2009-08-31propublica.org

"Among the servicers participating in the government’s mortgage modification program is a new recruit that’s not like the others. PennyMac, a firm founded by the former president and chief operating officer of Countrywide, buys distressed home loans on the cheap with the goal of modifying them and later selling them for a profit. The company, whose top management consists mostly of former Countrywide executives, now stands to receive up to $6.2 million in taxpayer money to modify those loans, through the Making Home Affordable program. "


Lijit Search

Comments: Be the first to add a comment

add a comment | go to forum thread