CountryWide Exposed
The Motley Fool has written regarding the many transgressions of easy finance lender CountryWide, with the following:
Among the reported transgressions: keeping borrower cash holdings out of the subprime system software in order to bias the sales pitch toward pricier loans. Charging exorbitant document delivery fees. Oh, and something the IRS might like to look into: Refusing to send contract loan writers 1099 forms.
With such taking place, it seems like no surprise that lenders such as CountryWide are now finding their greed to have failed them in their business.
One thing borrowers may wish to consider, is carefully documenting all ’shady’ practices observed when receiving their first or second mortgage loans, so as to protect themselves should they every find a problem with the loan they receive.
Sadly, lenders such as CountryWide seem to have sacrificed honest business practices in an effort to increase profits. One would certainly hope that punishment, rather than a bailout becomes their reward for such action.
Consumers on the other hand, will hopefully learn from the risks found in lending, and be wiser the next time they deal with a lender.
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