Q&A: Do you feel Counrywide’s action of reworking peoples mortgages who are in foreclosure rather that actually ?
Question by booboo: Do you feel Counrywide’s action of reworking peoples mortgages who are in foreclosure rather that actually ?
go through with the foreclosure to keep people in their homes and making some kind of payments rather than have a family thrown out on the street and ending up with an empty house that they can’t sell and nobody is making payments on is a good idea?. I do.
Best answer:
Answer by DAR
Except that it is being paid for by the bailout bill (guaranteed), so people scrambling to protect their credit rating so they NEVER go into forclosure are the ones footing the bill.
Otherwise, sure. There’s no market for the houses anyhow. If the bank can salvage their loans, they should.
Know better? Leave your own answer in the comments!
Fudging or lying on applications is against the law and is immoral and these people are no different than the man who robs the candy store. They tricked people for their greed and must be punished to the full extent of the law for taking this country and people with dreams to destruction.
I think it should have been done a year ago.
That way we wouldn’t have had such a quick bust of the bubble which would have allowed the economy to settle more slowly and now instead we have had a increase of homeless families which is putting a strain on states. As the depression continues, there will be more and more of this.
Greed will kill us all.
No one had to lie on those forms, thats why its not their fault.
The banks went in for creative financing, like no money down, no interest payments for a year or two, no verifiable income needed. No one should need to know that would be problematic. They told the home buyers that at the end of the teaser offers the value of the home would go up and the loan would be rewritten with the equity considered. The banks are at fault, they do this twenty or more times a day, a home buyer only does it maybe three times in his life. Who should know more?
B of A wanted to reduce the bad publicity and the Bush Administration is trying to avoid criminal prosecution of their friends at Countrywide before a possible Obama administration prosecutes these criminals and throws them in jail.
There is honor among wealthy thieves, just ask George W Bush.