The only way to save most loans is to lower the principle. Countrywide is not going to do that or should they. So where is the value to the borrower? Putting a different color of lipstick on a pig does not change the fact that it is a pig?

People paid too much for housing. Period. Countrywide might as well start writing 150 year loans so that several generations, over time might be able to pay the purchase price....

I would like to see what kind of modifications they are doing. I could not refinance one of their customers out of the 1st and 2nd mortgage. I told them to call CFC and ask for a workout. They were told by the CSR at the 1-800 number that if they could not make their payments they would have to send in documentation to prove it, and that the approval process for could take up to six months, but they would have to make their mortgage payments on time throughout the whole process. Doesn't sound like cooperation to me. I think Countrywide should be forced to waive ALL their prepayment penalties - that way most borrowers can refinance with the lender of their choice.

Drop the pre payment penalty and save a home. It is less expensive to drop the PPP than to have a foreclosure on your hands. Beside that, you could raise the adjustable interest rate by a point as a fixed firm rate. That would help. Even better drop the PPP and work a new fixed loan.

Countrywide always talks the talk but never walks the walk. It always sounds good in black and white. Read their actions not what they write. Example: always thanking their employees, they would not be where they are today without them. Countrywide thanked the dedicated employees by canning them with no or little severence then turning around and holding a job fair for another dept.???? Why did they not assist the current employees with transfering to other positions if they were available?. Because then they could not run a hiring add showing how rosie and prosperous they are and that depsite everything they are still growing and hiring.....yea right. They were notorious for telling employees one thing and doing another. He really needs to get a grip on his middle managers, the majority of which do nothing but waste the companys money with bad decisions.