More criticism for Countrywide

It is ironic to me the amount of hostility unleashed on those who were victims of the mortgage meltdown. Thousands of Americans who are losing their homes and struggling to let go of their hopes and dreams of homeownership have to also be subjected to the humiliation of being further blamed for not being “Savvy” enough to see this disaster coming.

There was a time in this country when Americans could trust the professionals they hired to help them buy a home or negotiate a deal. Now it seems that contract negotiation will require the consideration of the cost of legal counsel as well as broker fees and Realtor fees.

It seems that the professionals who have degrees in finance and work with banks and with loans as part of their job description are not to be held responsible for this disaster that has been unleashed upon this county. It is those less savvy who trusted these professionals to know their jobs that have become the scape goat for this mortgage meltdown. It seems that in addition to their jobs as farmers, and truck drivers and small business owners, teachers and computer operators, they should have also been experts in finance, able to decipher through all the creative promises of the financial professionals and anticipate the real truth of this mortgage meltdown.

Ms. Jennifer,

Learn how to spell, use proper singular and pluralization of words, proper punctuation,’

Now to address your comments. Why should a mortgage company or any company renegotiate a contract when you don’t live up to your end of the bargain? They don’t need too. Seems to me they got in over there heads when they bought the home. Sympathy is given for a loss of job/income but not as much knowing she made $85,000/year. If he made the same amount that is $170,000 combined. The average income for 2006 was less than $50K. Not too mention they can afford to buy another home with FHA and get foreclosed on the current does not make sense. Where is the money for the new home and FHA will not approve them with what I perceive will be several months past due on the current mortgage. Sounds like they should have bought the less expensive house and not the current one. Living within ones means isn’t just a saying it is a good way to live.

Look folks…The sub-prime market was not targeting the people that were SAVVY. They were targeting the novice & bottom-of-the-barrel clients. Even further, Countrywide constantly oushed higher revenue for crappy loans to their salespeople…Like “Look, if we negotiate the rate on the 3o year for your borrowe you will lose your commission, but if you sell them a 6 month Subprime Arm, I will give you the rate you want and you will still get paid.” Now, if you are a father of two with a mortgage of your own and you had bills to pay what would YOU sell? Stuff like that happened all the time. High pressuer, sales meetings, public humiliation for not hunting down more and more clients that don’t know better than to take a 10% 2 year adjustable…Forged documents, loop-holes to squeeze crap deals through underwriting…It all went down. TRUST ME. Buyer beware? Yes..But I am SURE that all of you have been sold on something you were novice to at first and regretted later, too. That is the story of these people… I know. I was there. And in the end? CFC screwed me and my OWN mortgage too to thank me for 7 years of service. So, before you THINK you know and go blogging up a board, learn a-little of what and who wasw REALLY running production in the branches…

” NO ONE GOES HOME TONIGHT WITHOUT LOCKING ONE SUB-PRIME DEAL!” - It must be the first thing they taught a manager to say when they got promoted.

If you can’t afford the house, car, boat, college, etc. dont blame the lender for enforcing its contract. It’s called America. If you sold a house to someone and provided financing for it, I guarantee you’d do do the same. Unfortunately, it seems in America everyone is a “victim.”

Here we go again with the entitlement attitude and not accepting responsibility for your actions.

You chose to purchase a home in the price category. Did Countrywide tell you to buy this particular home? I highly doubt it. You wanted the big house and all the perceived status that is supposed but in reality is a smoke screen.

Now you say you will purchase a less expensive home and walk away from your Countrywide home loan and it all Countrywide’s fault. I also doubt your assertion that the loan officer told you to mess up your credit then they would help. What he probably said is that they cannot help you unless you have missed payment for 3 months.

Grow up and start accepting responsibility for your actions. No one owes you or your wife a big fat home, least of all Countrywide or any other home loan company. Wells Fargo probably laughs at your “asss” ertations behind your back. You are making a fool of yourself.

Countrywide is not the only company that is telling client to mess their credit up by being late on their mortgage three months before they will consider a mortgage reduction. Chase is doing the same thing, and I think it is ridicilous, and they are crazy. You would think that the best thing to do is to work with the client in trouble, so that they can keep their house and then the mortgage company do not have to suffer the loss of foreclosure. when this happen everyone loose, next thing you lost your house and your credit mess up, and they filing chapter eleven. It is a crazy world. I do hope the almight God come oon and take us all away.

Mr Jason, you are mean if that’s the way you look at it. Anyone can have unexpected problems. When your day come you will realize it could be worst no matter how mcuh reserve you might have. This family was not asking Countywide to pay their mortgage. He ran into difficulty since his wife loss her job. I think the mortgage company should help them to refinance and get a payment reduction, it would be better then losing thehouse. Now the mortgage company also loose. If they would do what he ask then everyone would win. So i don’t agree with your commnet. the richest of person these days can experience one of the most financial problems in life. Just remember non of us know our destiny, don’t judge and point fingers, lets live so others can.good day.

So you blame the mortgage company for not renegoiating your contract because cannot pay your obligations? Wow, how good of you to blame others. I too lost my job in October, just started my new one in April. Guess what, I paid my bills on time. Didn’t blame anyone because I planned for emergencies, the boyscout in me. I had enough in reserves and very little credit card debt too supplement my lost income. Most financial advisors state you should have a mininum of 3 to 6 months of reserves, again I stress minimum.

So you blame a mortgage company for not bailing you out?

Countrywide refused to help my wife and I after she lost her job (and still have not found one). They refused to submit our request for a loan modification since we lost 85k in income when my wife got laid off. Countrywide stated we have to screw up our credit and then they might help. One representative was rude and told my wife and I quote “we didn’t tell you to buy a house you couldn’t afford”, now mind you my wife told him that we had 2 incomes when we bought back in 2006 and now we are down to one, and he said well thats not countrywides fault..So now we are going to buy a another house through FHA with a lot lower payment and we’ll be giving Countrywide back our current home, so in the end they will lose. Yes my credit will be messed up for 7 yrs, but we’ll be in a new home, and will be able to save a lot more money so we won’t need any new credit anytime soon. Wells Fargo is the investor on our loan, and we plan to send them a package to show them what we tried to do with Countywide, so that they know how countrywide is managing their investments.