California Accuses Countrywide Of Being In The Mortgage Lending Business

California's attorney general has filed a lawsuit accusing mortgage lender Countrywide of viewing "borrowers as nothing more than the means for producing more loans." Even worse, they exploited "the American dream of homeownership and then sold its mortgages for huge profits on the secondary market," California attorney general Edmund G. Brown said in a statement.
Let's just handcuff the invisible hand and be done with it.
Also, here's Larry Ribstein on the Illinois suit, which similarly accuses Countrywide of "allegedly making profits from loaning money even if the money was not repaid."

California Files Lawsuit Saying Countrywide Used Deceptive Ads [Wall Street Journal]