“Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn’t a hope of paying back. The New York Times‘ Gretchen Morgenson called Countrywide, “Exhibit A for the lax and, until recently, highly lucrative lending that has turned a once-hot business ice cold and has touched off a housing crisis of historic proportions.”
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Whistle Blower Reveals That Mortgage Fraud is Rampant in the USA
Wow, first Wells Fargo and now this. Is every big mortgage company out to prey on people who can barely afford houses? If this kind of thing continues, we’re never going to see a true recovery in the housing market. No wonder rates are so low, yet we’re seeing few people actually buying.