Could Countrywide creditors get stiffed?

Sure hope Ken Lewis is digesting all of this advice before finalizing any deal.

Ken Lewis, What would Hugh McCall do?

what the hell is wrong with cathy wookey. people looked up to countrywide for advice. first time home owners do not ask to be screwed. if the bastards at countrywide did there job they would have told the person trying to secure a loan that they just did not have the means to pay the debt. people like her are liars and should never work in finance again. shame on them. peter s. danvers mass.

To the Countrywide employees who say Countrywide is ethical and that we look forward to becoming BofA. What are you smoking? Most of us are getting ready to be laid off and see the dishonesty on a daily basis. Keep drinking the Kool-Aid.

I am disgusted with the Fed. I have worked hard my whole life and saved and saved instead of spending and spending and borrowing and borrowing. And along comes the Fed to devalue my savings and reward the dips that spent themselves to near bankruptcy and borrowed more than they should have had sense to borrow. So please. Anything to save the investment bank whores that did this. So YES. I am FED UP.

With the current foreclosure problems facing American families a prudent lender would redesign their criteria to legally,morally and financially help the people who are losing their homes versus the investors and flippers of the housing boom.

http://www.housingfix.com

Yesterday I got yet another mail advert from Countrywide promising me essentially a a sub-prime home equity loan..
No doc
no income verification
No paperwork, we can do it over the phone.
They may be swirling down the drain, but continue to grasp for that last dollar as they go.

Funny how Countrywide gets the rap while a company like Washington Mutual (the creator and initial marketer of the PayOption product) slide by unscathed. I guess WaMu is getting its just desert, and all those retail reps and loan brokers who misled or hid the details in order to drive their BMers are now pushed out the door. They should be hired by the gov’t as workout specialists to talk with their customers, again. Let them face the fire straight on.

Let Countrywide go bankrupt and that Angelo asshole in jail. I bet that FED WHORE is going to bailout countrywide like Sterns. Ben is a whore for the big banks.

I’d really love to see countrywide die a slow death also. Also, would love to see Angelo flipping burgers at BK. They are all crooks over there and deserve to be in jail.

hey MR. 80/20…cry me a river. The MOST IMPRTANT INVESTMENT of your life and you did not bother to read the documents you were signing. Your realtor and Loan Officer led you down a crappy path. 0% down is the STUPIDEST thing next to 0% down INTEREST only on an 80/20. Awesome you got your loan modified! That is pretty sweet. If you do not have a down payment, you do not need to purchase ANY real estate. Besides, 80/20 rates are always higher. If you got a 9.35% and a 12.35%, your credit scores must have been sub par and/or you had to go STATED INCOME. Our father’s father had to put down 20%!. Now, Countrywide made the mistake of BUYING all those crappy loans. It was their way to gain market share. Their mistake was NOT QC (quality control) all the paper they bought. The entire Mortgage industry is to blame. Not just Countrywide. I worked in the biz for 15 years. Every broker shop I worked, they all screwed people and led them into these Pay Option Arm loans. All these brokers were signed up with Countrywide, Wells, B of A,etc…Every lender had the same access to all loan programs. Countrywide decided to service all the paper and snatched up everything they could. Now, they’re left holding the bag and look like the bad guy.

Capitalism without ACCOUNTABILITY may just as well be COMMUNISM, Alex.

As Rob said, Fed (read Taxpayers) will buy the whole Debt and Mazillo will retire somewhere in Italy and improve his tan.

The percentage you’re paying is too high priced
While you’re living beyond all you’re means
And the man in the suit has just bought a new car
From the profit he’s made on your dreams
But today you just read that the man was shot dead
By a gun that didn’t make any noise
But it wasn’t the bullet that laid him to rest
Was the low spark of high-heeled boys, high-heeled boys

Why is it that we always hear about what Countrywide did wrong? What about all the loan brokers out there who brokered loans to Countrywide and failed to tell their clients about the fine print? And, what about all the other banks who originated loans that Countrywide just ended up servicing? What about what they told their clients? Many of these loans became Countrywide’s loans, but Countrywide did not originate them. I work for Countrywide and can tell you that Countrywide is a very ethical company. We are constantly taking ethics training and product knowledge training. Why is it that the client himself is never to blame? I had clients who were willing to sell their souls in order to purchase a house. Maybe having a mortgage is not always right for every person. What about old fashioned habits of saving money first and establishing good credit before taking on such a huge responsibility? What about being more conservative with your family’s finances? Why play russian roulette with your mortgage and risk losing your home in the long run? Yes, those risky loans were out there but it was the client who decided to take that loan in the first place. You can’t tell me that the majority of these clients didn’t realize that their rate could change after a fixed period of time and that they were taking a risk on what rates and housing values would be in the future. Also, a lot of loans in default weren’t even subprime loans, they were 100% financing and such to people with A paper credit. But, come on, 100% financing? What about the old fashioned way of saving for a down payment and taking some financial responsibility? Of course it’s tough to lose your home because you can’t make the mortgage payments but if these people had invested more of their own money upfront, maybe they would have made wiser loan choices and maybe it wouldn’t be so simple to just walk away.

