Unbelievable! NY Times also had an excellent article on Countrywide’s mortgage practice, incentives that are full of conflict of interest, and its hefty fees. I wonder if some state AG will investigate them seriously. Some borrowers got over their heads, but the behavior from countrywide is predatory. There is an article on LA times talking about countrywide CEO’s stock selling program – he certainly sold and sold fast prior to the crash. Now he wants to salvage what they did wrong by making it harder for their customers.
No wonder mortgage servicing is considered a profitable steady business. They made fees left and right on their customers’ misfortunes. With their mortgage origination business going down the drain fast, they probably are trying their best to squeeze out every penny from the servicing business.
