Make a Poor Investment? Just Sue Someone!

Florida Attorney General subpoenaed Countrywide Financial today as a part of a widening investigation into subprime lending practices.

Attorney General Bill McCollum told fellow cabinet members the investigation involving the nation’s largest mortgage lender was linked to practices that may have hurt Florida’s state-run investment pool. McCollum’s office issued the subpoena to the California-based company on January 17, seeking information and documents on Countrywide’s lending practices, especially relating to subprime loans that go to people with poor credit histories.

Sandi Copes, McCollom’s spokeswoman, said today “It’s a broad subpoena seeking information about whether or not the company potentially violated Florida’s mortgage laws regarding deceptive and unfair trade practices act in a manner.”

Countrywide has received the subpoena from the Florida Attorney General and will cooperate fully with the State’s investigation,” the company said in a statement. “As a matter of policy, Countrywide does not comment further on the status of pending investigations.”

To read more about Florida proves countrywide over subprime loans head on over to Reuters.