State Sues Large Mortgage Lender

Indiana has sued Countrywide Home Loan Inc., claiming deceptive and misleading practices in thousands of loans issued in the state.

...

"People have been led to believe they can get a 1.75 percent rate good for five years -- quite a deal -- but, in fact, that rate has been adjusted after three months," Carter said. "Hopefully this is a warning to some degree to lenders in Indiana that we want them to be fair with Indiana consumers."

...

Four additional states have also taken action against Countrywide -- Connecticut, California, Illinois and Florida.