Countryfried Loans, led by Kernel, Angelo Mozilo has been cooking more “Toxic Original Recipe Loans” then any other lender is US history. The reports that are coming out daily, confirm that yes indeed the mortgages were tainted and the majority of customers that frequented Mr. Mozilo’s establishment are dying from Toxic Loan poisoning.
Take for instance another report today.
Countrywide Financial Corp., the largest U.S. mortgage company, said late payments at its servicing unit rose, foreclosures doubled and new loans fell 44 percent as housing sales slowed.
Late Payments
Delinquencies rose 0.8 percentage points in September from the preceding month, the company said, with about half the increase tied to the fact that there were four fewer business days than in August. Countrywide’s servicing portfolio of $1.46 trillion, or almost 15 percent of total U.S. home-loan debt, includes mortgages owned by other companies and investors, with Countrywide handling the paperwork and record-keeping.
“The company is continuing to take the necessary steps to assist borrowers with foreclosure avoidance and investors with loss mitigation,” Countrywide President David Sambol said in the statement. Calls to Countrywide’s media office weren’t immediately returned.
Countrywide and their spokesman are full of it and keep lying to the media and the American public. They are not taking necessary steps and they are fueling the fire in the foreclosure crisis.
What you don’t believe me?
Do you need proof? How about real life emails for REAL life Countryfried Clients, who are dying at the mercy of Mr. Mozilo and his fried chicken peddaling mafia boys. These guys are the true Hungry Men of toxic chicken loans and loss mitigation BS.
caroll mendez wrote:
you know i am having the same results with countrywide the thing is is that I’ve been doing it since march and i am still not able to get a modification , and I was sent a foreclosure notice already, I ti’ll December to pay or i’ll be foreclosed it is all a farseby countrywide, i am tired of this and i am going to get a lawyer and find out if i can sue them or take some kind of legal action because this is a ripoff, busting my as from check to check to pay for this house and know i can’t afford the payment because they went up 950 dollars and every 6 months after that it’s going to go up and up what a scam this is i am really pissed off at these loan banks they are worse then a terrorist
8/23/2007 12:28 PM s wrote:
so essentially we are screwed again by Countrywide. I’m not at all surprised. We went through the preforeclosure stages with them and they totally raped us on attorneys fees and other BS fees. We ended up having to cough up $6,500 cash to get our home out of foreclosure. Our loan is due to reset in March 2008 and I’m guessing we don’t have a chance in hell to refinance or modify our loan. It’s just all so depressing. I can really understand why some people just walk away and go back to renting. Everything was fine for us until the economy in Michigan completely crashed and my husband went from working 60-70 hours a week to barely getting 20. Yeah I already know we were stupid for relying on both incomes for us to survive. God I just don’t know what it’s going to take for people to get through all this.
Anyhow thanks for posting this! I like reading about all the crappy things that Countrywide is doing to it’s customers.
9/3/2007 4:57 PM A. Elenes wrote:
I’ve tried several time to get countywide to modify our loan – by lowering payment or interest rate. They have refused each and every time and now say that my only option is quick sale. Hope made a recommendation to modify our loan but countrywide if refusing, Hopeless in California
9/5/2007 6:19 PM Liz wrote:
I have also contacted countrywide to help me modify my payment and was turned down because we were too far negative in income to expense.I’m not asking them to forgive my loan, i am just asking that they help me get through this “bad loan” that we thought was heaven sent at the time. Our plan was to refinance after the two year arm, but our credit score was less than perfect and we couldn’t refinance and now we have gone through 22,000 in the past 6 months to keep the homes we purchased two years ago. Countrywide has not worked with me at all, also advising me to do a short sale or foreclose. they are just interested in their own pockets.
also, hopeless in California
7/26/2007 12:11 AM Lorre Hopkins wrote:
My husband called the Hope Line to see what they offered for help to avoid foreclosure and was told he didn’t qualify to refinance our loan because of our payment history. We were instructed to make our payments for a few months and call back and then maybe they could help us. It seems like it would be cheaper to help us refinance our loan than to take it back and try to sell it. I guess they have been in the business of jerking people around for so long that it’s hard to actually offer help now.
