useless report i've seen so far. what are you doing? this would just drag countrywide stock down and if it closed for bankruptcy, it would ruin the lives of 62,000 people. are you happy to see that??? we should support countrywide instead of bringing it down. remember, this is a titanic ship, it could drag down anybody when it sink. that anybody could be you!!!

Firms that enticed in such a way to the public should assume their responsibility. The State will have to provide a solution to borrowers but Countrywide executives will need to face the mess they contributed to create. We must enact regulations to prevent these events in the future.

Lax federal regulations led to the mortgage-lending crisis, as they did to the saving-and-loan scandal, the hedge funds collapse, and the melting away of pension funds and
401(k)s. Who said we didn't need government to protect an unsophisticated and unsuspecting public from corruption, greed and incompetence?

Countywide gets what is deserves. They preyed on the poor and suckered people into high risk loans that maximized their profits. They basically defrauded Americans attemping to buy homes. They've been doing this for years and reaping the rewards. It's sweet justice now that loan defaults are on the rise. It's just the beginning and they're paying the ultimate price.

Countrywide absolutely did nothing wrong. They're in the home loan bussiness. The people that are in trouble now knew the rates were variable. Enough said!

LOL,

Enron employees reading this article are shaking their head saying, that is what happened at their company.

As a result of Country's dishonesty, all the leanding industry are suffering. My son-in-law worked as a good rep. at another leanding instutute, he was an honest rep, and he saw the goings on of the other leanding co.'s. As a result, he has now lost his cars, he's losing his home, and a few weeks ago, was laid off. This is an honest employee, willing to give his all to his company, and his clients. He is a father of 4 children, from one in college to one in preschool. It is unfair, dishonest, and downright cruel.

A federal bailout is a fraud. The "homeowners" who will be bailed out don't own their homes. They put zero down. They should walk away. The bailout is a fraud to use federal agencies to buy up bad debt at inflated prices from Countrywide and big banks and investors.

An illegal alien mother of two who works as a maid told me on Friday that a loan agent and real estate agent tried to get her to sign a $750,000 zero down mortgage six months ago. They pushed so hard. She was scared because she thought she could get deported, but the agent and broker told her she was going to ruin her life and her children's lives if she didn't buy the house.

Will this "federal bailout" include making the mortgage payments on a $750,000 loan to an illegal alien who makes $26,000 a year and put zero down?

This is a big fraud. A bill to help distressed homeowners would exempt forgiven debts from foreclosures and short sales from taxable income. Or prohibit credit reporting agencies from reporting foreclosures and delinquencies on real estate for the next couple of years.

A bailout will cost more than $1 trillion in total. It's not just subprime, it's Alt-A and prime too. Probably 30% of all mortgages in the United States are at risk. They will sell it like it's going to cost $100 billion and then when we're into it, they will say, "oh, the public authorized this and NO ONE could have imagined it would be this expensive, so we have to stay the course now, I mean we can't make the effort and expense up to now for nothing, can we?"

Con artists, all of them.

Visit www.stopthebailout.org and help put a stop to a bailout that uses your tax dollars to buy bad mortgages. The borrowers would be better off walking away.

we were quoted 6.3% and ended with 7.25% option arm also we asked for impounds and were not given them .we did not see this on the closing statement expecting it to be included. this really upset us.

So I guess we shuold just go all the way back to if you do not qualify for a Fannie Mae Freddie Mack loan, then tough luck? How many of you have credit scores above 700? Are putting 20% down on your home? This is a joke. Risk vs Reward. Increase the risk why do banks not have the right to inrease their reward? Bailout? Nonsense. Capitolism will survive.

There should be an ivestigation into the comapany that Countrywide owns called Landsafe. I am a former employee and if that was not a blatant conflict of interest then I am Mickey Mouse. Landsafe was in charge of the review appraisals that were ordered by Countrywide on a very high percentage of loans. Why not, Countrywide owns the company, so it is very advantageous to Countrywide to order as many review appraisals as possible. Who paid for this? The borrower. While I worked thier, most of the deals I sent in were required to get a Landsafe appraisal on top on the appraisal allready sent in by the broker. 90% of the time the Landsafe appraisal came back at value or higher. It is a huge waste of borrowers money and time. If that aint a double dipping scam, I don't know what is. I cannot believe the FBI or somebody aint all over that. If you worked thier you know what I am talking about.

