Due to the OVERWHELMING amount of Countrywide Home Loan stories, issues and problems, we at Loan Safe thought it would be best to have an entire forum dedicated to tracking what Countrywide is doing to HELP struggling homeowners and how they are treating their customers. Good or bad, let your voice be heard and your story be known.

“Today, I’m announcing the biggest loan modification in American history,” California Attorney General Jerry Brown said at a press conference Monday morning. “Bank of America settled because their new entity, Countrywide, was guilty of massive irregularities.”
Thanks to the California Attorney General and 10 others states AG’s massive $8.4 million settlement, Bank of America has now [...]

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“Countrywide’s greed turned the American dream into a nightmare for thousands of Californians who now face foreclosure,” said state Attorney General Jerry Brown, who led the negotiations for the states with Lisa Madigan, the Illinois attorney general.
Countrywide was sued by a handful state attorneys general, who alleged that the Calabasas, Calif., company engaged in predatory [...]

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Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
CALABASAS, Calif., Oct. 6 /PRNewswire/ — Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal [...]

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The social impacts that this mortgage and foreclosure crisis are having on people, families and our communities are nothing short of devastating.
What was once a rare occurrence has now become daily normal life in many neighborhoods across the country. Suicides, murder, divorce, depression, crime and blithe are all attributes of the foreclosure crisis and [...]

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Contributed by an American homeowner. A woman, mother and wife who is suffering in what was supposed to be her American dream…………………………………….
From the movie:  The Terminator
Kyle Reese: Listen. And understand. That terminator is out there. It can’t be bargained with. It can’t be reasoned with. It doesn’t feel pity, or remorse, or fear. And it absolutely [...]

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SPRINGFIELD, Ill. (Legal Newsline)-Illinois Attorney General Lisa Madigan says its lawsuit against Countrywide Financial Corp. should not be lumped with others filed by California Attorney General Jerry Brown and San Diego City Attorney Mark Aguirre, as the lender requested.
The Illinois attorney general’s office confirmed on Friday that its legal team will join Aguirre and, presumably [...]

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By a Countrywide Home Loans Client, American homeowner and mother, Shauna.
I am a little nervous, as this is my first time posting….here is my story. Due to my 3 year engagement ending in Jan 08 and me assuming by ex-fiancé’s portion of the bills which included an additional car note (I have since returned the [...]

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A federal bankruptcy judge has rejected a settlement involving the Countrywide Financial Corporation, the mortgage lender, saying he was not convinced that it was fair to nearly 300 borrowers who claimed to have been hurt by the company’s abusive practices.
The settlement called for Countrywide, acquired by Bank of America last month, to pay $325,000 to [...]

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NEW YORK (Reuters) - The U.S. Justice Department has challenged an agreement that Countrywide Financial Corp reached in a bankruptcy court in Pittsburgh, saying it would make it harder to investigate and sue the mortgage lending giant.
 
Last month, Countrywide agreed to pay $325,000 to the Chapter 13 bankruptcy trustee in Pittsburgh, Ronda Winnecour, to cover [...]

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House Republicans want the House Ethics Committee to investigate whether House members and aides received sweetheart deals on their home mortgages.
 
According to The Hill, Reps. Darrell Issa, R-Calif., and Mark Souder, R-Ind., told the Committee in a letter that the “serious and broad allegation that members of Congress, congressional staff, and other officials were given [...]

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NACA Durren Duarte - As for why it’s taking so long, the lender/servicers are overwhelmed. When you send lenders thousands of proposals, they get backed up, and it takes them longer to respond. Also, many of the lender/servicers who promised to be in their offices working on cases from the event Sunday, July 20th, did not show [...]

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The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure moratorium on mortgages that fit the profile of the deceptive loans and practices cited in [...]

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LAWFUEL - Legal Newswire - Two men were arrested today on charges related to the illegal access of computers containing personal identification information of Countrywide Home Loan customers and the illegal sale of the data, announced Salvador Hernandez, Assistant Director in Charge of the FBI in Los Angeles, and United States Attorney Thomas P. O’Brien.
Rene [...]

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Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ [...]

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SAN DIEGO — City Attorney Mike Aguirre filed a civil complaint Wednesday against Countrywide Financial Corp. in an attempt to stop foreclosures in San Diego.
Aguirre said the suit targets subprime loans where homeowners face balloon payments after two or three years of the loan. City officials say San Diego saw 22,000 notices of foreclosure last [...]

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Loan Safe & Moe Bedard in the New York Times By Gretchen Morgenson
DAN A. BAILEY JR. was desperate when he sat down on May 19 to send an e-mail message to his mortgage lender, the Countrywide Financial Corporation, pleading, yet again, for help.
Behind on his payments and fearful of losing his home of 16 years [...]

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He is speaking to a packed house at a Town Hall Los Angeles luncheon, and I will update later with video clips and Q&A. But here are highlights from an advanced copy of the speech.
Lewis says BofA wants to help struggling homeowners stay in there homes, but admits he can’t help everyone.
“The first step [...]

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First, Countrywide Financial Corp. went down, as the nation’s biggest mortgage lender was acquired in a rescue operation July 1 by Bank of America Corp. Now Countrywide’s offspring, IndyMac Bancorp Inc., is on the ropes.
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Some 122,000 borrowers with Countrywide home-equity lines of credit, or HELOCs, received letters in January informing them that they could no longer withdraw funds from their lines. A few months later, thousands of customers of other major lenders — including Bank of America, J.P. Morgan Chase, Citibank, SunTrust, USAA, Wachovia, Washington Mutual and Wells Fargo [...]

