Fortune magazine (online) headline by author Colin Barr.
"Big Check for Countrywide Exec."
Before I even began reading the article the following thought immediately popped into my mind:
WHY?
B of A will pay CW's #2 man, President David Sambol, $28 million in cash and stock if he sticks around for 3 years.
Why, why, why, why, why?
Here's the recipe to make the BIG bucks.
Offer one of the most liberal stated income programs, Fast & Easy, with low and no down payments required. Verify nothing, and allow those with scores as low as 680 and 1 day jobs to qualify. This is/was A paper supposedly, but certainly one of our current major problems.
PUSH "option arm's" as hard as possible at every opportunity.
Don't be concerned if a large percentage of your clients, taking these programs, have no understanding whatsoever of what the program entails.
These are definately a HUGE problem.
Do not waste any time monitoring or doing any due dilligence in regards to the quality of this paper.
Write lots of subprime loans!
Don't forget those TV ads for equity lines. I can see the actor now, clearly as I write this.
Get a big bowl and a huge spoon and mix this all up.
The end result;
Yuck!
Help steer your company to the brink of bankrupcy and/or failure.
Now be patient and see if a large national bank may be interested in purchasing the mess that's left.
Yes, there is!
Receive offer for $28 million.
What a Country! Only in America!
Someone explain this to me!
Please!
or really;
Don't waste your time!
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