Another Loss for Countrywide as Bank of America Plans for Future

RE:Another Loss for Countrywide as Bank of America Plans for Future

MERE — Thu, 28 Aug 2008 11:00:00 GMT

I am a tenant in a home that will be auctioned next week. i need to know phone numbers on how i take advantaged of the cash for keys program. I only have a part time job and cant afford to move. I tried getting a second job and asking my current employer for full time but it just isnt coming fast enough. can anyone help? The house is thru countrywide and every time i call they act like they dont know what im talking about..

RE:Another Loss for Countrywide as Bank of America Plans for Future

Beth — Tue, 06 May 2008 11:00:00 GMT

Sandra, You posted "my question? why are the banks accepting short sale on a property at about %40 percent lower and sale it to another people ,when they should instead try to do that adjustment with the owner of that property so they can make payments on the real value of the house and keep the property that they were making payment all those years, but you won't allow that adjustment and put those people on the estreet. thats sad.think of a better solution and help. " Why should the banks offer folks a huge value discount just because the market has changed? Were you advising homeowners to fork over their obscene profits of the past 3-4 years to those less fortunate? We live in a free market economy (?) which often translates into "dog eat dog" mentality. Hopefully, the people losing their shirts now will learn from their pain and not make the same mistake next time around. Here in Southern California I don't see most people losiong their homes because of the loans. I see many of them have taken out seconds or equity lines to buy cars, boats, granite counters, swimming pools, etc. It's time to stop treating homes like checking accounts.

RE:Another Loss for Countrywide as Bank of America Plans for Future

UW of the day — Mon, 05 May 2008 11:00:00 GMT

What a great ideathis will REALLY bring the investors back to the tablecant make your payment ?? no problem-pay a third of it-this whole debacle will be fixed before you know itwe have some really great minds fixing this mess-one more thought- If the entire United States is a declining marketif EVERY HOUSE is in a declining market- are we REALLY in a declining market ??? hmmmmmmmmmmmmmm

RE:Another Loss for Countrywide as Bank of America Plans for Future

Judy — Sun, 04 May 2008 11:00:00 GMT

They are offering the 2000.00 in hopes that the people will not tear apart the house and leave it in livable condition

RE:Another Loss for Countrywide as Bank of America Plans for Future

robert — Sun, 04 May 2008 11:00:00 GMT

I researched adjustable rate loan before I refinanced. The rate never went over 6% since the early 60s. It funny how the Fed allowed this to happen. I sounds like they manipulated the public and loan institutions.

RE:Another Loss for Countrywide as Bank of America Plans for Future

Dawn — Sat, 03 May 2008 11:00:00 GMT

Daniel, I really hope no one in your family ever gets sick or loses their job, because I guess that would make them a dirtbag, right? Do you even have a mortgage???

RE:Another Loss for Countrywide as Bank of America Plans for Future

Jason — Sat, 03 May 2008 11:00:00 GMT

Banks should let borrowers pay the teaser rate that they have been paying so they can stay in their homes and gradually increase the rate from a quarter to a point every year for a period of 5 years so borrower can cacth up while waiting for the economic pick up and the market stabililize. Foreclose their homes, kick them out will not help anyone.

RE:Another Loss for Countrywide as Bank of America Plans for Future

Anonymous1 — Fri, 02 May 2008 11:00:00 GMT

This is an financial industry greed problem where collateral was secondary and credit scores were king. The models created by the gurus on wall street worked as long as the economy was robust. The banking community essentially lowered real property appraisal fees to the extent the bottom feeding appraisers got the work and the banker got their value. It wasn't 1.5 years ago the banking community said their portfolio losses were minimal and appraisals/collateral values were not as important to warrant accurate appraisals. They were focused on credit scores and that was it. This problem would have been significantly reduced if credit was based on ability to pay and value. If you remember, these are the same people loaning 130% on the value of your home as a home equity product...Go figure...

RE:Another Loss for Countrywide as Bank of America Plans for Future

geoff giles — Wed, 30 Apr 2008 11:00:00 GMT

Take the time to read the pooling and servicing agreement which governs the relationship between the SERVICER and the TRUSTEE of the pool of mortgages. It provides a percentage of the monthly payment can be kept for servicing the loan, but that junk fees like late charges, phoney inspections etc. is kept the by servicer, hence an open door to overcharges. Now that the servicers are being squeezed, the temptation to charge more and higher junk fees is enormous. Too tempting to be resisted. Unless the securitization system itself is abolished, the country will never get to the bottom of the rabbit hole.

RE:Another Loss for Countrywide as Bank of America Plans for Future

Mike — Wed, 30 Apr 2008 11:00:00 GMT

Just Think About It is correct. Years ago the mortgage industry wouldn't accept making a little less money when there was all of those sub-prime, unqualified people to exploit. The price of your house and now your taxes are higher, while they sail the seas.

RE:Another Loss for Countrywide as Bank of America Plans for Future

Talon — Tue, 29 Apr 2008 11:00:00 GMT

Paying people $2000 to cooperatively leave their homes that they haven't been making payments on is crazy. They have to have been in default for 6 months before the whole process can conclude AND they get $2K. What a scam! And they say the big companies are to blame for this mess. Here's a thought. Buy what you need, not what you want. Borrow only what you can afford to pay back. And lastly, keep your word and pay back what you promised you would. That's called honesty and integrity. Hello! Who holds the public accountable for their own actions?

RE:Another Loss for Countrywide as Bank of America Plans for Future

Sidney — Tue, 29 Apr 2008 11:00:00 GMT

So what happens to the stand alone Countrywide Mortgage shops located all over the place. Are they going to shut down or keep operating under the same name?

RE:Another Loss for Countrywide as Bank of America Plans for Future

John — Tue, 29 Apr 2008 11:00:00 GMT

Hey Daniel: Wise up will you? You sound like one that doesn't have a mortgage but yet will throw stones at others. Have you ever heard that the economy is falling on hard times due to losses in mortgages, job losses, and high gasoline prices? I guess you don't listen to the news...

RE:Another Loss for Countrywide as Bank of America Plans for Future

Daniel — Tue, 29 Apr 2008 11:00:00 GMT

Once a dirtbag, always a dirtbag, pay your mortgage payment on time.

RE:Another Loss for Countrywide as Bank of America Plans for Future

ken — Tue, 29 Apr 2008 11:00:00 GMT

that must be why countrywide took bonus structure away from their landsafer national default department, to burden some of the loss that the subprime full spectrum division caused.