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01-10-2008, 04:57 PM
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Real Estate Agent
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Join Date: Aug 2007
Location: Waldorf
243 posts, read 295,606 times
Reputation: 72
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Countrywide, You Got Some Splainin' To Do!
Here's a good one, the whole story is just completely absurd! You know if an individual were to do this, they would be in jail for fraud!
Link to original blog story
Quote:
Oh boy.... I just ran across a doozy of an article that's DEFINITELY made my list of loony real estate news! According to the NY Times, the lender has admitted to "recreating" letters to a Pennsylvania homeowner involved in a bankruptcy case.
What exactly does that mean? Well it means that Countrywide submitted letters to the court as evidence that they had notified the owner about some extra charges she owed after she was deemed to be current on her mortgage.... over $4,000 in extra charges and late fees. She claims she was never notified and that this should have been mentioned prior to the bankruptcy being dismissed.
Countrywide handed over letters they claim they sent to the bankruptcy judge. Her lawyer's address was incorrect though. It seems he recently moved, and the address on the letters was the new one, not the address he was at when the letters would have been sent out. Oops....
So Countrywide has some serious egg on their face, and they admit that the letters were "recreations" submitted as examples, not copies of the original letters.
Whose fault is it? That's for the court to figure out, but this is yet another blow to Countrywide's already tattered reputation. The LA Times reports that they(Countrywide) are teetering on the brink of bankruptcy, and their stock has plummeted as a result. The lender claims that they are not at risk of bankruptcy right now, so it looks to be a game of "wait and see" for right now.
Anyone out there have any further insight on this one?
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01-10-2008, 05:23 PM
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1st Amendment, RIP!
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Join Date: Jul 2007
Location: Tucson
21,897 posts, read 13,057,889 times
Reputation: 7476
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Quote:
Originally Posted by TeamBenya
Here's a good one, the whole story is just completely absurd! You know if an individual were to do this, they would be in jail for fraud!
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I was so happy to find out today my bank is acquiring such a gem...   |
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01-10-2008, 05:29 PM
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Real Estate Agent
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Join Date: Aug 2007
Location: Waldorf
243 posts, read 295,606 times
Reputation: 72
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I'm curious as to how that's going to work. Is countrywide paying BoA for the chance to be saved, or does BoA really think that there is asset value in acquiring a lump of coal like this??
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01-10-2008, 08:17 PM
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1st Amendment, RIP!
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Join Date: Jul 2007
Location: Tucson
21,897 posts, read 13,057,889 times
Reputation: 7476
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Quote:
Originally Posted by TeamBenya
I'm curious as to how that's going to work. Is countrywide paying BoA for the chance to be saved, or does BoA really think that there is asset value in acquiring a lump of coal like this??
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Neither. Just the SYSTEM is working as it sees it fit. |
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