A complicated deal cut by the Attorney Generals of 15 states required Countrywide to reduce payments on thousands of mortgages to the tune of more than $8 billion. However, Countrywide isn’t on the hook for that amount because they sold their interests to various trust. This forces those trusts to suffer the depreciated value of these debts even though it was Countrywide that had engaged in the predatory lending. Now the trusts want Countrywide to make up the $8 billion difference that they agreed to write down.
Remember, Bank of America bought Countrywide and that stock went up today. I guess the stock market isn’t too worried. At least not today…
Complaint courtesy Courthousenews
Tags: Bank of America, Countrywide Financial, Financial meltdown, Linkedin, mortgages
Reading Tea Leaves by Randy Wilson 
December 10, 2008 at 7:02 am |
What a roller coaster! Countrywide is our mortgage lender, ugh! When do they close shop anyway? I’m still sending my payments to them!
December 10, 2008 at 1:47 pm |
I’m surprised they haven’t dropped the name given all the bad publicity. They were purchased by villian du jour BofA. Maybe they need to rebrand the whole darn thing, “CustomerFirst” or some equally absurd.
January 18, 2009 at 11:57 pm |
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