"Countrywide" Goes the Way of "Blackwater"

Submitted by Diane Farsetta on

Countrywide Financial, the company infamous for its role in the subprime mortgage crisis, is now called "Bank of America Home Loans." Bank of America, which purchased Countrywide in July 2008, is using the name change "to separate itself from Countrywide's reputation," reports the Wall Street Journal. "The company hopes the new brand will simplify its relationship with customers while also emphasizing that Bank of America is a 'responsible lender' and 'accountable' for sustained homeownership." Bank of America is also trying "to showcase its contributions to an economic recovery after receiving $45 billion in U.S. aid." Ironically, "new mortgage applications" are "one of the few bright spots in banking right now," since the collapsing economy had led to low interest rates. Bank of America "plans to hire about 1,000 people" for its newly-renamed mortgage unit, "and move 500 employees to mortgage processing from home-equity processing."

Main Source: 
Wall Street Journal (sub req'd), February 18, 2009
Topics: 
Issue Management
Corporations
Politics

Comments

Anonymous replied on

Yeah, right. Tell that to the Countrywide and B of A customers who know the TRUTH.

Anonymous replied on

This is still just a joke. 45 billion dollars of the taxpayers money! Tell me what are we getting besides screwed for this money? How about really looking closely at these mortgages and use the money to actually help our fellow Americans rather then line the pockets of management! Show me the money people remember that phrase? BOA is a awfui bank look at their financials and dig deep into salaries. Who was it that said " I will survive " oh yeah Gloria Gaynor.

Piggybankblog replied on

Listen, Countrywide and Bank of Destroying The American Dream might have already been paid back by several for loans from unidentified investors, multiple times, and by credit default swaps and insurance. It is a potential insurance fraud! Then they want the homeowner to pay them again! The simple fact is that our loans might have been concurrently sold into multiple Trusts at the same time, which would be equivalent to selling the same car over and over to several different people using a COPY of the pink slip or Title of the car. IT IS ILLEAGAL!
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Nevertheless, If there is a break in the chain of title: “An obligor is not obliged to pay the instrument if the person seeking enforcement of the instrument does not have rights of a holder in due course and the obligor proves that the instrument is a lost or stolen instrument.” - U.C.C. provision, U.C.C. §3-305(c)
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These bankers attitude reminds me of that song by George Harrison named “Piggies”.
http://www.youtube.com/watch?v=ovD9rTzs2q4&feature=player_embedded
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Look, I am not looking for a free house. I am looking for a free country! These banks should be held accountable by the homeowner according to the laws of our land. This is why everyone should have a Title and Securitization Search done. - http://piggybankblog.com/2011/12/30/break-in-chain-of-title/
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Join me in my fight America! Because divided we might have fell! But United We Must Stand!
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My name is John Wright AND I AM FIGHTING BACK!
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Read John’s Daily Blog at Piggybankblog.com on how to join this fight!
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John Wright
Piggybankblog.com