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I have been advising homeowners to do this for the past year online and I even started a company (Loan Safe Solutions) to assist attorneys and homeowners in reviewing their loan documents for legal violations.
Now, it appears that the Illinois attorney general feels that it is a great idea to have your current mortgage examined for federal, [...]

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Directors and officers of Countrywide Financial, the beleaguered mortgage lender, must answer shareholder accusations of insider trading and an overall failure to monitor lending practices that led to the company’s collapse, a federal judge in California has ruled.
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Lawsuits”o” plenty are being fired at lending and servicing giant, Countrywide Financial and this is in the wake of the controversial Bank of America take over that is finally official today.
Just last week attorney generals in Illinois and California filed predatory lending lawsuits accusing Countrywide of unfair and deceptive business practices. Now, Florida has jumped on the predatory lending lawsuit [...]

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Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm and is being buffeted not only by woeful financial results but also by intense scrutiny [...]

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Countrywide CEO, Angelo Mozilo is set to officially step down from his position Tuesday and hand over the keys to Bank of America. Ending a 4 decade long run where Countrywide went from a small fish start up in 1969 to the king of ther lending sea as the nations largest lenders and servicer today.
 
Angelo Mozilo went [...]

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LOS ANGELES–California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market.
“Countrywide exploited the American dream of homeownership and [...]

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Countrywide loan modification.
People think that I enjoy reporting doom and gloom. Some people out there in the bogsphere think that I get my thrills by bashing Angelo Mozilo and Countrywide. One person has went so far to say this about my blog, “He also pointed to me to what may be the most anti-Countrywide blog out there.”  Thanks Jane [...]

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This is a sad reality of business. Yes, you taking a mortgage out on property is “business”.  These homes are backed by contracts not feelings. You break that contract, then the big bad wolves (lenders) are going to come take your home.
Forget about you fighting in Iraq for freedom, justice and against terrorism. Forget that you are injured [...]

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Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that; 
Countrywide [...]

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November 26, 2007
Ronald A. Rosenfeld
Chairman
Federal Housing Finance Board
1625 I Street NW
Washington, DC 20006
Dear Chairman Rosenfeld:
I write to express my serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank. I am concerned that the loans being pledged by [...]

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By Moe Bedard
From Alan a NOW ex-Countrywide employee-

HERE IS THE CHL COMPENSATION THAT WAS JUST PUT IN PLACE EFFECTIVE 12/01/2007
THE MEANS THAT A LOAN ORIGIONATOR COULD GET A HEFTY WAGE INCREASE BY GOING TO WORK AT WALMART. I QUIT THE DAY THIS WAS ANNOUNCED.
Units Funded
Units Payout (Bps) BPS = 12 BPS = .012%
0 – 2 [...]

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It’s not surprising that the Countrywide Financial Corp. reported today a third-quarter loss of $1.2 billion, or $2.85 a share, down significantly from its year-ago profit of $648 million, or $1.03 a share.
This was the first quarterly loss in 25 years and the subprime lending giant attributed the results in the latest quarter to inventory valuation adjustments [...]

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 Another disturbing fact from the Countrywide school of subprime horrors. One that I have not seen in the media and hopefully this will get some attention. I just ran the most recent stats on REO properties in the Countrywide portfolio as of 10/24/2007. I was astounded by the fact that Countrywide has a HUGE number of homes [...]

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CALABASAS, Calif., Oct. 23 /PRNewswire/ — Countrywide Financial Corporation today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of [...]

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Countrywide is sending mortgage consultants to hold open their foreclosed houses. So now they will capture loans. Multiply that by thousands and thousands of homes and now you have a real estate company to compliment your lending division.
Countrywide Real Estate & Loans? Heck, you might as well open an escrow company also and hire out [...]

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In another stellar business move by Countrywide, Mr. Mozilo announced as an effort to cut cost and increase the bottom line, they will be outsourcing loss mitigation efforts to call centers in India.
I found this in a LA Times article and have yet to verify if this is in fact true. If it is, then [...]

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There seems to be so much confusion between Wall Street, the SEC, congress, media, non-profits and homeowners lately in regards to loan workouts and loan modifications. It appears that there is absolutely no clear and concise rule or procedures on how these can be done and who qualifies. It’s as if the formula for approving a loan modification is locked [...]

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I would say that 90% of the calls and emails that I receive are from people that are having trouble in dealing with Countrywide’s HOPE Department. All I can say is that I understand exactly where they are coming from. If you need a loan modification, then be ready for a merry go round ride.
Countrywide [...]

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It’s no wonder that Countrywide Home Loans has the most amount of people that are searching my website for help.
I can track which entries get the most hits on my blog and they are topping the list by far. I am getting many calls a day now and also comment from people that are trying [...]

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If you are looking for Countrywide’s Workout Department, then you have landed on the right website. The name of that division is called the HOPE Department and they handle all loan workout’s and loan modifications for people facing foreclosure.
That phone number is 800-262-4218. You will need to have your loan number ready and be prepared [...]

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OK, it seems like a lot of people are having difficulty in dealing with Countrywide’s HOPE Department   which handles all loss mitigation, collections, loan workout’s and loan modifications. The problem that I see is not the people seeking help but the way calls are handles and the service you do get once you do speak with a representative [...]

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If you are a borrower that is facing a Countrywide Foreclosure, there is help for you. You can try calling the loss mitigation and home retention department, its’ called Countrywide’s HOPE. They will work with borrowers that have had financial hardships or their ARM has adjusted and they can no longer afford the payments.
The best [...]

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