This is just surface stuff.  It doesn't fix the problem.  The problem runs much deeper than CW (or lender to put it in general terms)...FM and FM were buying these loans. I don't knwo the more I think about whom to blame the more my head hurts! :)

Wow Casey....this is good stuff.  I do think that some companies have so much more scrutiny on who works for them.  I really do.  I recruit for a living and some company's seem almost downright snobbish on who they'll let through the door just for these issues and they're mid majors whom you NEVER hear a negative peep out of.  Privately held companies are better at using discretionary standards it seems.  However, you're point on FM and FM buying the loans....you're right.  But sometimes the agencies don't know until performance blows up or audits happen.  You just don't know.  The problem with each agency is that they often sample from "pools" instead of just auditing each file.  That means the problems can incubate longer before discovery.  Casey....what a great vantage point for the different variables...thanks for the thoughts.

I am just waiting to see what is going to happen after everything is done. I heard about this yesterday. I am sure B OF A is not happy about this since they just brought Countrywide. People are just too freaking greedy. Great post.

I have a hard time listening (reading) to the backwash of the mortgage industry befouling the discussion on the mortgage crisis.  Let the first person not to have ever used a loan product that they would not personally utilize strike the first note on the war drums.  Otherwise...the Cherry Creeks and the Freedom Mortgages of the world who have yet to keep a loan to service (essentially throwing their garbage loans on the books of other unsuspecting lenders), should keep their heads low and their misleading, holier-than-thou preachings to a minimum.  Frank, honest conversation about profit driven brokers and loan officers that feed on the ignorance of their customer base can never take place if the muck is constantly stirred by disingenuous, specious idolators.  Carefully worded, borderline libelous blogosphere diarrhea serves solely the source and not the solution.  Or, "so I am told."

Amanda...you're so right.  Most everyone has done that...what the reports were about was "THE PRACTICE" of putting people in those loans.  That implies more of a willful intent.  That's it, but you're quite right Amanda (?) about most all companies having had employees who have had this...We had one that doesn't work here any more.  Glad that person doesn't have that ability to do that.  Nice comments.