Gil its not like people can make their own decisions; borrowers were just as guilty of dropping the ball of their own lives. The sad thing is people put more time researching the purchase of a car then they do a house. How can a loan be dishonest if the terms of the loan are in the docs? The only dishonesty I can imagine would be if the bank padded the income numbers.
Sorry but you cant insure or provide guarantees against stupidity.
Its all about doing your homework, yes Banks had bad lending practices, underwriting practices and gave a loan to any Joe Shmo, but borrowers were just as greedy as well, It was a two way street. People wanted to take out all their equity, wanted a home that was out of their means and the work “No” wasn’t what they wanted to hear.
Yes banks got greedy but so did the borrowers. I really wonder how many of these “victims” actually read their loan docs and made sure they understood them. There needs to be much reform in the lending industry, which is happening buy the govt needs to step in and place requirements that the broker/originator goes over the loan docs with the borrower(since it seems people cant do that on their own)to make sure they completely understand them.
What is sad is that the ones that made the right decision and didn’t buy a house (based on speculation of getting equity and refinancing in two years) will be bailing out the irresponsible ones that helped create the housing problems(by not doing their homework)

I work at Countrywide and we are looking forward to being Bank of America. Countrywide has the greatest business model of any mortgage company or sales force in America. I work in one of the large call centers and ethics have always been our focus. The real issue with most of the people writing comments here is their frustration with life having not been as perfect as they always though it would be, not Countrywide. If you cannot afford to live or you are losing you home, it is because you didn’t take two seconds to look and see if you could afford the home you were purchasing. Lay down the credit cards people and live within your means. Cut Mozilla some slack too, really. You guys really think that he mastermined the subprime mortegage crisis? Who cares if he made 103 million last year, good for him, the man built this company from a 2 person broker shop in a strip mall into a corperation with 60,000 employees. That is an amaizing accomplishment!

Or…. could it be that bank of americas executives are looking out for the best interest of their own company and their own shareholders? That’s crazy!!

If they do things that screw their company they are blamed for being horrible people, if they do things that screw other people so that it helps their company they are blamed for being horrible people. It is business and no one ever said business is a happy friendly place where everyone should be fair and kind to each other. The world is harsh, get over it!

Incase you’re wondering. I do not work for bank of america or any other bank. I am a shareholder though.

I recall employees from Countrwide… these are the same “jacks” that talked many borrowers into taking on dishonest loans. No different than used car dealers… they didn’t offer the buyback guarantees that many car loans now have. Funny how bankers didn’t think of this when loans were being packaged at $500k versus a $20k car loan.

This is called a capitalism. CEOs are there to make money for themselves and for few major investors. If it means to robe anyone else, then let it be. This is how this country works. If you do not like it, go to Cuba or North Korea to build communism.

I love CountryWide… I have an 80/20 with them. Rates were at 9.35/12.35 with a balloon on the 2nd. I got with NACA, and they got me down to 6.5/5.25 non balloon. It took 6 months for the process; however, I’m sitting much better. I think Countrywide needs to be die a slow painful death as well… No one ever told me it was a balloon. I know you are to read the docs… However, I was a first time buy, and my loan office was in Okc, OK…

It is just a sad reminder that thieves and CEOs think the hard working guy is stupid for going to work every day to support the theives’ and CEO’s incomes.

38 billion? guess thats why countrywide turned down my recent loan application!

Let Countrywide die a slow painful death. We dont need them, or BofA who it nothing more than ATM for Illegals sending drug money back to their latin fuck countries.

No worries mate! The FED will step in and buy all the debt and save the whole banking industry. Another helicopter moment brought to you by Ben & Co.

I say the heck with Countrywide financial, and let Bank of America buy them out, and have the feds help out, but on one condition and that is if Bank of America cant meet its loan obligations, the feds come in and swallow up the amount needed to pay back. Also Mozillo’s pay compensation needs to be cut and let him go out and get a real job like the rest of us and see what it is like to make ends meet. If it was the average joe, they would be lucky to have about $2,000 in compensation and memories of years of hard work, not like these corporate robber baron types who try to live like kings off of people’s backs.