Posts Tagged ‘Countrywide’
For many years it has been our opinion that predatory lending became the acceptable norm, followed by a period of aggressive Wall Street greed. When predatory became subprime, and with regulators totally asleep, these 25 institutions effected the entire world economy:
Today we see another press release from Hope Now, with another initiative. Bank bailouts, implosion, and stock market news makes one point perfectly clear. Even President Barrack Obama is shunned by some shady lenders. Obama is ignored by shady mortgage servicers. No matter how hard Hope Now actually tries, investors block every attempt to actually help homeowners.
On July 19, 2007 Lehman Brothers rejected suggestions that they are exposed to subprime problems. Many companies made statements in the summer of 2007, in part because their shock and disbelief caused those companies to say just about anything. Remember Countrywide in July 2007? But we had a problem with Lehman Brothers rejection of exposure to subprime as soon as soon as they said it. Lehman Brothers always loved subprime and companies like Household International. How could they possibly NOT be exposed to subprime, as their 2007 statement suggested?
In the YouTube video below you see a Countrywide advertisement that shows people that were turned down elsewhere for home loans. “But Countrywide can” give them the loan they need, according to the advertisement. My point is this – Countrywide was acquired by Bank of America. Now they seem to be an easy target, when you and I know very well that Countrywide is not the only abuser. Check this out, and the articles continues below:
What do IndyMac and Countrywide have in common? Double speak and CEO public statements that mean little or nothing. Some call it outright lying to the public and stockholders. Just two months ago, IndyMac’s CEO was calling the plunge in the company’s stock unwarranted, even as house price declines accelerated. “Given the decline in our stock price, some people have questioned Indymac’s survivability in the current environment,” he wrote back on April 30, with IndyMac shares trading at $3.25 apiece. “I am here to tell you that I believe we have turned a corner and that our business is improving.” The same thing happened at Countrywide.