Posts Tagged ‘Countrywide’

Countrywide getting a re-branding

February 22, 2009

Bank of America is going to call it, “Bank of America Home Loans.”   Not very catchy but better than “Scam home loans.”

Article:

Drinking the Subprime Koolaid

October 20, 2008

Class Action Lawsuit filed in Washington U.S. District Court alleging that Countrywide Financial, now part of BofA, intimidated appraiser by essentially blacklisting them if they didn’t assess property in line with the mortgage requirements of their loans.  Since Countrywide controlled so much of the market, this blacklist forced appraisers to either toe the line or lose significant business.

My thoughts are that this might be a strategy for appraisers to shield themselves from potential litigation or actual litigation flowing out of this mess.  I’m sure that lawyers across the country are looking at everyone involved in the subprime mess as potential defendants.  My other thought is that as long as everything was going well, no one much minded that they had rigged the market, appraisers included.  See here for the complaint thanks to Courthousenews.com