8/13/2007 7:29 AM B. Armstrong wrote:
Hi,
I just talked to Countrywide and was told she had no idea about what I was talking about. she had never heard of such a thing. What do I do now? She kept pushing me to talk to their refinance department
9/10/2007 9:50 AM MH wrote:
I agree about Countrywide HOPE department. I am going through a separation and prior to that my husband took over paying the mortgage. We are two months behind. I have taken over making payments but I am short on Sept. payment. I called the HOPE department to see is there anything I could do to catch up because I need my home. I have a son and I am 5 months pregnant. The first time I called the man was so rude and just didn’t seem to care. The second time it was a different man but he was also rude. He asked me why did the mortgage get behind last June 2006. I tried to explain that my husband took over paying the bills but if they checked our records prior to June 2006 when I was making the payments our mortgage was never late. The man didn’t seem to care. He kept asking me but why and how did he get behind. I didn’t understand what answer he wanted from me. I told him that it was just too many obligations for him to handle that still was not good enough. Finally, after 30 mins of him drilling me I told him as I was in tears I will call back. I need this loan modification but I don’t understand what information they need or what they want me to say. Someone please help me.
When is the media and the American public going to realize that we are in deep, deep, deep SHIT and do some real investigative reporting on what IS REALLY going on in regards to loss mitigation efforts and loan modifications.
ESPECIALLY COUNTRYWIDE.
The same old reports come out. “Foreclosures Are Up a Gazillion Percent”, “Elderly Woman Loses Her Home to SCAM”. The same regurgitated foreclosure BS that the media perpetuates is really getting to the point of ludicrously annoying and counter productive.
Yes, foreclosures are up. Yes, people are losing their homes. But why? What is the REAL reason behind the biggest scandal in US history. Yes, THE BIGGEST SCANDAL in US history. That’s my mission is to uncover the BS and lies they are telling to the media and the American people.
Are you all really reporters or just media regurgitation machines? Now go do something productive and EXPOSE what is REALLY happening to homeowners.
Countyfried Loans coming to a street corner near you.
countrywide home loans mortgage fraud manufactured home loans mortgage modification
{ 22 comments… read them below or add one }
wow! great work Moe! Howabout Moe for President?! Hey – just wanted to let you know that I sent someone to you from brokeroutpost – I didn’t have enough info for them on foreclosure – but told them you would help- hope you don’t mind
It’s unbelieveable what Countrywide is doing to their borrowers. I know because I work there and my name isn’t really Mikey
They are not helping people stay in their homes. Sure they tell us to assist people on the front lines, but once they get back to loss mitigation, it’s a 3 ring circuis specifically designed to fail.
Moe is more then on to something, he has hit the nail head on and couldn’t be more right.
Yes, the media is a joke that they haven’t picked up on the truth.
I’m just buying time and waiting for when I can make a clean exit and i am going to BLOW that whistle big time and Moe is the first one I’ll let know.
Yes, these loans are fried but they sure aren’t finger licking good. To say the least.
I agree, Countrywide has to be the worst in this business and what they say and what they do are two different things.
I say Moe for President of Countrywide. He’s just not as tan as Angelo. lol
Nathan Fransen, ESQ
http://www.PredatoryLendingLaw.org
Countyrfried loans and Anglos original recipe. Comedy. I’ve been following your blog and it’s getting more entertaining and informative. These posts on Countrywide really get you thinking about the whole mess we are in.
I think you’re definitely right and it will be bigger then any savings and loan scandal or Enron etc.
There will be a lot of people that will go down for this and I suspect the heads will be rolling right after the holidays.
Isn’t it typical government fashion to delay, meet, delay, meet, then finally fix the problem and then simultainiously start head hunting for the big CEO’s and CFO’s to crucify in front of the public.
LENDRON – COMING TO A COURT NEAR YOU
Countrywide responds
In an e-mail response to CNNMoney.com regarding borrower advocates’ allegations, Countrywide said the company “is doing as much as, if not more than, any servicer in the industry, striking the appropriate balance between the interests of borrowers and investors whenever they can.”
Of the 9 million loans it services, Countrywide said about 450,000 were 30 days or more delinquent; of those 80,000 were pending foreclosure. The company said it has completed 35,000 loan workouts, and that counselors are working with about 60,000 delinquent borrowers.
