Breaking news: Countrywide may have been involved in deceptive mortgage lending practices.
I'm not a fan of cynicism, but are we really surprised to hear that a major lender may have had a couple people working for them with less than sterling morals??
CNBC.com reported the story yesterday, saying that California's attorney general is looking into some things that happened at Countrywide before Bank of America took over. They bring up a particularly heinous case of deceit involving an older veteran who defaulted within 6 months after a shoddy loan.
Back in the day, I worked for Wells Fargo, a company featured in the book Good to Great by Jim Collins for its stellar management system, etc. I was actually really proud when I got the job because I had read the book and was really impressed by the company's values.
While working there, I saw multiple instances of disregard for Wells Fargo's strict policies on morals and ethics. I saw bankers with whom I wouldn't trust a penny of my own get people into investments and loans. All this is not to knock Wells Fargo but to point out that it's possible for the best of companies to hire the shadiest of characters.
Obviously, some of these characters were also at Countrywide.
So, the question I pose to you is, how should justice be served? On Countrywide? On Bank of America? On the loan officers? Is there even a way to bring about retribution?
Cyara Pott - Market Specialist
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