Countrywide Had a VIP Program
Posted By admin on August 19, 2009
Thank you for revisiting you can still subscribe to my RSS feed. As Always Thank You for visiting!
Countrywide has a VIP program. The debunked, Countrywide, who has since been purchased by Bank of America makes available to certain individuals a reduced interest rate. The individual must be a congressman, and was known inside Countrywide as the “Friends of Angelo”. The program was named this due to Chief Executive Angelo Mozilo alleged involved in the loan processing. The program was in operation in 2003 and offered to congressmen 4.5% to 4.625% loans when loans to average Americans were 4.7% to 5.3%.
The individuals in Congress who took advantage of this loan claim not to know anything about their favorable treatment in accruing the loan.
I find it highly unlikely that the congressmen did not know when some of them took out more than one loan from Countrywide during this period of time.
The overall impact to Countrywide success or failure is unknown, but the realization that the company was doing unscrupulous practices is clear.
The investigation of the allegation against Countrywide is now the troubles of Bank of America who declined to comment.
It will be interesting to see how these new allegations will play out to Bank of America receipt of future bailout monies.
Taylor-Brown's Related Post s' Related Posts - It Is A Good Time to Refinance Good News in This Economy According to CNNMoney.com's article http://moneyfeatures.blogs.money.cnn.com/2009/02/13/how-to-score-a-low-rate-loan/ it is a great time to refinance. With the falling interest rate, you can save thousands on your mortgage. Caution on Your Refinance The article goes on to caution the consumer that because everyone is trying to refinance at the lower......
- Your Credit and the Home Equity Line of Credit If you are like most homeowners you have considered using a home equity line of credit to get out of debt with high interest rate credit cards. There are at rate credit cards. There are at least two schools of thought to consider if you want to get a home......
- Seniors Do You Need More Money Consider A Reverse Mortgage The Facts About a Reverse Mortgage 1. What is a reverse mortgage? A reverse mortgage allows homeowners who are 62 years of age and older to utilize their equity as income. By the way, equity is the difference between how much you owe on your home and the appraised value......
- What Does Variable Interest Rate Mean? The variable interest rate is adjustable. It allows the consumer to take advantage of the current economic conditions and pay a lower rate of interest on the loan; however if the economic conditions change the rate may interest. The interest rate for a variable interest loan can be effect by......
- Beware of the Due on Sale Clause Recently, I found an article, http://realestate.bryanellis.com/25/land-trusts-misunderstood-misapplied/, that a homeowner/investor needs to be aware of if the homeowner/investor is planning to lease option or do a contract for deed on his or her property. The due on sale clause is a clause that precludes a homeowner/investor from allowing a buyer/leasee to......
- Sometimes Saving Hurts! Declining Interest Rates Shouldn't Lead to Rate Chasing This post was inspired by a post titled, âFNBO Direct Will Drop its Interest Rate to 1.9% APY, Considering SmartyPig...
- The Many Flavors of Loans Money can be lent to those in need, at a reasonable rate, from a pool of money that comes from...
- When Will Interest Rates Go Up Again? The Federal Reserve will currently loan to banks for the low low rate or 0.25%. This is known as the...
- Interest Rates & Forex Trading Develop your own forex trading system.What are the factors that influence the market sentiment? Interest rates play a major role...
- High Yield Savings Accounts - An Alternative to Stocks and Bonds High yield savings accounts may be on your mind right now, as you watch the stock market float up and...












Comments
Leave a Reply