Posts Tagged ‘Countrywide’
Eighteen hours ago, as I write this article, CBS News confirmed what our staff writers have known for years. The subprime mortgage crisis was caused by greed and economic incentives that outweighed potential fines. Then there were the fraud investigation cover-ups.
The mortgage stupidity era is over, while demands for repayment of soured loans keeps mounting. How bad was Countrywide Mortgage, now owned by Bank of America? The bank made a guess, but those figures don’t add up. Now the bank says the figures might be worse:
In the United States, years before the so-called “subprime crisis”, various financial businesses existed to serve the needs of the middle class. Among those were Household International, Citifinancial, and Avco. Household International represented the Household Finance (HFC) and Beneficial Finance brands.