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California, Illinois Probe Countrywide Practices

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Dec 13, 2007 9:15 pm US/Pacific

California, Illinois Probe Countrywide Practices

LOS ANGELES (AP) ― Officials say attorneys general for California and Illinois are investigating the lending practices of Calabasas-based Countrywide Financial, the nation's largest mortgage lender.

The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.

A California probe is also under way. That's according to a state official familiar with the attorney general's investigation into mortgage lending practices who spoke on condition of anonymity, citing the confidential nature of the investigation.

The company told the Los Angeles Times it had received subpoenas from both states' attorneys general and that it was cooperating with the investigations.

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