Countrywide Joins The Mortgage Lending Storm

RE:Countrywide Joins The Mortgage Lending Storm

Sandra — Thu, 06 Sep 2007 11:00:00 GMT

Julio most lenders do require a 4506 to be signed anytime you do a stated loan. They do this to prevent the client or the broker from putting fake employment on the 1003. What they should have done was actually pull the tax transcipts to ensure the job was legitimate. If you are self employed you are going to right off as many expenses as you can to bring down your income so your tax liability is less. Without stated loans it would be near impossible for selfemployed people to get loans.

RE:Countrywide Joins The Mortgage Lending Storm

Sandra — Thu, 06 Sep 2007 11:00:00 GMT

Jane, it is not the mortgage brokers fault that people bit off more than they could chew. There may be some scandolous brokers, but the majority of us do tell the client that we have to "state" their income. We also tell them what their payment will be. They should know whether or not this is something they can handle. All they have to say is NO I dont think I can afford this home and buy something cheaper. Blaming the broker is a cop out. People are smarter than you give them credit for.

RE:Countrywide Joins The Mortgage Lending Storm

John — Mon, 27 Aug 2007 11:00:00 GMT

Interesting that since the announcement on July 13th of the company's mortgage loan problem, according to filings with the Securities and Exchange Commission, Mozilo has sold 672,000 of his Countrywide shares for a cool $13 million and David Sambol, President and Chief Operating Officer, has also sold some of his Countrywide stock as well. I wonder if they will buy lots of gold and silver before the U.S. Fed loses its struggle to keep a lid on those prices.

RE:Countrywide Joins The Mortgage Lending Storm

Paul — Mon, 27 Aug 2007 11:00:00 GMT

There is truth in all these logics, we all should bare some responsibility in this outcome. As the old saying goes, bitiing off more than you can chew. There are always risks in any transaction, because no one can predict the future. The future often hinges on experience of the past and some do not pay attention. Greed is the mother of invention, although it was always thouth of as need the mother of. We can't always control everything, but there are those that can steer the course into theirs.

RE:Countrywide Joins The Mortgage Lending Storm

Melissa — Fri, 24 Aug 2007 11:00:00 GMT

Bravo, Judy! THAT'S the truth of the matter! Everyone knew what was going on (especially the home buyers who were buying homes they couldn't afford, or taking out all their equity so they could by MORE 'stuff' to go with their new homes) Now everyone wants to point the finger at someone else. Personal responsibility.

RE:Countrywide Joins The Mortgage Lending Storm

Judy — Thu, 23 Aug 2007 11:00:00 GMT

We are all to blame. The banks wanted their market share, the realtors wanted their commissions, the loan officer's wanted their money and let's face it the buyer wanted the house. Advertisers market the american dream. Not everyone has the ability to own a home. Banks will begin to tighten the qualifying criteria and then everyone will fault them for that as well. How about a little personal responsibility for choices we all make.

RE:Countrywide Joins The Mortgage Lending Storm

Judy — Thu, 23 Aug 2007 11:00:00 GMT

Education about money and finances needs to begin at an earlier age. Grade school would be a good time to start with the basics of savings and by middle school through high school students should be learning how to secure their financial futures. Most don't know how to balance a checkbook so it shouldn't be a wonder that they can't figure out whether or not they can afford the house they want to buy. The outcome of the failing mortgage industry will be a lesson for all.

RE:Countrywide Joins The Mortgage Lending Storm

Anonymous — Thu, 23 Aug 2007 11:00:00 GMT

It is terrible in this day and age everyone looks for someone to blame. No one takes personal responsability for thier actions. I dont waltz into a car dealer and try to get a Mazzaratti, because I cant afford one! At the same time I dont buy a computer without researching the technology and understanding all the available packages. So why do we look for someone else to blame when people try to buy a house they cant afford, with a product they didnt research,often lying about thier income?

RE:Countrywide Joins The Mortgage Lending Storm

Dominick Marchese — Thu, 23 Aug 2007 11:00:00 GMT

Your telling me none of these money lending institution did not foresee this problem. Its impossible, they all knew and they let it happen. So the question is this, is it the mortgage brokers fault or the bank. Brokers followed guidelines and even if the income was stated,the bank had the call of looking up salary wizard to see the inflation of income - and did nothing. They knew what was going on. They could have just tightened up guidelines a little bit.

RE:Countrywide Joins The Mortgage Lending Storm

Jane — Wed, 22 Aug 2007 11:00:00 GMT

These Morgager Brokers should be held accountable. I can only imagine at the fudged numbers to get/make the stated income loans work. Some body(s) should go to jail over this. They are ruining America, have left some American's destitute and now homeless. Where is the Brokers Ethics? I wonder how they sleep at night knowing the nightmare they have caused with Homeowners and the Lenders that didn't ask for proof!

RE:Countrywide Joins The Mortgage Lending Storm

DowellTaggart — Mon, 20 Aug 2007 11:00:00 GMT

I have had Countrywide give incredible loan deals to borrowers where other mortgage brokers could't touch the product. I had a borrower/homebuyer approved to buy a new home in Gardner. The subdivision agent recommended Countrywide and the loan programs they were giving other buyers in the subdivision. My buyers got approved with Countrywide with 0 down and at a lower interest rate. They bought the market and took the risky loans.

RE:Countrywide Joins The Mortgage Lending Storm

julio — Sun, 19 Aug 2007 11:00:00 GMT

Why don't all banks process the irs form 4506 tax verification form, to prevent what's happening at the present time. They just make loans without any verifications at all.