Posts tagged as:

Countrywide

Are homeowners getting REAL help or just the SAME old BS?

by Moe Bedard

From a Countrywide/Bank Of America Mortgage Holder:
Since I’m 55 and have lost most of my retirement fund, and am facing age discrimination in the job market, I don’t feel like I will be able to retire in the US, and Mexico is cheap but too dangerous/corrupt. I’m thinking of selling everything soon and moving to [...]

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Mortgage ruling could shock U.S. banking industry

by Moe Bedard

A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.
The case began like hundreds of others filed since the U.S. housing boom spawned a rise [...]

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Countrywide CEO Steps Down, Cashes In and Leaves a Trail of Destruction

by Moe Bedard

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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Brown Sues Countrywide For Mortgage Deception

by Moe Bedard

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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Taxpayer Groups Sign Coalition Letter Opposing Dodd-Countrywide Mortgage Bailout Bill

by Moe Bedard

Proposed Legislation Rewards Risky Borrowers and Banks with Hundreds of Billions of Taxpayer Dollars at Risk, Potentially Bankrupting the Federal Housing Administration

WASHINGTON–(BUSINESS WIRE)–As the Dodd-Countrywide mortgage bailout bill comes to the Senate floor this week for debate, leading taxpayer advocates stand in opposition to the legislation.
The Dodd-Countrywide bill would create $300 billion in new taxpayer [...]

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Countrywide’s Mozilo Hushes Homeowner With an Unaffordable Loan Modification

by Moe Bedard

Emails, letters, and scandal, seem to be circling Mr. Angelo Mozilo has he scurries to cover up when the light is exposed on his famously tanned hide. 
The light flips on and BAM! Out goes the Countrywide Freeze Super Hero’s who are paid by Mozilo to fix PR problems, and put muzzles on homeowers who may expose what [...]

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Mozilo, O’neal & Prince Set to Testify before the House Committee on Oversight and Government Reform

by Moe Bedard

Grab some popcorn, your favorite quilt and pull up the easy chair. It’s time for some great “reality” TV!
Mozilo, O’Neal and Prince are the stars and no, this isn’t the UFC. This is the good ole US of A corporate smackdown stuff right here!
Thursday, the House Committee on Oversight and Government Reform will grill [...]

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Picture of the Countrywide “McForeclosures” Tour Bus

by Moe Bedard

Picture stolen from Angry Voodoo at ML-Implode.com – Thanks

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Bank of America Buys Countrywide for $4 Billion

by Moe Bedard

This is huge news and it looks like Countrywide borrowers will now be dealing with Bank of America. I will get all the details I can on how this will affect Countrywide borrowers that are in the loan workout and loan modification process.
You need to know ASAP how this will affect you and what B [...]

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Disabled Vet From Marine Corps. Can’t Get Help From Countrywide

by Moe Bedard

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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Countrywide Named in Foreclosure Probe

by Moe Bedard

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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A Copy Of Senator Schumer’s Letter to the Federal Home Loan Bank of Atlanta

by Moe Bedard

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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Countrywide’s New Loan Officer Compensation Plan – McDonald’s is Looking Better Every Day

by Moe Bedard

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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FDIC’s Sheila Bair, Diana Olick & Moe’s Response to Their Views on Loan Modifications

by Moe Bedard

By Moe
Loan modifications are the new buzz term in the media and with our government. It looks like they have all have finally jumped on the Moe band wagon.
On Monday, Diana Olick of CNBC posted on her blog, what she said, “  I ranted quite a bit yesterday on loan modifications,” where she had made [...]

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Fast & Sleazy – Schumer is on Mozilo’s A$$ Big Time

by Moe Bedard

By Moe
The honorable Senator Charles Schumer has a bone to pick with Angelo Mozilo and Countrywide Financial. It appears that he isn’t buying these BS press releases that have been coming out over the last couple months or so and he isn’t going to roll over and play Mr. nice senator–especially when this company was [...]

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Lenders Say They Plan to Streamline Loan Modification Process

by Moe Bedard

I have been trying to get some more information on the new loan modification agreement that California Governor Arnold Schwarzenegger has worked out with Countrywide, GMAC, Litton and HomeEq .
This San Francisco Gate article has been all I can dig up that had some facts about the details.
While I am excited about this new agreement, I [...]

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NACA’s Sweet Deal With Countrywide is Actually Kind of Sour

by Moe Bedard

I have promised my readers that I would follow this new deal that the Neighborhood Assistance Corporation of America (“NACA”)  has with Countrywide.
 
What apparently looked like a sweet deal is actually a really sour deal for most homeowners. Yes, it WILL help SOME struggling borrowers but not NEARLY enough.Check out these requirements:

Existing loan with Countrywide
You cannot [...]

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Dissecting the Countrywide Propaganda Media Machine

by Moe Bedard

Countrywide will only help 50,000 homeowners stay in their home into 2008. The Other 480,000 homeowners are up toxic loan creek without a paddle!The Countrywide press releases were distributed this week at lightening speed. Hell, they had their third quarter earnings report coming out and they had to do something in the form of damage [...]

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Countryfried Loans – Kernal Mozilo’s Original Recipe for Disaster

by Moe Bedard

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 [...]

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Exclusive interview transcript with CNBC’s Maria Bartiromo, Countrywide CEO Angelo Mozilo

by Moe Bedard

The following is the unofficial transcript of a CNBC exclusive interview with Countrywide CEO Angelo Mozilo on CNBC’s “The Call”  from early 2007. All references must be sourced to CNBC.
In an exclusive interview with CNBC’s Maria Bartiromo, Countrywide CEO Angelo Mozilo discusses Bank of America’s $2 billion investment in Countrywide, problems in the mortgage [...]

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