Reply by Michelle/AL on 1/23/09 6:53pm
Msg #275458
Hmmmm interesting reading. If you come across anything else on this subject, please post it. I wish I could find out how Countrywide went about doing this. The article says they approved loans for folks who couldn't afford them. Okay, I got that. But what about the other accusations? Is the lawsuit implying that there were provisions in the Note or Mortgage that the BO wasn't aware of?
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Reply by Sharon Taylor on 1/24/09 10:19am
Msg #275491
Thanks for posting, Sue - will share with neighbors
I know people who live on a couple of the roads in my neighborhood who are on very shaky ground and just hanging onto their homes by the skin of their teeth and jobs that are liable to end anytime. Hopefully this settlement will push some of the other lenders to start getting up off a little of that "bailout" gift money that was supposed to be used to help borrowers and of course is going into the coffers of the lenders instead.
Did anyone watch Bill Moyers' Journal on PBS last night. Excellent show about the total lack of accountability and inability of our government to force any accountability as to what happened to those billions of taxpayer dollars. The inability to force any accountability was written right into the bill that gave the money away. And he showed quotes from some of the highest powers in the industry stating in essence that they intended to just squirrel the money away and use it to improve their positions in the market and bragging about the fact they could do anything they wanted with it. Absolutely no interest in using it to help struggling borrowers, naturally. Their attitude instead seemed to be that Congress and the President had merely given them a no-strings-attached present of the money, which has sadly turned out to be true.
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