Countrywide Mortgage was one of the biggest lenders of subprime mortgages and did not want to assist the people holding those mortgages.
This is horrible and as consumers, we should hold them accountable; don't do banking with them in any manner.
BTW, the other major lender was more than willing to help people and chided Countrywide for not joining in with them to iron this out.
Just goes to show that greed is alive and well in the lending business. Experts say that they (collectively) will lose somewhere in the neighborhood of a trillion dollars. Isn't justice sweet? : )
2007-12-19 13:21:22 · 6 answers · asked by MadforMAC 7 in Business & Finance ➔ Renting & Real Estate
yme- I don't agree. Most people were not explained that fully or at all. This institution and others like it basically took advantage of folks who didn't deserve to be put in that position.
Antioch, California is #1 in the state of foreclosures. Nice houses are sitting empty, whole neighborhoods are like ghost towns. This is so sad because those families, like everyone else, wanted a home to live in and not a rented place. Sadly, many are now back in a rental.
2007-12-19 13:34:15 · update #1
They should be chastised for not wanting to help those people they made a lot of money off of and additionally help the rest of us in this country now having to deal with a shaky economy.
2007-12-19 13:48:49 · update #2
Countrywide suffered too. Foreclosure is not a free process and they are not in the business of buying houses. Your claim that the buyers weren't informed that their adjustable rates might rise and the slightly more expensive fixed rates would stay the same might be true in some cases, but every single one of those people signed documents with these explanations included in them. Should countywide be chastised because these buyers borrowed money with their eyes closed?
2007-12-19 13:46:02 · answer #1 · answered by linkus86 7 · 2⤊ 0⤋
yme is correct, buyers are just as guilty as the lenders for all the foreclosures. The buyers knew that after 2 or 3 years that their payments would be adjusted to the prime lending interest rates and that at that time they would no longer be able to afford that home.
2007-12-19 21:32:47 · answer #2 · answered by Jan Luv 7 · 3⤊ 0⤋
Sorry, but I side with the other posters here. Most of those stupid borrowers took those ARM's because they believed that property would continue to increase in value as it has for a long time. Their intent was to SELL and TAKE THE PROFITS. When real estate values went south, they found themselves in a deep pile of doggie doo.
What these borrowers did was as stupid as borrowing a couple hundred grand and throwing it at Wall Street. You might make money, and you might NOT.
2007-12-19 23:26:13 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
There should be a law against people who sign documents they neither read nor understand. (Rhetorical)
Has there been ‘bait & switch? You bet. But the fact is: every single person has the right to read anything they are about to sign. Don't understand…don't sign.
Countrywide is not willing to help????
https://www.naca.com/index_main.jsp
Am I defending Countrywide? “HELL NO” But the cry of your victim mentality I support even less.
2007-12-19 22:08:45 · answer #4 · answered by Anonymous · 2⤊ 1⤋
If people are dumb enough to buy houses they can't afford, I really don't have any sympathy for them. Why should the lendor change the terms of a legal and binding contract?
2007-12-19 21:31:55 · answer #5 · answered by Anonymous · 3⤊ 0⤋
not that I disagree with you...but the people who signed contracts to get into a house they knew they would not be able to afford in 5 years were greedy too.
2007-12-19 21:27:24 · answer #6 · answered by Anonymous · 4⤊ 0⤋