Inside the Countrywide Lending Spree
Great story at the New York Times
Countrywide Financial systematically led people to high-cost mortgages that were not suited for them, some former employees say.
“But providing “the best loan possible” to customers wasn’t always the bank’s main goal, say some former employees. Instead, potential borrowers were often led to high-cost and sometimes unfavorable loans that resulted in richer commissions for Countrywide’s smooth-talking sales force, outsize fees to company affiliates providing services on the loans, and a roaring stock price that made Countrywide executives among the highest paid in America.”, reads the article.
Surprise, surprise! The main interest of the banks is to charge their customers the higher interest possible in any given market. Nothing new there. What is amazing, is that now the press is paying so much attention to this issue and creating a new blame game. Where were the voices of reason a year and a half ago, when the working and middle classes where getting ready to provide the banks with their homes in the largest land-grabbing scheme since the XIX Century?
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