I know there have been numerous articles about Countrywide Mortgage here on Active Rain but in the New York Times this morning a really detailed piece appeared that is fascinating. I am naive because I have always thought there was some oversight by State Banking Departments. That if you are licensed by a State they have reviewed your practices and ethics and you have "passed". Well, so much for that. This articl is a bit shocking to me as the practices are truly unethical and how can this be!!!!
One of the most amazing parts of the article as you keep reading are the mortgage brokers who state they never got 1099's for the income they made. If this is the case there is going to be more fallout from this and I can only hope that some of these agents reported the income anyway. 1099's were requested according to the article and agents were told that Countrywide doesn't do 1099's.
This is some story. I don't want to pass judgement on anyone and I suppose the agents got caught up in the culture of the company but you just have to wonder how all of this was acceptable. Was it that it couldn't be foreseen and the crash was not on anyone's radar? Amazing, anyway to read the article please click here.
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