Countrywide Financial (NYSE: CFC) has joined an elite class of companies headed by Wal-Mart (NYSE: WMT) -- corporations whose behavior has rendered them the target of so much controversy that their critics have launche websites for the express purpose of trashing them.DontDepositAtCountrywide.info is, as the name suggests, calling on people not to deposit money with the company until "until it ensures that all subprime borrowers with interest rates that have reset in 2006 or 2007 can keep their homes!"
Obviously that request is insane -- there are always foreclosures and it's unlikely that people who bought homes they couldn't afford will -- or even should -- be able to keep their houses.
However silly the site's message may be, it does have some good resources for those looking into Countrywide: links to news stories critical of the company, lawsuits against it, and resources for homeowners having trouble with their mortgages.
For the record, I'm as critical of Countrywide and super-tan CEO Angelo Mozilo as just about anyone -- but the idea that all subprime borrowers are entitled to keeping their homes is ridiculous.
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Reader Comments (Page 1 of 1)
12-18-2007 @ 7:26PM
bob said...
I want it - therefore I shall have it Typifies todays American society. I would like to be rich - therfore I am! What happened to hard work, EARNING what we get?
12-26-2007 @ 1:19PM
HoofHearted said...
So; all those people that wanted big houses and loans they knew they could not afford (or barely) and now they're mad at someone else???
get a second job like the rest of us and quit pissing and moaning about it.It isn't always SOMEONE ELSE'S FAULT...GROW UP.
1-05-2008 @ 9:39AM
Bekka1g said...
Goodmorning,
This is a beehive. I know because i am in it. I bought a home I could afford from K.B Homes in Texas. I had a neice with a new baby, a very sick friend I was trying to take care of. So it was important to get a fixed rate. 5.25 closed FHA. From the start to finish my note was suppose to be $1245.00. This included Taxes and insurance. When selecting it and working with the Realtor, and the Builder we hit the figure mark of affordability. I was so very happy. Then at closing they told me my note would be about 1,500.00. I had no obtion but to leave. I had been there all day. Mad and dissapointed. Before I could get out of the building the title company came back in and told me I was right. The Realtor for the builder had been calling all day. I was afraid he would loose his job. The guy at the Mortgage company had worked for K.B. Homes left and was now the broker for County Wide. We Closed, Note being 1,239.17 per mont. And now.. it is almost $1,700.00. We were told at the tax office that K.B. Closed me out on unimproved property and were the accessor came to look he raised it. Now thats everthing I can to make this house note. I am not sure if there is any litigation over this closing, But in closing. Never buy a K.B Home, never let them send you to their ex mortgage guy who is working for County Wide. In trying to help my family I got the shaft from both companies. I am barly making ends meet, but I still have family. God will provide.