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Old 03-20-2009, 04:21 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 15,068,168 times
Reputation: 6383

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No, it's not an article on the Onion. Seems like it should be, though.

AIG unit sues Countrywide over loan losses - Yahoo! Finance (http://finance.yahoo.com/news/AIG-unit-sues-Countrywide-apf-14697077.html - broken link)
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Old 03-20-2009, 04:30 AM
 
1,020 posts, read 2,414,295 times
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I think there really is an award for "biggest douche in the universe" and that AIG is competing very hard to get it.
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Old 03-20-2009, 04:59 PM
 
79,892 posts, read 38,395,140 times
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Quote:
Originally Posted by runningncircles1 View Post
I think there really is an award for "biggest douche in the universe" and that AIG is competing very hard to get it.
Countrywide did cause a lot of problems. Fannie Mae bought Countrywide's 'Fast and Easy' loans with the full understanding that the documentation on only a 'sampling' of the loans would ever be verified, though they seemed to be comfortable with that given the fact that they granted Countrywide 'best lender' status.

"Underwriting Standards
Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs.
When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs."
Case Study Countrywide Home Loans, Inc.

"Some of the problems are surfacing in a mortgage program called "Fast and Easy," in which borrowers were asked to provide little or no documentation of their finances, according to these people and to former Countrywide employees. Both Countrywide and Fannie Mae, the government-sponsored company that bought many of the loans, classify the loans as "prime," meaning low-risk."

(Those would be the infamous 'no doc' liar loans.)

"...A Fannie spokesman agreed that the verification of employment wasn't required on all loans, but added that Countrywide was expected to verify employment details on a "sampling" of loans. The Countrywide spokesman said his company fulfilled that obligation."
Countrywide Loss Focuses Attention on Underwriting - WSJ.com
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Old 03-21-2009, 11:53 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 15,068,168 times
Reputation: 6383
There's gonna be a lot of popcorn eaten during this one.....
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Old 03-22-2009, 04:28 AM
 
12,867 posts, read 14,175,355 times
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gee, i wonder who is going to be paying the bill for this lawsuit?
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Old 03-22-2009, 05:25 AM
 
1,020 posts, read 2,414,295 times
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Quote:
Countrywide did cause a lot of problems. Fannie Mae bought Countrywide's 'Fast and Easy' loans with the full understanding that the documentation on only a 'sampling' of the loans would ever be verified, though they seemed to be comfortable with that given the fact that they granted Countrywide 'best lender' status.
I know, I know. I'm just saying it's like the calling the kettle black. And then stealing (w/ borrowed money) 185 billion and using 165 million to reward said negligence.
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Old 03-22-2009, 05:44 AM
 
Location: If liars pants really did catch on fire, watching the news would be a lot more fun.
2,323 posts, read 5,939,187 times
Reputation: 4468
The best defense is a good offense. If you want to divert attention from yourself then get loud and get on somebody elses sh*t.

Last edited by Cecilia_Rose; 03-22-2009 at 05:49 AM.. Reason: I learned this from my Huz. Seems this is commom in Football and other sports. :D
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Old 03-22-2009, 04:49 PM
 
Location: Charlotte, NC
2,193 posts, read 4,814,257 times
Reputation: 1075
Quote:
Originally Posted by runningncircles1 View Post
I know, I know. I'm just saying it's like the calling the kettle black. And then stealing (w/ borrowed money) 185 billion and using 165 million to reward said negligence.
Forget about the bonuses, what about the money taht went to the counterparties for the CDSs!! That's the real outrage that's being covered up.

Michael Hudson: The Real AIG Conspiracy
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