Countrywide about 4 years ago started to put its retail loan officers in Real estate offices such as Killer Williams and Remax and other Real Estate companies, in return countrywide was compensating brokers, in forms of gifts/ cash/ and advertising money or paying the majority of their leases. Countrywide became their exclusive lender. But there is a catch and Mazilo knew this ( any loan agent is good as his last transaction with the realtor ) let me explain if realtor gave a countrywide’s agent a loan and if the loan officer sat on the loan and did not close the transaction then the loan agent not only would lose the real estate business also he would lose the whole office.

Mr. Mazilo new this game since when he started countrywide he was visiting the real estate offices, but he made a choice to use the strategy for their own benefits ONLY.

And close as many loans as possible, he created a team leader and each team leader could hire as many agents for countrywide and the team leaders were “Gods”, it means they did whatever it took to close the transaction,i.e., inflated appraisals, doing non-owner transactions as non-owner and much- much more.

Closed 3 owner occupied purchases at the same time for an investor.
Closing all the transactions without quality control since the quality control was the team leader and the team leader was actually acknowledged and rewarded for their closed volumes.

Taking a picture of better house and replacing with the subject property in order to jack up the price.

Surely Mr. Mazilo knew but he did not care since about 3 years ago his bonus alone was only one hundred million dollars ($100,000,000)

With all their unfair lending practices almost every mortgage broker was calling their whole sale reps in countrywide and complaining, simply they couldn’t compete with countrywide because of their Bribery to Real estate brokers ,agents and closing loans
This did not meet any lending guidelines, making it impossible for any other lender to close the deal as it was.

We need to ask our attorney general to look in their lending practices and not let Mr. Mazilo retire as a Millionaire and rest of the nation to bail them up spending the nations tax money and pay for their luxurious life style.
You need to ask yourself, is this fair?????

For your information if any small company had done what countrywide has done, they definitely would not be around and the picture would have not been a pretty one……

What if a certain company made you order an extra appraisal from a company they own but yet the value came in just like your appraisers did or higher and they charged this extra fee to the poor borrower? The second appraisal was unwarranted but the wholesale company can come up with 1 of 1,000 reasons an extra one should be ordered. The big thing is that is it not in Company A's best interest to find a way to order a second appriasal so they can double the appraisal fees made on the loan? That come out to about 800.00 in fees instead of 350.00-400.00 . If that aint super smelly fishy I do not know what is. I would like to hear what some of yall think about this Landsafe crap that Countrywide owns.

Countrywide had a great business model. It has turned into a joke. If half the stuff people are talking about is true Countrywide is going to hell in a hand basket. The Landsafe-Countrywide relationship is a big time conflict. Countrywide is going to be taken down by its own actions. BofA will take over when the stock price is below $10.

As a result of the market turmoil many of our Countrywide competitors have exited the business permanently, which will provide Countrywide with the opportunity to gain greater market share and improve Their margins. Countrywide Bank is also a beneficiary of this environment and is seeing increased opportunity to grow its investment portfolio with better quality loans and higher yielding loans. While tighter credit standards and soft housing market conditions will result in the reduction of their origination volumes, their servicing portfolio will, however, benefit from slower prepayment speeds resulting in greater earnings from their servicing sector. And most importantly, operating their core business out of Countrywide Bank will enhance Countrywide's stability, economics, competitiveness, and overall strength.
The most important aspect of Countrywide Home Loans strategic plan that they have implemented was to migrate their residential lending business under Countrywide Bank. This will materially enhance and strengthen their business model and will deliver tangible benefits to Countrywide including greater and more stable liquidity, reduced borrowing costs, and greater operational efficiencies among other advantages. They have strengthened Countrywide's capital base by securing a $2 billion strategic equity investment from Bank of America, which was also an important vote of confidence in Countrywide by one of the largest and most respected companies in the world. This has been very helpful in stemming negative perceptions about Countrywide's stability, which was another important reason for the investment. Countrywide has made many changes to their product guidelines to ensure that they are only originating loans which can be sold into the secondary market or which otherwise qualify under the investment criteria for Countrywide Bank's loan investment portfolio. In connection with these changes, they are no longer originating any subprime loans other than those eligible for sale or securitization under programs supported by the GSE's (Fannie Mae, Freddie Mac) and FHA. It is important to note however that in spite of product guideline changes, Countrywide continues to offer among the broadest and most competitive product menus in the industry.

Greed! Greed on the part of borrowers that maxed out their equity, greed on the part of the corporations. Greed may ultimately be the downfall of our civilization.

Too bad for Countrywide since they have not hired deaf (well qualified)applicants for high level positions for many years. Countrywide should reconsider what they have done to deaf people!!!!