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VVance
2522 Posts |
 Posted - 05/21/2008 : 06:22:44 AM
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Countrywide CEO Mozilo's e-mail sets off furore
Wed May 21, 2008 4:46am EDT
May 21 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile, Research) Chief Executive Angelo Mozilo set off an online furore when he misdirected an e-mail characterizing as "disgusting" the way a borrower pleaded for help from the largest U.S. mortgage lender.
The company confirmed Mozilo's inadvertent response to the Los Angeles Times, which on Wednesday reported the e-mail and the subsequent online debate.
Countrywide and Mozilo have long been criticized by consumer advocates, politicians and regulators for the Calabasas, California-based company's lending practices, and the way it treats borrowers struggling to keep up with payments
http://www.reuters.com/article/marketsNews/idINBNG12144520080521?rpc=44&pageNumber=1&virtualBrandChannel=0 |
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ML
3111 Posts |
Posted - 05/21/2008 : 06:25:27 AM
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| Disgraceful! |
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 06:27:27 AM
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This happened yesterday on our company forum at www.loansafe.org
Yesterday we had phone interviews with the LA Times, CNN, Bravo, Washington Post among others. TV coming out next week to profile us.
This is unbelievable right now. |
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velecico
4209 Posts |
Posted - 05/21/2008 : 06:30:13 AM
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" forensic examiners " , are we going a little too far on titles here ? |
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 06:33:44 AM
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quote:
Originally posted by velecico
" forensic examiners " , are we going a little too far on titles here ?
Not Hardly.
We have 5 ex-underwriters and loan processors examining loan docs, reverse engineering them, running a post compliance audit for RESPA, TILA and a high cost test and APR tests. Each audit takes about 4 hours and then a very comprehensive report is written for our attorneys or attorneys that contract with us. |
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Ravitch
80 Posts |
Posted - 05/21/2008 : 06:35:15 AM
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| I agree this is disgusting. These whiny borrowers complaining about their impending foreclosures are indeed disgusting. Perhaps if they spent less time whining and less time looking for handouts, they would have more time to find jobs and pay their bills. |
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CoralSnake
11208 Posts |
Posted - 05/21/2008 : 06:40:21 AM
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| It is very difficult for anyone making a few million dollars a year to be able to empathize with someone who is struggling to make his $1800 mortgage payment. |
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brandie
3260 Posts |
Posted - 05/21/2008 : 06:46:02 AM
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I would bet the the tan man and oil companies favorite saying is:
Stick it to the poor! |
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djorge44
1848 Posts |
Posted - 05/21/2008 : 07:03:37 AM
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CoronaSteve,it seems like you work for attoneys that have found their new Asbestos law suit.
I believe you wrote earlier that the attorneys that you work for will not take any client who themselves misrepresented themselves on the 1003 and RESPAS, is that correct?
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mortgagemessiah
8003 Posts |
Posted - 05/21/2008 : 07:04:07 AM
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| For once I have to agree with the tan man on this one. How is it CW's fault the borrower didn't prepare for his recast. The borrower knew his loan was going to adjust and he didn't prepare for it. It's not CW's fault the borrower didn't read the docs. It's just a perfect example of how fat, lazy and stupid Americans have become. |
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 07:05:00 AM
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You know what is disgusting?
The Option ARM sold to a 72 years old lady, with the 40 year amortization, 110% reset, 3.875 Margin, and 3 year PPP. Because of the margin and the 40 year amortization, if she pays the minimum payment, the loan will reset in 25 months, inside of the 3 years hard PPP.
I QC'd that file yesterday.
quote:
Originally posted by Ravitch
I agree this is disgusting. These whiny borrowers complaining about their impending foreclosures are indeed disgusting. Perhaps if they spent less time whining and less time looking for handouts, they would have more time to find jobs and pay their bills.
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velecico
4209 Posts |
Posted - 05/21/2008 : 07:11:46 AM
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whats wrong with that , say she lives to be 102 , the home will be paid off |
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 07:11:55 AM
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Well, even this is changing of late.
