Monthly Archives: June 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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2 Responses to A Countrywide Bankruptcy?

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Why Can’t You Get That Mortgage Modification?

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   62 – affidavit-BOA Employe-Instructed to Lie re HAMP   Because the mortgage companies are lying    scumbags.  Well, I   have been saying this for years.  Only because it is true.  Hence the skunk picture. To the absolute complete lack of surprise on my part, or that of my consumer lawyer colleagues, the affidavit linked to hereContinue Reading

What Housing Recovery?

Allegedly, we are in a housing recovery.  About as recovered as the house under the uprooted tree in the picture. In reality, the mortgage debt that has disappeared has been discharged in bankruptcy cases, both Chapter 7, and Chapter 13 payment plan bankruptcies, in which second mortgage liens have been stripped completely. And, other debtContinue ReadingContinue Reading

One Response to What Housing Recovery?