargo and the rest of the toxic lenders who put people into teaser rates and option ARMs (to earn higher commission), and whose agents knowingly falsified loan applications and appraisals "to make the numbers work" (to earn higher commissions), will find out soon enough that there aren't enough lawyers in the land to handle the onslaught of lawsuits coming their way.
The 1980's had asbestos. The 1990's had tobacco. The 2000's will have housing.
Quick! Someone call John Edwards!
(note, I'm short WaMu and WFC)
Borrowers sue Countrywide Financial
Several people who took on home loans from Countrywide Financial Corp. are suing the company, claiming they and other borrowers were steered unnecessarily into taking on risky loans with built-in payment hikes, which ultimately led them to go bankrupt or lose their homes.
The seven plaintiffs filed an amended complaint Friday against the Calabasas-based company and several of its subsidiaries.
Among the allegations are claims that Countrywide tried to "induce as many borrowers as possible into expensive and dangerous subprime loans, because such loans are the most lucrative for Countrywide."