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Folks...this is HUGE!

Bankruptcy Court Approves Review of Countrywide

There has been quite a bit of press concerning Countrywide's apparently abusive and illegal practices related to it's customers. Now the Bankruptcy Court is getting involved after repeated inconsistencies between the amount Countrywide says folks owe on their loans (with nasty fees for supposedly late payments and legal fees to collect those payments) versus what Countrywide was able to prove or adequately document.

Countrywide is right about one thing, this action is going to continue to shed light on a company that was a criminal enterprise on par with Enron. I hope BofA is getting it's money's worth.

Comments

( 3 comments — Leave a comment )
cowboymarine
Apr. 3rd, 2008 04:29 am (UTC)
I don't know the legal side of it... but someone needs to be spanked really hard, and not in the nice way. Fuckers.
gablog2
Apr. 3rd, 2008 03:35 pm (UTC)
I'm still fascinated that Countrywide can contact its customers with this message:

"Hmm, you know that Home Equity Line of Credit we granted you? We've decided not to honor the credit part, so you won't be able to access that anymore."

It's just sort of amazing to me that they can unilaterally alter the contract that way.
john1082
Apr. 4th, 2008 12:47 am (UTC)
I'm amazed that anyone is going after Countrywide. The Trustee is an appointed official of the BK court and thus the Justice Department. The Justice Department is currently notoriously anti-consumer. Some trustee is gonna lose his job over this.
( 3 comments — Leave a comment )

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