The lenders almost don't care about inflated stated income loans that were done in 2003-2006. Because, if you think hard about this, it really does not matter anymore.
The issue with all lenders today is they are faced with a huge problem of borrowers walking away because of resetting loans and no equity to refinance them out. So the lender has a few options.
Do nothing, let the borrower walk, portfolio that $250,000 house with the $400,000 mortgage on it. The one that is going to sit on the market for 2 years.
OR, they can change the terms of the loan with a modification, lowerr the principle balance in some cases, keep the borrower in the house making a lower mortgage payment and saving the expense of foreclosing and having another REO property.
The lenders are definitely modifying stated income loans. They need to.
quote:
Originally posted by djorge44
CoronaSteve,it seems like you work for attoneys that have found their new Asbestos law suit.
I believe you wrote earlier that the attorneys that you work for will not take any client who themselves misrepresented themselves on the 1003 and RESPAS, is that correct?
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 07:13:38 AM
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| Gotta go. the phones are going apesh*t |
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velecico
4209 Posts |
Posted - 05/21/2008 : 07:14:13 AM
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| So whats the problem ? I dont think age should be a factor in your " forensic " examination , since its not a factor in a lending decesion , how do you know that the client did not ask for the lowest possible payment over the next 1 to 3 years becasue she was going to sell the home anyway ? what does the margin have to do with anything ? that margin was available and it met high cost standards and properly disclosed on all docs , you are just making an assumption that the loan was " digusting " ? |
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brandie
3260 Posts |
Posted - 05/21/2008 : 07:15:06 AM
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quote:
Originally posted by mortgagemessiah
For once I have to agree with the tan man on this one. How is it CW's fault the borrower didn't prepare for his recast. The borrower knew his loan was going to adjust and he didn't prepare for it. It's not CW's fault the borrower didn't read the docs. It's just a perfect example of how fat, lazy and stupid Americans have become.
Steve
I agree and disagree with your statement. Now we all know that there are some bad LO's either from a broker shop or CW retail will quickly go through the docs without really telling or educating the borrower about how their loan is going to be recasted. |
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ritabradley01
3611 Posts |
Posted - 05/21/2008 : 07:15:13 AM
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| Good work Steve. I'm glad there are people doing what you do. |
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Ravitch
80 Posts |
Posted - 05/21/2008 : 07:15:13 AM
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quote:
Originally posted by Coronasteve
You know what is disgusting?
The Option ARM sold to a 72 years old lady, with the 40 year amortization, 110% reset, 3.875 Margin, and 3 year PPP. Because of the margin and the 40 year amortization, if she pays the minimum payment, the loan will reset in 25 months, inside of the 3 years hard PPP.
I QC'd that file yesterday.
lol
The old bat should have read her loan documents. Her mistake. She got greedy and went after the lowest payment. Now she has to pay the price. The world needs renters too. |
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ppulatie
2278 Posts |
Posted - 05/21/2008 : 07:15:41 AM
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Hey, the title works. I stole it from Steve. My only issue with Steve is that my audits take much longer, because they and the naratives that are done will be used for trial purposes.
This is not ambulance chasing. It is a realistic effort to clean up this business and assist borrowers in trouble. If each of you could just see what Steve or I see on a daily basis, the lo fraud, the lender fraud, the misrepresentations and lies, you would begin to see a true pattern emerging.
This can't all be blamed upon the borrower and just swept under the rug. Too much happened that cannot be excused. I am keeping things noted so that I can eventually write a book on what I have seen. Problem is that it will be larger than the entire Encyclopedia Britanica used to be.
quote:
Originally posted by velecico
" forensic examiners " , are we going a little too far on titles here ?
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ritabradley01
3611 Posts |
Posted - 05/21/2008 : 07:15:53 AM
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| Wow, seriously Linda? |
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velecico
4209 Posts |
Posted - 05/21/2008 : 07:22:23 AM
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quote:
Originally posted by ritabradley01
Good work Steve. I'm glad there are people doing what you do.
