Daily Archives: June 27, 2013

A Countrywide Bankruptcy?

post office St.Louis

You gotta love it, if it happens.  A Countrywide bankruptcy, that is.  That company  was the worst purveyor of sub-prime mortgage loans, NINJA (No Income, No Job, No Assets) mortgages, sold more crap, did more to cause the real estate bubble than any other company.

For which they were rewarded by getting Bank of (everything in) America (BOFA) to buy them before the bubble burst.

Now the rumors are swirling again, that BOFA will put Countrywide into bankruptcy.

Why not?  Countrywide contributed mightily to tens of thousands of Americans filing bankruptcy.

Countrywide gave anyone who could fog a mirror a loan.

125% loan to value, nothing down, 80-20 mortgages, interest only, ARMs, the full gamut.

Did not matter to them that the mortgage brokers they used stuck people into loans they could not afford from day one.  Or lied about what ARM (adjustable rate mortgage) meant, so the homeowners were whacked when rates re-set up for the first time.

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