Florida sues Countrywide

Florida has joined the increasing number of states to take action against Countrywide, with Florida Attorney General, Bill McCollum filing the lawsuit against the mortgage lender for predatory lending practices.

The 12-page lawsuit names Countrywide Chief Executive, Angelo Mozilo as a defendant and was filed at the state court in Broward County, Florida.

McCollum who plans to hold a press conference on Tuesday to detail the allegations against the Countrywide said, "It is unthinkable a company would try to take advantage of someone's dream of home ownership."

"Florida homeowners who are trying to protect their homes from foreclosures shouldn't have to worry about their mortgage brokers or lenders unfairly profiting at their expense," McCollum said.

The Bank of America is expected to complete its buyout of Countrywide on Tuesday.