You probaly are a big fan of all the ambulance chasers on the back of the yellow pages , thats all this is , just a bunch of lawyers that will make big bucks from settlements with mortgage companies and consumer will get squat , just another compnany trying to capitalize on a flawed legal system thats lets non sense lawsuits drag us down , hope one good LO or company sues them back for damages |
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 07:25:10 AM
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As much as I hate Countrywide and especially Mozillo, in a way, I do not blame him.
I have said all along that as long as the government and stupid groups like ACORN continue to say that lenders will be doing this and lenders would be doing that, but you have to contact them.
Who wouldn't want to keep their rates lower even if they can afford a higher payment?
Who wouldn't want the banks to lower the principal on their home (the new bill being worked on in Congress)?
So people have an incentive to stop making payments and demand help.
This only increases the time before lenders begin to feel it is okay to get back into lending. They don't know what the government will want them to do next.
I say keep government out of this. Let the market work itself out.
Renting is not a crime if you could never afford a home in the first place.
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ppulatie
2278 Posts |
Posted - 05/21/2008 : 07:29:54 AM
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Hmmm, you do cash advances on future credit card sales? Isn't this a bit like the payday loans? That sounds predatory to me......
Too bad I can't monitor more of this today. Spending day with granddaughter. Will check in tonight. Should be fun.
quote:
Originally posted by velecico
quote:
Originally posted by ritabradley01
Good work Steve. I'm glad there are people doing what you do.
You probaly are a big fan of all the ambulance chasers on the back of the yellow pages , thats all this is , just a bunch of lawyers that will make big bucks from settlements with mortgage companies and consumer will get squat , just another compnany trying to capitalize on a flawed legal system thats lets non sense lawsuits drag us down , hope one good LO or company sues them back for damages
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Coronasteve
1608 Posts |
Posted - 05/21/2008 : 07:34:24 AM
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| Pat, we're following up. Scott is a very sharp guy. We have a program dialed for you. |
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velecico
4209 Posts |
Posted - 05/21/2008 : 08:00:23 AM
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Hmmmmmm , define predatory ? |
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rtrefflich
3935 Posts |
Posted - 05/21/2008 : 08:02:03 AM
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This is correct. Why would I keep making payments if I knew the bank would renegotiate with me the moment I stopped, drop my interest rate and reduce my principle. This is one of the reasons they are willing to short the house, it saves them the inevitable foreclosure as well as gets them another borrower who must qualify for the loan, remember, no more stated deals.
I can't stand the guy, but it is disgusting that banks created programs that were fed off of appreciation of properties, and once that appreciation stops and people begin to realize that they are in bad loans banks don't want to do anything about it.
As far as the forensic examiner, there were people that were put into bad loans, but there were also a ton of people that wanted these loans instead of more secure loans. Going after the mortgage broker for only giving the client what they wanted isn't correct either. Greenspan himself encouraged people to get the "riskier but cheaper adjustable rate mortgage". The problem is no one is going to tell you they wanted that loan. Should I sue CW because my 1003 on my home says 1%?
quote:
Originally posted by propertylender.com
As much as I hate Countrywide and especially Mozillo, in a way, I do not blame him.
I have said all along that as long as the government and stupid groups like ACORN continue to say that lenders will be doing this and lenders would be doing that, but you have to contact them.
Who wouldn't want to keep their rates lower even if they can afford a higher payment?
Who wouldn't want the banks to lower the principal on their home (the new bill being worked on in Congress)?
So people have an incentive to stop making payments and demand help.
This only increases the time before lenders begin to feel it is okay to get back into lending. They don't know what the government will want them to do next.
I say keep government out of this. Let the market work itself out.
Renting is not a crime if you could never afford a home in the first place.
