Ill. AG to sue Countrywide over lending practices

CHICAGO - The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file Wednesday. Aren't you tired of this? Everyday we hear of some report from credible news services about the tricks and traps of lenders. Today it's Countrywide Mortgage. Ignorant people leave us nasty comments like "just pay your bills". My response is, OK, so you're telling Americans who've been tricked into "teaser rate" loans to just surrender and fork over most of their hard earned money? I don't think so. You may think the best option is to play it safe and not make any waves with your lenders, but that's not the way it works. These "Credit Predators" are like the rich bullies in high school that we all grew up with. They are bigger, stronger, and sociopaths. They don't care about you and have no problem pretending to be your friend when they need to cheat off of you to succeed. But as soon as they get what they want it's back to the bullying.In my professional experience, surrendering leads to an early financial death. If you've got mortgage debt at an adjustable rate, you should consult with an Attorney in your State to asses what weapons are available to wage YOUR war on debt.What do you think? Does predatory lending exist or it is a myth? Give us a comment and let us know what you think.

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