Countrywide Mortgage was among the worst of the actors in the Great American Mortgage Scam. Countrywide was one of the first to be taken down when Attorneys General from 13 states, after finding the company engaged in grossly abusive practices against consumers, entered into the first weak and ineffective settlement with consumers. The AGs found that hundreds of thousands of consumers got screwed by Countrywide and set up a program where consumers who got screwed were supposed to be able to modify their mortgages. Who knows exactly how many got modified but my instincts tell me not very many.
The Fat Cat board of directors of Countrywide walks away and no one is made to pay….except the American people. Bank of America bought most of the Countrywide assets. (At least that’s what has been reported. And if so, why do we see other banks like Bank of New York filing foreclosures?) Anyway, Bank of America, using our money, has been spending probably millions of dollars to defend Angelo Mozillo, the former Chairman of Countrywide mortgage….and yesterday it was announced that Mozilllo will walk away with a measly little fine.
It’s a totally corrupt country we live in.