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mortgagemessiah
8003 Posts |
Posted - 05/21/2008 : 08:45:10 AM
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| So explain to me how in this case, how the borrower who did not read what he signed or prepare for the recast is Countrywide's fault? The consumer using the excuse, "I didn't know" is BS. The homeowner knew, he just wants to play victim like all the other idiot consumers who recklessly used their house as an ATM machine. People like these make me glad I no longer do residential. Too many idiot consumers who don't want to take responsibility for their actions and then want to blame someone else. Sorry but I don't want the liability. |
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ppulatie
2278 Posts |
Posted - 05/21/2008 : 5:43:38 PM
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Why are people throwing all the blame on the borrower's? I testified in Federal Court, Moore vs Chase, about the predatory loan. The lender brought up the argument about Moore having signed and was responsible for reading the docs.
Later on, the judge wanted to know how the loan worked. The attorney could not describe it. Court recessed for the weekend so Chase could fly their expert out from Chicago to explain it.
When the expert got on the stand, she could not properly explain it. I was almost laughing in my seat. I was called to rebut her. Explained it so that everyone, including her could understand it. Final comments were " if the Chase expert can't explain it and does not know how it works, how can a borrower not in the business be expected to understand it?"
Now, can anyone here answer that for me?
Velechio,
You describe how you credit card sales advances work, charges, rates, fees, etc., and we shall see if you are engaging in a form of predatory lending. |
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toddblue
2538 Posts |
Posted - 05/21/2008 : 6:13:21 PM
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CoronaSteve,
Job well done.
Not only are helping to clean up a mess left behind by those in the industry with no scruples, you have found a way to profit from it.
My hats off to you. That is the truest form of free market capitalism.
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 11:22:44 PM
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quote:
Originally posted by Ravitch
quote:
Originally posted by Coronasteve
You know what is disgusting?
The Option ARM sold to a 72 years old lady, with the 40 year amortization, 110% reset, 3.875 Margin, and 3 year PPP. Because of the margin and the 40 year amortization, if she pays the minimum payment, the loan will reset in 25 months, inside of the 3 years hard PPP.
I QC'd that file yesterday.
I did not find this funny at all.
lol
The old bat should have read her loan documents. Her mistake. She got greedy and went after the lowest payment. Now she has to pay the price. The world needs renters too.
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 11:27:08 PM
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quote:
Originally posted by mortgagemessiah
So explain to me how in this case, how the borrower who did not read what he signed or prepare for the recast is Countrywide's fault? The consumer using the excuse, "I didn't know" is BS. The homeowner knew, he just wants to play victim like all the other idiot consumers who recklessly used their house as an ATM machine. People like these make me glad I no longer do residential. Too many idiot consumers who don't want to take responsibility for their actions and then want to blame someone else. Sorry but I don't want the liability.
+
I honestly believe it is the governments' fault for all the paperwork that must be signed.
The stupid Fed. and State governments have their disclosure rules, forget to remove the old rules, and the paperwork just adds up.
I honestly believe some people who say they were being duped.
But, I sure as heck do not want my taxes to bail them out. |
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propertylender.c
1341 Posts |
Posted - 05/21/2008 : 11:28:31 PM
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quote:
Originally posted by ppulatie
Why are people throwing all the blame on the borrower's? I testified in Federal Court, Moore vs Chase, about the predatory loan. The lender brought up the argument about Moore having signed and was responsible for reading the docs.
Later on, the judge wanted to know how the loan worked. The attorney could not describe it. Court recessed for the weekend so Chase could fly their expert out from Chicago to explain it.
When the expert got on the stand, she could not properly explain it. I was almost laughing in my seat. I was called to rebut her. Explained it so that everyone, including her could understand it. Final comments were " if the Chase expert can't explain it and does not know how it works, how can a borrower not in the business be expected to understand it?"
Now, can anyone here answer that for me?
Velechio,
You describe how you credit card sales advances work, charges, rates, fees, etc., and we shall see if you are engaging in a form of predatory lending.
There must be an article on this somewhere.
Please put the link on.
