AG sues Countrywide

California's attorney general sued Countrywide Financial Corp. and its top two executives on Wednesday, claiming that the company used deceptive practices to push borrowers into risky mortgages. Gregory J. Wilcox in the Daily News.

The law suit, filed by Attorney General Edmund G. Brown Jr., asserts that Countrywide became a mass-production loan factory, churning out ever-increasing streams of debt without regard for borrowers.

"Countrywide exploited the American dream of homeownership and then sold its mortgages for huge profits on the secondary market," Attorney General Brown said. "The company sold ever-increasing numbers of complex and risky home loans, as quickly as possible."