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More legal trouble ahead for Countrywide

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Paydayloans247 | 21 Feb 2018, 07:27 AM Agree 0
A new class-action lawsuit alleges that the Bank of America unit schemed to conduct fraudulent appraisals in order to boost its originations
  • Rosie | | 21 Feb 2018, 11:07 AM Agree 0
    I had so much trouble with Countrywide and almost lost our home!
  • LA Appraiser | | 21 Feb 2018, 11:36 AM Agree 0
    Most independent appraisers left Contrywide soon after their expansion into wholesale lending in the late 90’s. Appraisers were removed from their internal panel list if the reports reflected a declining housing market.
  • DigDug | | 21 Feb 2018, 01:32 PM Agree 0
    Every mortgage that Countrywide did was done because a borrower wanted that mortgage. Borrowers were whining every day for their properties to appraise high enough for them to be able to get the mortgage they wanted. I know, I heard them. You can criticize Countrywide for a lot of things, but to go after them for this now is a case of someone trying to make a name for themselves and/or finding a deep pocket (BofA now) that doesn't want the publicity that would come of this.
  • s kelley | | 21 Feb 2018, 05:15 PM Agree 0
    Let's get this right. The mortgages we made based on a fake value and the interest rate was based off libor, which we now know was a fake rate and the homes were taken using fake docs. What the heck. Why not just rob me so we don't have to spend years lying to each other.
  • J.Calabria | | 22 Feb 2018, 12:34 PM Agree 0
    Response to DigDug-

    Countrywide officials at all levels were complicit in fraud. Although not all of them, many-including mortgage officers knowingly committed fraud that cost Bank of America lots of money. While we are on the matter of Bank of America, the President/Director Kenneth Lewis who approved the purchase of Countrywide was probably not corrupt, but terribly ignorant. Everyone in the business of making mortgages suspected Countrywide was doing fraudulent things. That is, everyone except our regulators. Somehow, they didn't know. So please save your tears for some other company who really deserves them. Bank of America sadly is paying for the ignorance of it's past leaders. Current BofA management has been doing a fairly good job in light of the mess Ken Lewis left them with.

    Oh and by the way, if you want to shed any tears, how about some for Ken Lewis, who was forced to retire unexpectedly but is enjoying his huge going away pension in a luxurious retirement.

    And finally, isn't it interesting that no one of companies or the players in the mortgage meltdown debacle have gone to jail or had their pensions withdrawn.

    Oh, I forgot, the stockholders and U.S. Taxpayers paid the price for them.



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