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    • Fri Jun 27th 21:42 PM
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      Countrywide: California Piles On
      It never ceases to amze me, the one sided arguments that pro countrywide people offer. Lending institutions have always been one of the more cautious of all american business as a whole. The consumer has been taught that lenders and their agents are trained individuals that are suppose to know more than the consumer. The investors, those who will buy the notes on the secondary market, also have trusted in a long historical perspective of good, prudent and reasonable risk management by lenders. There is no way any reasonable person can set back and say that we made a small error that needs correcting. No, a mistake of historical proportions has occurred because lenders like countrywide did proceed with practices and policies that were neither ethical or reasonable---all for market share. If it was a little mistake, o.k. we had some rogues, but this is of a proportion that has negatively effected the entire world. Mozillio is the spear head as his speech in 2004 gave us the first hint of what was about to happen. Being an appraiser, Countrywide began almost immediately after with unethical, preditory lending influence that caused me to remove my name from their list. It was so bad that any reasonable person would not operate under those practices. Yes there were many that would and that is why we are here today. But one thing is for certain, Mozillo had the power to lead the industry what ever direction he wanted. Unfortunately he went the most damaging, greedy way he could have. There was plenty of business out there but he wanted it all and he got it----and we the world got it too.
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