(LOL) |
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assassin17
4239 Posts |
Posted - 05/22/2008 : 03:33:36 AM
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quote:
Originally posted by mortgagemessiah
For once I have to agree with the tan man on this one. How is it CW's fault the borrower didn't prepare for his recast. The borrower knew his loan was going to adjust and he didn't prepare for it. It's not CW's fault the borrower didn't read the docs. It's just a perfect example of how fat, lazy and stupid Americans have become.
I agree with Mozilo and that scares me.
My take on the email is that he is disgusted that people are using a cookie-cutter template from the internet as a generic letter to supposedly explain their own personal circumstances for needing a modification. |
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darkstar
19300 Posts |
Posted - 05/22/2008 : 04:06:03 AM
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>>>>Now, can anyone here answer that for me?
They can't...And you can just read between the lines here and see who is worried about what you're doing, or they would be supporting you...I love it, go get em!... |
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benjamin
2856 Posts |
Posted - 05/22/2008 : 04:32:40 AM
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Dilbert,
Last week it was fat, lazy, stupid union members, now its fat, lazy stupid Americans. Thanks for clarifying your stance. You apparently dislike anyone non being born with a silver spoon in their mouth
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darkstar
19300 Posts |
Posted - 05/22/2008 : 04:44:58 AM
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>>>.You apparently dislike anyone non being born with a silver spoon in their mouth
I think he just hates fat lazy people... |
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mortgagemessiah
8003 Posts |
Posted - 05/22/2008 : 07:02:25 AM
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quote:
Originally posted by benjamin
Dilbert,
Last week it was fat, lazy, stupid union members, now its fat, lazy stupid Americans. Thanks for clarifying your stance. You apparently dislike anyone non being born with a silver spoon in their mouth
No just fat, lazy, stupid and spoiled people with a sense of entitlement who don't want take responsibility for their actions. Those people have turned the American Dream into a nightmare.
I am quite proud of my accomplishments in my life. I've done them on my own. I probably have seen and done more than you'll ever hope to in your life. So don't pull the plight of working man BS with me. I'm not buying it.
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Xanthan Gum
1023 Posts |
Posted - 05/22/2008 : 07:13:49 AM
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I second that. He probably got sick of being bombarded by sharks looking to make a quick buck from lawsuits and mods. Imagine being at CW headquarters right now. It is probably like scrambling to get in a life boat before the ship goes under. |
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Xanthan Gum
1023 Posts |
Posted - 05/22/2008 : 07:17:12 AM
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quote:
Originally posted by mortgagemessiah
quote:
Originally posted by benjamin
Dilbert,
Last week it was fat, lazy, stupid union members, now its fat, lazy stupid Americans. Thanks for clarifying your stance. You apparently dislike anyone non being born with a silver spoon in their mouth
No just fat, lazy, stupid and spoiled people with a sense of entitlement who don't want take responsibility for their actions. Those people have turned the American Dream into a nightmare.
I am quite proud of my accomplishments in my life. I've done them on my own. I probably have seen and done more than you'll ever hope to in your life. So don't pull the plight of working man BS with me. I'm not buying it.
What are some of the accomplishments you are proud of? |
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ppulatie
2278 Posts |
Posted - 05/22/2008 : 07:20:26 AM
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Excuse me, but are you suggesting that it may not be true if there is no internet link?
You can go to the Federal Court House and look up the testimony if you so desire.
quote:
Originally posted by propertylender.com
quote:
Originally posted by ppulatie
Why are people throwing all the blame on the borrower's? I testified in Federal Court, Moore vs Chase, about the predatory loan. The lender brought up the argument about Moore having signed and was responsible for reading the docs.
Later on, the judge wanted to know how the loan worked. The attorney could not describe it. Court recessed for the weekend so Chase could fly their expert out from Chicago to explain it.
When the expert got on the stand, she could not properly explain it. I was almost laughing in my seat. I was called to rebut her. Explained it so that everyone, including her could understand it. Final comments were " if the Chase expert can't explain it and does not know how it works, how can a borrower not in the business be expected to understand it?"
