Countrywide

[JacMac]

In a the Mortgage Fraud & Predatory Lending section of forum, why shouldn't Countrywide have it's own thread?

Apparently, they have been the leading lender in predatory lending, so says the people.

Just checkout Tim's story Courtesy of ConsumerAffairs.com (Thanks Faith):

"Tim of Concord CA (01/08/08)
Countrywide uses predatory lending practices to sell products which they know is not in the best interest of their client. Despite have outstanding credit of 787, they told me I did not qualify for a prime mortgage. They sold me what they said was the best possible loan, convincing me to take unsecured debt and roll it over to my house--explaining it would save me thousands each month because in a sub-prime loan the interest rate was low, and it would extend over 30 years. They never explained to me that the mortgage payment which was at that time affordable, would end up being 70% of my gross pay. Now if a payment is missed, I lose my home, not a just a negative mark on credit report. They took advantage of a first time home buyer/owner and promised me a refinance after a month or two which they later refused. My second mortgage with them is over 12% for $97,500. The first mortgage which was at $1790 went to $3700 and still will adjust up to $5400. I only bring home $5500 a month.

They never considered my ability to repay the loan they sold me. Their workout dept. is anything but. Their collection efforts violate every single fair collection act law, but they are so big there is no lawyer who will step up to the plate and fight for consumers. These people cost me my home, my credit, pretty much my life as I knew it. My situation is most likely past the point of saving, but if someone reading this has any pull with government or knows any attorneys who are willing to go up against a company of this size, I have documented all illegal collection tactics they have used as well as evidence they are using predatory lending practices. Countrywide needs to be held accountable. They destroy lives. I'm going to lose my job because I lay awake all night worried what to do. I'm a zombie all day long. Someone please step up and fight these people. They are not above the law, or at least they shouldn't be."

Well, I agree, Countrywide is NOT above the law.

According to Faith, and she's right, there's about 16 pages of complaints against Countrywide.

Why don't YOU add your complaint there? Just copy and paste your story here, THERE -- the more stories the better!!!!

(URL REMOVED ADVERTISING FOR ATTORNEYS AND OTHER SERVICES)
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. (URL REMOVED ADVERTISING FOR ATTORNEYS AND OTHER SERVICES)


But that's not all. Countrywide has a Mortage Fraud Division. Why not report Countrywide to themselves!!!!

(1) To confidentially or anonymously report any ethics concern, including concerns about questionable accounting or auditing matters, employees should contact the Ethics, Accounting and Auditing Helpline through one of the following methods:

By telephone, at 1-888-310-6761 (staffed 7 days per week, 24 hours per day)
By Weblink, at www.tnwinc.com/webreport
By U.S. mail, at Countrywide Ethics, Accounting and Auditing Helpline, c/o The Network, 333 Research Court, Norcross, GA 30092


(2) To report suspected criminal activity, employees should contact the Fraud Hotline through one of the following methods:

Phone: (877) CUFRAUD (877-283-7283)
Email: Fraud_Hotline@Countrywide.com
Fax: (805) 955-5888
Mail: Countrywide's Fraud Hotline, 1757 Tapo Canyon Road, Mail Stop SVW-469, Simi Valley, CA 93063



After all, Countrywide says themselves:

"Examples of suspicious activity that should be reported to the Fraud Hotline include:
Fraud (e.g. identity theft, mortgage loan fraud, check fraud, wire fraud or credit card fraud)
Insider abuse such as bribery, embezzlement, misuse of position or self-dealing
Money laundering
Violations of the Bank Secrecy Act
Computer intrusion"

Well, there you have it!!!!

Why even in their Business Code of Ethics they say:

Unfair Business Practices

"Countrywide's commitment to high ethical standards in its business practices with customers, business partners and competitors is reflected in our dedication to candid and forthright communications about our products and services. Unfair and deceptive business practices (e.g., the misuse of proprietary information or the misrepresentation of material facts) are strictly prohibited. Countrywide will engage in responsible lending and other business practices and treat all customers fairly, without regard to gender, race, color, religion, national origin, ancestry, pregnancy, age, marital status, sexual orientation, or physical or mental disability."

So why not make Countrywide put their MONEY where their mouth is????

[Moe Bedard]

I agree Sabine!