You just know the scum at toxic lender Countrywide are using this "crisis" to their benefit - they're not "refinancing" these toxic loans because of any type of empathy toward the suckers, I mean customers, who have Countrywide toxic loans. Anyone want to bet they're:
1) Extending payment terms to 40 year and 50 years, thus keeping the payments the same or even lower
2) Putting in huge prepayment penalties
3) Pushing the reset out a year or two, but it'll still reset and at a worse rate down the road
4) Doing pretty much anything and everything they can to screw the homedebtor and protect their asses, while making it appear that they're doing good
A $1500 a month payment on a 30 year loan that's about to reset can easily become a $1500 a month payment on a 40 year loan. Preso! No problema! Meanwhile Angelo and Countrywide would be laughing to the bank at the new terms..
You know that Countrywide is up to dirty tricks because with this PR, they didn't announce any cost for the program. In other words, THERE IS NO COST FOR THE PROGRAM. Yet our lazy MSM failed to ask how this could be, or what the new terms would be.
A HOUSINGPANIC MESSAGE TO ALL CURRENT COUNTRYWIDE HOMEDEBTORS - THIS TIME READ YOUR DAMN MORTGAGE PAPERS AND DO THE MATH. DON'T LET THEM SCREW YOU AGAIN. IF IT SOUNDS TOO GOOD TO BE TRUE, IT'S TOO GOOD TO BE TRUE!!!
Countrywide Launches Program to Refinance or Modify $16B in Adjustable-Rate Mortgages
CALABASAS, Calif. (AP) -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008.
Countrywide has been under fire since early July -- it has had difficulties with loan financing, its chief executive has been criticized for selling hundreds of millions of dollars in stock and it faces pressure from the government to help keep people from losing their homes.
"Unprecedented times call for unprecedented remedies," Countrywide President and Chief Operating Officer David Sambol said in a statement. "We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it."
October 23, 2007
Countrywide Toxic Mortgage supposedly renegotiating $15 Billion in toxic loans. Trust us, it's not because of the kindness of their hearts
Posted by blogger at 10/23/2007