Now, can anyone here answer that for me?
Velechio,
You describe how you credit card sales advances work, charges, rates, fees, etc., and we shall see if you are engaging in a form of predatory lending.
There must be an article on this somewhere.
Please put the link on.
(LOL)
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mortgagemessiah
8003 Posts |
Posted - 05/22/2008 : 07:22:20 AM
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quote:
Originally posted by Xanthan Gum
quote:
Originally posted by mortgagemessiah
quote:
Originally posted by benjamin
Dilbert,
Last week it was fat, lazy, stupid union members, now its fat, lazy stupid Americans. Thanks for clarifying your stance. You apparently dislike anyone non being born with a silver spoon in their mouth
No just fat, lazy, stupid and spoiled people with a sense of entitlement who don't want take responsibility for their actions. Those people have turned the American Dream into a nightmare.
I am quite proud of my accomplishments in my life. I've done them on my own. I probably have seen and done more than you'll ever hope to in your life. So don't pull the plight of working man BS with me. I'm not buying it.
What are some of the accomplishments you are proud of?
Email me privately and I'll tell you. |
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Coronasteve
1608 Posts |
Posted - 05/22/2008 : 07:34:33 AM
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I made a post about a month ago that I had audited 2 files of loans that a guy here on the BO did in Sept 2006. Both were rife with problems. 1 loan was resolved with a principle reduction and rate adjustment.
The other loan short saled and with the severity of the violations in the audit report, moved the lender to accept a $210,000 write down AND reporting the loan as settled, changed the credit reporting to paid as agreed.
Everyone who is a regular participant at BO knows who this guy is.
quote:
Originally posted by darkstar
>>>>Now, can anyone here answer that for me?
They can't...And you can just read between the lines here and see who is worried about what you're doing, or they would be supporting you...I love it, go get em!...
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ehm3
979 Posts |
Posted - 05/22/2008 : 07:45:20 AM
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quote:
Originally posted by assassin17
quote:
Originally posted by mortgagemessiah
For once I have to agree with the tan man on this one. How is it CW's fault the borrower didn't prepare for his recast. The borrower knew his loan was going to adjust and he didn't prepare for it. It's not CW's fault the borrower didn't read the docs. It's just a perfect example of how fat, lazy and stupid Americans have become.
I agree with Mozilo and that scares me.
My take on the email is that he is digusted that people are using a cookie-cutter template from the internet as a generic letter to supposedly explain their own personal circumstances for needing a modification.
100% agreed. |
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Xanthan Gum
1023 Posts |
Posted - 05/22/2008 : 07:48:34 AM
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quote:
Originally posted by Coronasteve
I made a post about a month ago that I had audited 2 files of loans that a guy here on the BO did in Sept 2006. Both were rife with problems. 1 loan was resolved with a principle reduction and rate adjustment.
The other loan short saled and with the severity of the violations in the audit report, moved the lender to accept a $210,000 write down AND reporting the loan as settled, changed the credit reporting to paid as agreed.
Everyone who is a regular participant at BO knows who this guy is.
What happens in these cases? Did the broker get fined? Loss of license? |
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ppulatie
2278 Posts |
Posted - 05/22/2008 : 07:58:57 AM
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I finished an audit two weeks ago where the woman was defrauded out of $120k. And I am finishing up more for her brother who lost five properties to these same perps.
Monday, the DA in three different counties in CA gets complaints for criminal charges to be filed against broker and lo's. Also DRE gets complaints.
First thing will be to get their passports pulled so that they cannot flee to their original countries. And also civil suits to tie up their current properties.
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Coronasteve
1608 Posts |
Posted - 05/22/2008 : 08:08:34 AM
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These were just resolved about 3 weeks ago.
It would be up to the owner of the note to seek any financial remedy from broker.
Fact of the matter, is that the brokers are almost not exposed to public scrutiny or financial or legal consequences. The lenders do not have the time right now. What we are finding however, is the lenders are going after the straw buyer transactions pretty aggressively.
