Half million loan to $2.8k monthly earner

Elizabeth Martinez is a house cleaner with limited English and unsophisticated knowledge of business and financing.  In May 2007, Countrywide Home Loans approved Elizabeth with her monthly income stated clearly on her loan application of $2,810.  This was less than the total amount she owed each month on the loan.   Countrywide processed the loan with “stated income” which means that didn’t have to even verify her income, limited as it was.

This complaint filed in California state court is like others of its kind, spends several pages outlining the train wreck of the housing bubble, the creative financing schemes, the pressure to make loans that shouldn’t be made and the extremely lax oversight.  The tone of the complaint is over-heated with too many exclamation points.  The courts should still be a place where precise and objective language is used to present a case based on strong facts well-reasoned.

Complaint courtesy Courthousenews

Tags: class action, Countrywide Financial, housing bubble, Lawsuit, Linkedin