2008-06-25 — yahoo.com
"Countrywide Financial Corp. is accused of using misleading advertising and other unfair business practices to trick borrowers into taking on risky home loans they didn't fully understand, in a lawsuit filed Wednesday by the California attorney general's office."
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crash6942 at 01:29 2008-06-26 said:
The thought of this is scary. Is cw guilty of lots of things sure, BUT CONSIDER THE RAMIFACTIONS. This is a perfect example of short sighted greed on cw's part and JERRY BROWN THE CA. AG. Any loan product that was introduced or altered after 2003 was deffinitly based on greed. The programs before this were well established and performed. THEY ARE HOW HOME OWNERSHIP INCREASED. 1. Subprime loans have been around since the early 90's. Before subprime these borrowers either had to save 20% or go to the finance companies at 18% and still have atleast 10% to 15% down. 2. This will effect the alt A and jumbo markets also. With out these loans how will people in california get a loan that is not conforming. Conforming Jumbos are being bought. This is just another sign of a politian tring to regain his stature and importance. No long term thought just short term personal greed for fame and importance. I am in the Mid west and we really dont need these programs. You in California, Florida, and the East Coast see ya. WHAT LENDER WILL WANT TO DO THE OLD STYLE LOANS. WHAT LENDER WILL WANT TO EXPOSE THEMSELVES TO THE RISK. WHAT WALL STREET FIRM WILL SECURITIZE THEM. Permalinkadd a comment | go to forum thread
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