It was their fault for qualifying them in the first place. They could at least turn the tables and help them out by reducing the mortgage rate so they can make payments. Wouldn’t a steady stream of money coming in be better then not having any money coming in? The company is going bankrupt all because of GREED! They’d rather spit in their faces then turn around and lend a helping hand like they should be doing to keep afloat.
I don’t own a home or have a job and not even out of HS yet odysseus1959 It’s just a random question I wanted to ask while reading about the housing crises. So good for you, go float your ego down your gold plated sewer pipe.
Maybe people shouldn’t be stupid and buy things they can’t afford? Hmm. Countrywide is already screwed due to insolvency, how is it going to help other people’s insolvency??
It’s not like they made a lot of money giving loans to people who can’t pay them back…they LOST a LOT of money doing that. Where do you suggest they get the money to help the morons who borrowed from them in the first place? If you can’t spend your own income intelligently, why should retailers and banks and credit card companies help pay your bill?
With ?
How many defaults have 2 or 3 thin flat screens in them, bet its like 75%.
I don’t have one of them, but wait I paid my house off, not mortgaged 150 % of its value to buy lead covered baubles from China.
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Where should they send your check, after all NONE of its your fault.
Maybe people shouldn’t be stupid and buy things they can’t afford? Hmm. Countrywide is already screwed due to insolvency, how is it going to help other people’s insolvency??
It’s not like they made a lot of money giving loans to people who can’t pay them back…they LOST a LOT of money doing that. Where do you suggest they get the money to help the morons who borrowed from them in the first place? If you can’t spend your own income intelligently, why should retailers and banks and credit card companies help pay your bill?
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Because the President of Countrywide couldn’t become the highest paid AND worst CEO in the country by being ethical.
I learned this the hard way, during the S&L collapse, and it completely ruined my life.
I should have realized being a minority of one could never work after an informal chat with several managers. I voiced my concerns of stockholders having too little or improper involvement in the company and the middle manager said: "You’re pretty young. How much do you know about running a mortgage company?" and I said "Probably not enough. I’ve spent most of my time learning how we shouldn’t run a mortgage company."
There’s not much solace in I told you so.
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Sure, they were greedy. But, honestly, did the people taking out the loans really think they could come up with the money to make the higher payments. Did they not think about anything beyond the day they SIGNED all the paperwork?
I’m having a hard time feeling sorry for these people. I have purchased two different homes and I recently refinanced my current home. I READ all the paperwork before I signed it. I didn’t take on a payment I couldn’t afford. I took responsibility for MY OWN FINANCIAL DECISIONS.
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I don’t think that C/W actually loans the money out. But, even if they did, why would they invest in assets that are going to cost them money? I think some people need to go to the pokey, if you ask me.
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