An elaborate scheme hinging on falsified income and inflated appraisals has put Countrywide Home Loans in court with a man from Indiana and one of the company’s previous correspondent lenders. What Countrywide could have done to prevent itself from funding some $80 million in fraudulent loans could save other lenders from similar losses. In a lawsuit filed in Marion Superior Court in June, Countrywide alleges that Indiana businessman Robert Penn, with help from others, tricked dozens of Virginia residents into...