Hagens Berman Solbol Shapiro Cases

Countrywide Home Loans

Date Filed: August 11, 2008

Court: U.S. District Court

Location: Seattle

Ticker Symbol: CFC

Hagens Berman Sobol Shapiro filed a class-action lawsuit against Countrywide Home Loans claiming the company engaged in predatory lending practices and deceptive sales tactics that are in violation of Washington state consumer protection laws.

The lawsuit claims the company knowingly placed homeowners in disadvantageous loans by concealing and misrepresenting the true terms of ARM loans. In particular, the company lured potential customers with teaser rates and promises of low monthly minimum payments.

In 2004, Countrywide set out to increase its share of the national mortgage market. Part of the marketing scheme included mass-producing loans for the secondary market - loans that earn the highest premiums and generate the largest profits for the company.

The lawsuit claims the company placed borrowers in ruinous loans and failed to disclose important information about the loan conditions, a violation of federal regulations.

If you've purchased or refinanced your house with Countrywide from August 11, 2004 until present, you can click here to join this case. If you have questions about the lawsuit or your situation please contact HBSS attorneys at info@hbsslaw.com.