Source: Associated Press (CNNMoney.com)

The nation’s biggest mortgage lender engaged in “unfair and deceptive” practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois’ attorney general planned to file Wednesday.

The lawsuit against Countrywide Financial Corp. (CFC, Fortune 500) - planned for the same day shareholders were scheduled to vote on the company’s takeover by Bank of America Corp. (BAC, Fortune 500) - stems from information from documents subpoenaed by the state beginning last fall, as the number of foreclosures nationwide began to skyrocket.

Read Full Article: Illinois to sue Countrywide