Comments on: I Guess Countrywide Can?

By: Tony love

Tony love — Wed, 27 Feb 2008 17:51:42 +0000

Hi I’m one of the few that just got a loan modification from CW. I for one am not happy about it. Yes they will freeze my interest rate for 5 years but then it will go up again and then 2 years later. Why is everyone happy about this??? In my sub division I have the only house of my size not in forclosure. Which means I have lost over $175000 of value in my home already. This means no bank or company will refi the house. Household bank who holds the 20% of my 80-20 loan will not even talk about doing anything. So what is everyone so happy about?? In 5 years you will be the only one in forclosure and looking irresponsible instead of getting out now and ride the wave out with the other 2, 3 million people that will go into forclosure in the next 2 years.

I just cant except the offer. Now if I had CW drop the rate as someone above had stated they did for them then I would sing their praises but right now I think they are giving people fake hope. There is no way I see the values going back up to where they were prior to the slump.

Some families are just postponing the eventual demise of their home ownership dreams. Not to mention where will the jobs be in 5 years. This economy is dead. Have you seen the lines at WAL-MART?? Me either!!!

If you have good answers please let me know tlove921@hotmail.com

By: Al

Al — Mon, 21 Jan 2008 12:37:43 +0000

Brad,

The plan is purely voluntary. It is, however, in the lenders best interest to modify the loans, as smaller cash flows are better than foreclosures. I am also implying that the lenders came up with the agreement and suggested the government make it look like it was their idea.

By: Brad

Brad — Fri, 18 Jan 2008 20:12:53 +0000

Al,

The Paulson agreements been all over the news. Countrywide is in on it. Read up here:

http://www.usatoday.com/money/industries/banking/2008-01-13-countrywide_N.htm

By: MinnItMan

MinnItMan — Tue, 15 Jan 2008 18:19:14 +0000

I just talked to a guy’s whose girlfriend recently got “de-licensed” because of a felony conviction as a teenager (minor) – she and some friends “re-located” a park picnic table. Apparantly, the state has a hard-line on crimes against state/public property over $500. This offense was more than 30 years old. Assuming this story is true, it raises the issue of whether we want actions (all felony convictions) to have permanant consequences.

By: Mi.mortgageguy

Mi.mortgageguy — Tue, 15 Jan 2008 04:13:45 +0000

As long as there is greed, there will be fraud…no matter the regulations we have to adhere to, no matter how many new laws are put in place…no matter how many lo’s become licensed…as long as there is money to be made, and greedy ba$t@rds…those with the criminal minds will always figure out a way…and i’ve stood by my take all along…fraud is rampant throughout the entire process…from origination, appraisal, to underwriting approval, to securitization, to the rating of said securities…fraud from top to bottom…beginning to end….a to z…whatever stupid cliche you want to use….greed and fraud go together like peanut butter and well, you get the point…

By: Stephen

Stephen — Mon, 14 Jan 2008 20:19:37 +0000

The CA dept of B/C is an active enabler of real estate fraud. Between them and the OREA, appraisers get away with everything but murder and couldn’t lose their license if they tried. The corruption comes from the top.

By: Moe

Moe — Mon, 14 Jan 2008 18:34:54 +0000

You got it Jac Mac. That’s why I post these comments. These are people in the industry that are saying this about those they work with. Their peers!

By: JacMac

JacMac — Mon, 14 Jan 2008 17:45:52 +0000

What I find interesting is that other than these few brave souls who come forward with disclosures such as this, there is (as I read them) a pretty consistant loud and viligant recanting of the “fraud” accusation from many professionals in the industry — that is to say, there is not a uniform voice that says: THERE IS RAMPANT FRAUD IN THIS INDUSTRY! IT MUST BE CHANGED!

By: Al

Al — Fri, 11 Jan 2008 19:01:07 +0000

Brad,

I seriously doubt that Paulson or anyone in the government convinced Countrywide or any lender to do anything. Big business tells the government what to do and not the other way around.

Seriously though, Countrywide likely doesn’t want any more defaults to force them to take more writedowns. If they can get their act together enough to recognize good candidates for load modifications then they’ll be all over it.

By: sswiz

sswiz — Fri, 11 Jan 2008 18:12:31 +0000

I received a mod and did get a letter in writing and also via fax the day i found out. Mine is the second story