The broker may face a case involving the broad realm of "Deceptive Business Practices" which includes fraud, misrepresentation, bait & switch, churning, etc. That would be a lawsuit brought by the borrower against the broker, lender, possibly appraiser, title co, escrow, notary and all the Does he can find. We have 1 of those going now up in Rancho Cucamonga.
The other situation a broker may face is violating the terms of his broker agreement with the lender. If the loan goes FPD or EPD, deceptive, etc. the terms of the buy-back may kick in. I know of a broker shop in Riverside that now owns 2 houses.
quote:
Originally posted by Xanthan Gum
quote:
Originally posted by Coronasteve
I made a post about a month ago that I had audited 2 files of loans that a guy here on the BO did in Sept 2006. Both were rife with problems. 1 loan was resolved with a principle reduction and rate adjustment.
The other loan short saled and with the severity of the violations in the audit report, moved the lender to accept a $210,000 write down AND reporting the loan as settled, changed the credit reporting to paid as agreed.
Everyone who is a regular participant at BO knows who this guy is.
What happens in these cases? Did the broker get fined? Loss of license?
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mortgagemessiah
8003 Posts |
Posted - 05/22/2008 : 08:18:31 AM
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| I'm not saying that all these fraud claims are the fault of the greedy consumer. There are legitimate claims against unsrupulous LOs and brokers. I'm working on one now in Michigan and I hope the people involved go to jail. However, the problem I have are people who cry fraud and want to blame the broker because they didn't want to take resposnsibility for the fact that they had to get their credit cleaned up and be financially responsible so they could qualify for the 30 year program in 2 or 3 years. |
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jkennedy1234
187 Posts |
Posted - 05/22/2008 : 08:33:04 AM
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Mozilo, didnt he just liquidate his stocks on his on Home (oh! i meen CWBC). i find that being simalir to a homeowner bailing out his life savings in real property . property or stocks, both are men tring to save what they can in a time of need. if he thinks homeowners are disgusting, i wonder what he calls himself or his finanical adviser.
i think we all would do the same in ethier of thier positions.
so i guess we all are disgusting |
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clarenceworley
4360 Posts |
Posted - 05/22/2008 : 08:36:44 AM
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There is plenty of blame to be shared by Consumers, Brokers, Realtors, Attorneys, Wholesalers, Wall Street Securitizers, Bond Insurers, and everyone else who gets compensation from a loan being done.
The problem is you can't pin all of the blame on any one group for every act. |
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assassin17
4239 Posts |
Posted - 05/22/2008 : 08:39:10 AM
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quote:
Originally posted by mortgagemessiah
However, the problem I have are people who cry fraud and want to blame the broker because they didn't want to resposnsibility for the fact that they had to get their credit cleaned up and be financially responsible so they could qualify for the 30 year program in 2 or 3 years.
And that's probably Mozilo's take on it also. When you receive 1000 generic form-letters, it's hard to take a personal interest in their plight or even accept that there is more of a hardship than a desire to ride the media tide into a better loan on the cheap. |
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Coronasteve
1608 Posts |
Posted - 05/22/2008 : 08:53:10 AM
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The letters are not that generic.
We provide a template and the borrower must complete the salient points. The hardship part is all them, no one creates that. The reason the loan was/is a bad loan is all them too. The letters are not nearly as cookie cutter as you might think.
However, there is certain language that MUST be used from a legal standpoint, so that part is cookie cutter.
quote:
Originally posted by assassin17
quote:
Originally posted by mortgagemessiah
However, the problem I have are people who cry fraud and want to blame the broker because they didn't want to resposnsibility for the fact that they had to get their credit cleaned up and be financially responsible so they could qualify for the 30 year program in 2 or 3 years.
And that's probably Mozilo's take on it also. When you receive 1000 generic form-letters, it's hard to take a personal interest in their plight or even accept that there is more of a hardship than a desire to ride the media tide into a better loan on the cheap.
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