Madigan suing Countrywide over lending practices

Illinois Attorney General Lisa Madigan contends thousands of Illinois homeowners paid a steep price for Countrywide Financial's "desire to dominate the marketplace."

Madigan's office filed a lawsuit in Cook County against the nation's biggest mortgage lender Wednesday. The attorney general in California has filed a similar lawsuit.

Illinois' suit comes after the state subpoenaed documents from Countrywide last fall when the number of foreclosures nationwide began to skyrocket.

Madigan says the company promoted high-risk loans that contributed to the high number of foreclosures in Illinois. She says Countrywide put profits ahead of keeping Illinoisans in their homes.

A Countrywide spokeswoman declined to comment on the litigation, which seeks restitution for consumers.