Countrywide.... deceptive practices???

Now I'm in shock, absolute shock.

Geez, our home loan is with Countrywide. Does anyone else use them? What should we do, if anything?   

My grandson`s sister had a friend who`s neighbor`s dad had a loan through CW, His cousin worked in the realestate business for 20 yrs and said don`t do anything, All real estate people are honest and trustworthy

Eat poop, maggiepoop

Wesleymommy-here ya go.....click the link, I couldn't get the picture to pop up.  

<a href="http://photobucket.com/imag... target="_blank"><img src="http://i128.photobucket.com...>

WMOM, you don't have to do anything.  Your payment may be to another bank soon but just keep making your payment.  I'm not an expert but I do watch FOX news.

Preditory loans take more than 1 person to get them through...1 the lender 2 the purchaser.. the lender can be a snake in the grass but that doesn`t take half the blame away from the person who signed on the dotted line,,, if you didn`t read the papers or understand them, you were a fool and no one to blame but yourself,,, Are you worried about what you didn`t read or understand ?

LOL, Michele!! You know, sometimes it would be nice to be able to fling poo at people!

Fox entertainment and Parade magazine are excellent reference material for you, you can`t go wrong with that knowledge

No maggiepoop. I bought my house when I was only 20 yrs old and I understood everything I signed. I have well over $100,000 equity so I don't believe anyone could call me foolish. By the way, how much did you pay for your cardboard box that you live in under the N. Chester Bridge?

Good sources but I will still use my trusted real estate agent who assures me the market has turned around.

Denial , B Village style, Dueling Banjos.

I stated if you didn`t read the documents then you were a fool, you say you did , therefor not a fool..You should be very proud of your stated equity and your grasp of the market and also of your current research into the factors and news of what is happening to your asset, If this is the first you have heard of this ( I posted info and links 6 months ago) crisis and the collapse of the housing market , I feel you really need some expert advice ( not a agent) and I think you`ll be amazed that the 100k is probably sitting 20-30% over what the real value of your unit is nowdays and dropping every day.

No offense Maggie, but I usually don't read your posts, so I didn't see your breaking story about Countrywide. I have heard of the "collapsing housing market" but this is the first I've heard about Countrywide being sued. I also recently heard that they were giving "extra good" deals to a few rich people in Congress/Senate? My husband and I were already planning on meeting with a financial planner so I will be getting expert advice.

You're right Wesleysmommy, Countrywide did do favors for political and rich people. Meet with a financial planner, but unless your interest rate is high, stick to what you have. A few years back, I took the initiative to do a no cash out refi on my home, at a 4.75 fixed rate, for 10 years. Guess what? It's almost paid for now and I have a ton of equity. I did the same on my rental home, but for a 15 year term.

Thanks Bakonative! Our interest rate is a 5.9% fixed 30 year loan so I don't want to change it if I don't have to. Sounds like you have done really well on your properties. That's awesome!

I've heard Countrywide also practiced the classic bait and switch... verbally say the loan has a fixed rate when in fact it was an ARM with only an initial (short) fixed rate period. Once the borrower discovered such at the closing table, they would be told to sign or lose the home. Then various psychological techniques could be employed to convince them that losing the home would be the worse thing ever and that the ARM really wasn't that bad, just to get them to sign.