0 Responses to “The Biggest Financial Scam is US History”

1. JoDee says:

   October 11, 2007 at 4:40 pm

   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
2. Mikey says:

   October 11, 2007 at 9:37 pm

   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.
3. Nathan Fransen ESQ says:

   October 11, 2007 at 9:41 pm

   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
4. JAYBIRD says:

   October 12, 2007 at 12:20 am

   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
5. sswiz says:

   October 12, 2007 at 2:39 pm

   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.”
6. Moe says:

   October 12, 2007 at 6:27 pm

   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!
7. Moe says:

   October 12, 2007 at 6:28 pm

   I got that broker oupost call thanks. How is your plight going?
8. Moe says:

   October 12, 2007 at 6:32 pm

   Wait I think that’s Angelo by the pool swimming in his millions.
9. Moe says:

   October 12, 2007 at 6:34 pm

   Thanks. I want people to think beyond what’s going on now and think why this is happening. CAUSE comes before effect.
10. Moe says:

    October 12, 2007 at 6:37 pm

    Thanks again for a great contribution. The figures above state they have only worked with 7% of the borrowers who are delinquent. CRAZY!
11. Paul says:

    October 20, 2007 at 10:05 pm

    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
12. Kay says:

    October 21, 2007 at 12:37 am

    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.
13. Paul says:

    October 21, 2007 at 3:57 am

    And across the pond they call him “Godzilla”… maybe they meant “Godzilo”

    http://business.timesonline.co.uk/tol/business/columnists/article2701993.ece
14. Moe says:

    October 22, 2007 at 1:41 pm

    If I was vested in any of these lenders are banks, I would have pulled out long ago. ESPECIALLY COUNTRYWIDE!
15. Moe says:

    October 22, 2007 at 1:44 pm

    Yes, that was a great article. They have a little fun over there.

    Cheerio~
16. svirtokilo blog says:

    October 29, 2007 at 12:02 am

    svirtokilo 58 post

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