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Isn't this just too funny....

By
Mortgage and Lending with Your Financial Coach

I made this comment last month on February 8th, and now Countrywide is being investigated by the FBI for Securities fraud.

 

 

Eric  and Andy Large mortgage Companies do not usually loan money. They are a middle man for wholeselling banks and lending institutions. Lenders and banks made these programs available for almost anyone to qualify. Lenders were doing stated Income loans and people were just stating their income to unrealistically qualify. Alot of banks did not even ask their clients what they made...You probable heard the commercial about "we don't need to bring in any papers" to get a refinance....that's because they raised the interest rate for their benefit, and didn't tell the client to get off their lazy butt, bring in verifications and save about 2% annually. German banks and other European banks jumped to buy these notes faster than the loans closed....Greed took over....And their should be personal accountability. Alot of people did lie about their income and assets....like a kid in a candy store..."but they gave it to me and I just couldn't help myself". The BIG BANKS did it to themselves....got greedy and did loans that were too risky. But sold off most of them before they got caught....In less than 6 months last year...over 130 lenders and small banks went under. Countrywide is in serious trouble and hoping the buyout will be approved. Loan Officers at banks are w2 employees, so you can not sue them....good luck going after the big bank for restitution. He who has the gold makes the rules...and lives or dies by them.

And no, I do not have mental telepathy....

Chelle Gassan
RE/MAX Regency and Staged Homes VA - Bristow, VA
NOVA Realtor and Stager
I'll be curious to see how this all pans out.  I sense that this mortgage issue is not going to go away anytime soon!
Mar 10, 2008 11:04 AM
Aventura | Bal Harbour | Sunny Isles Beach | REALTOR® 786-229-7999
SIB REALTY, Llc // WaterWayRealty.com - Sunny Isles, FL
It was clearly a matter of greed. Many loans were made with eyes closed!
Mar 10, 2008 11:08 AM
Chuck Christensen
Your Financial Coach - Bellingham, WA

Chelle You wouldn't remember the "S & L scandal of 87", but were already there..

Notary... Hear no evil, see no evil, speak no evil....with a side of greed...thanks for the comment.

 

Mar 14, 2008 06:56 AM
Chuck Christensen
Your Financial Coach - Bellingham, WA
Bear Stearns, CitiGroup...who is next in line...step up to the plate....the infield is in and waiting for the anticipated bunt! 2 outs, bottom of the nineth, a sacrafice fly won't help...
Mar 21, 2008 07:04 AM
Chuck Christensen
Your Financial Coach - Bellingham, WA
And WAMU steps up to the plate...closing their wholesale department and laying off 3000 employees to start, with more to be named later to free up some extra cash for the draft. On deck is Citibank with 3.7 billion in losses. But if WAMU can stay alive...we may see some more action, as the bull pen is getting very tired and out of reserves.
Apr 19, 2008 06:03 AM