Florida sues Countrywide

Southern state joins California and Illinois in lawsuits against the troubled mortgage lender for accepting loan applications without regard for borrowers' ability to pay the loan back.

The 12-page suit also named Countrywide Chief Executive Angelo R. Mozilo as a defendant. The California-based lender did not immediately return a call for comment on the suit.

"It appears to us Countrywide did no due diligence and accepted applications which were patently fraudulent and reflected no ability on the part of the borrowers to make the required payments," said Marc Taps with Legal Services of North Florida. "The most financially unsophisticated segment of the population was targeted by the brokers who knew Countrywide would write these mortgages."

The complaint, filed in the 17th Judicial Circuit in Broward County, claims Countrywide hid the potential negative effects of its so-called "teaser" loans, including increased interest rates and prepayment penalties.