“Our goal is to increase the workout number and we are working diligently to encourage borrowers to contact us or a nonprofit counseling agency at the first sign of trouble,” the company said.
Countrywide noted that it does twice as many loan modifications as repayment plans, and is currently working on 1,000 loan modifications that involve lowering the interest rate on an ARM, but it did not indicate whether the lower rates would be permanent or temporary.
Countrywide also noted that it received the highest ranking for its workout programs from both Freddie Mac and the Department of Housing and Urban Development (HUD), which evaluates servicers based on their use of workouts to avoid foreclosures.
Spokesmen for both agencies said, however, that their rankings only apply to the loans Freddie Mac owns and those that HUD oversees – namely those insured by the Federal Housing Administration. In both cases, however, the loans are prime mortgages, not subprime.
According to data from National Mortgage News, Countrywide services nearly 750,000 subprime loans, which account for 8.6 percent of all the loans it services.
While borrower advocates have focused the brunt of their criticism on Countrywide, they are far from unanimous in giving high marks to Countrywide’s subprime competitors, an indication that one counseling group’s experience with a lender can be very different from another’s.
Borrower advocates’ main contention, however, is that Countrywide and other subprime players should be more willing to bend to keep borrowers in their homes since they saw fit to make the loans in the first place. And practically, they say, loan investors will lose more money in foreclosure than they would with a modification.
At the same time, some acknowledge that regardless of whether their loan is modified, some borrowers could lose their homes anyway because their financial situation is otherwise precarious.
“It all comes back to affordability,” said Richard Pittman, housing services coordinator for ByDesign Financial Solutions, the Los Angeles branch of the Consumer Credit Counseling Service (CCCS). “As recently as 12 months ago, some were refinancing themselves out of their problems. A lot of them were just kidding themselves. They were fine through their second refi, but the third refi caused them problems.”
You are so right Moe. There needs to be more and properly equipped legal aid non-profits combating foreclosures. Not mom and pop ran and out of date non-profits. This needs to be a huge organized effort. Right now it’s pieced together and it seems like the non-profits compete for medai attention and are not uniting as one.
Oh, man I love these comments and emails. The really good insider stuff. Please, please email me or call me soon. Let me know when your ready because I’m waiting!
I got that broker oupost call thanks. How is your plight going?
Wait I think that’s Angelo by the pool swimming in his millions.
Thanks. I want people to think beyond what’s going on now and think why this is happening. CAUSE comes before effect.
Thanks again for a great contribution. The figures above state they have only worked with 7% of the borrowers who are delinquent. CRAZY!
I’m glad you share my views on this. Thanks for commenting.
And the heat is on:
The peasants are angry at King Mozilo. Gonna be interesting considering he founded Countrywide.
http://www.iht.com/articles/ap/2007/10/20/business/NA-FIN-COM-US-Countrywide-Financial-CEO.php
Paul,
I am one of those investors. We will be investigating Mr. Mizulo till the cows come home and I fell this blog post is exactly how we all feel.
He’ll be serving Countryfried loans in Federal prison for FREE, when we’re done with him.
And across the pond they call him “Godzilla”… maybe they meant “Godzilo”
http://business.timesonline.co.uk/tol/business/columnists/article2701993.ece
If I was vested in any of these lenders are banks, I would have pulled out long ago. ESPECIALLY COUNTRYWIDE!
Yes, that was a great article. They have a little fun over there.
Cheerio~
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I will be facing foreclosure soon. I did all the right things; called lender,etc. Eventually talked to a lawyer because my loan docs have many TILA violations. The lawyer wanted $2,000.00 for mitigation. Don’t have it. Where do you find a contingency lawyer that will audit loan docs, mitigate and do recission.
I am a victim of predatory lending and have been more than one time. On a refi of $350,000 there were fees of $12,000 and TILA violations such as an unsigned recission page. Had a FICO in upper 700’s and got an interest rate of 8.25%. Still have no money for loan doc audit.
I agree with contingency lawyers comment. I talked to a lawyer that appears everywhere on predatory lending boards, he wants $2,000 for audit and supposedly you get this back if he proceeds to recission. My family just finished with a workers compensation case that lasted seven years (the reason we are facing foreclosure). but this was done on a contingency. Foreclosures willl create a new class of millionaires (lawyers and scam foreclosure specialists).