Posted by Stamper_WI on 6/4/09 2:44pm
Msg #291148

Former Countrywide CEO in trouble



http://www.huffingtonpost.com/2009/06/04/mozzilo-former-countrywid_n_211505.html

Reply by Sandra Clark on 6/4/09 3:41pm
Msg #291154

Couldn't happen to a nicer group of people! (NOT!) Surely they aren't only ones but certainly they (the company) are worst of the worst!


IMO

Reply by Stamper_WI on 6/4/09 3:45pm
Msg #291155

There are more articles out now with more details. Altogether, 3 countrywide officials are charged.

Reply by Sandra Clark on 6/4/09 4:15pm
Msg #291158

My experience dealing directly w/CW out of California was this: I received a call late on a Fri. evening, and of course, eom. "Jack" says we're desperate to close this loan tonight - name your price. I did $500. he says fine - we'll pay it. Call borrower, during conversation with her, can hear husband in background, screaming. While on the phone they got into a horrible argument - unlike I've heard in my life. The Mrs. gives the phone to her daughter, she's giving me directions as it is over an hour away, deep in rural VA. I tell the daughter I'm not coming based on what I am hearing in the background, I hang up and call "Jack", explain what is going on and I'm not interested in taking the assignment no matter what they are willing to pay. Thinking that's the end of the discussions, I went on about my business. Phone rings, it's "Jack" again - everything is cleared up so he says. Tell him I'll get back to him. Call the Mrs. again - still fighting- he says he won't sign, she says he will. Again I get off the phone with her and call "Jack" again and say no, no, no, and NO! Finally I hang up on him. 20 minutes later, "Jack" is on the phone again- begs me to go, offers me a $1,000.00 and oh! by the way, will you let her daughter sign the docs in place of the father, he'll never know. You all know what you'd do in that situation so I won't go into the details of my speech to him - never the less, I ranted to him until he finally hung up on me! Now you know what my opinion is of CW. and how I got it.

Reply by John/CT on 6/4/09 4:34pm
Msg #291161

Sounds VERY familiar. n/m

Reply by ChristineHI on 6/4/09 6:19pm
Msg #291173

I used to underwrite and process for Countrywide. I started seeing fraudulent activity and tried to report it to the management of my state and they did nothing. I was working on talking with national management when I was let go...for no reason. They said it just wasn't a good match. I knew why though. I felt it was my job to make sure that anything strange was reported but that was not the case obviously.
Even though I saw first hand all the things you are reading about, it still saddens me that so many people are suffering now because of the actions of some greedy individuals.
I just cannot understand it.

Reply by Stamper_WI on 6/4/09 8:40pm
Msg #291187

I had a countrywide on my old house. I took it out in 1997 and refi'd down to 5.3 by the time I sold it. in 2005. I was ok as far as my loan was concerned. I did not like what i was seeing with the signings I was doing for them

Reply by Stamper_WI on 6/4/09 8:42pm
Msg #291189

He was working the back side too

He has a new company that was buying up the toxic assets he helped create. All ready for a handout from the government for pennies on the dollar to get them off the books.