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Countrywide / Cleveland / Activists & Plastic Sharks

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Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
If it helps a few people, I guess it's a small step.
The sharks are a little over the top. :leeann2:
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
"Are those your sharks!?"
"No... I've had my tubes tied."
:rof:
 

Steve Metz

Member
Joined
Jun 1, 2005
Professional Status
Licensed Appraiser
State
Georgia
Total waste of time on the activists part. They need to donate to state and federal legislatures lobby them. Then compile examples of Countrywides fraud and take Countrywide to court or have criminal fraud charges made against Country wide executives. I do not think it would be hard to find a fraudulent appraisal that was ordered by Countrywide.

Yelling picket signs and other sillyness is a total waste of time. Money votes and influence are where it's at.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Why should should people who took out loans that they cannot afford get bailed out? They borrowed the money, they signed a promisory note to pay it back and they agreed to mortgage the house as collateral for the loan. Unless someone had a gun pointed at their head when they signed the loan papers, it is the borrowers own fault that they took out loans that they cannot pay back. People need to take responsibility for their own actions. This is typical socialist nonsense.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Yeah Tim, Countrywide is an innocent babe in the woods.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Another useless do gooder after the fact rabble rousers. Teach your community members how to use credit wisely, nah that's too easy.:new_2gunsfiring_v1:
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
Why should should people who took out loans that they cannot afford get bailed out? They borrowed the money, they signed a promisory note to pay it back and they agreed to mortgage the house as collateral for the loan. Unless someone had a gun pointed at their head when they signed the loan papers, it is the borrowers own fault that they took out loans that they cannot pay back. People need to take responsibility for their own actions. This is typical socialist nonsense.

Do you honestly believe that every person facing foreclosure today made poor choices? Look at the scale of it. It's ruined the real estate industry for the foreseeable future and in its wake the credit industry as well. Are you honestly saying that everyone of those people that are in those positions have made "bad" choices because they're idiots or wanted to defraud the system? Do you believe only the system can be defrauded and not the consumer?

There is more going on in the lending industry than stupid clients. Predatory lending practices encompass a wide spectrum of tactics from targeting persons with little or no education, targeting people already in weak financial conditions, preying on people in need, implementing policies that limit a home owner's ability to pay off a loan early, punishing penalty fees, high interest rates to begin with to outright fraud and lying.

The predatory tactics in the lending industry are/were so wide spread that poor choices are all that a lot of people were offered with the company rep. behind the desk telling these people that these were the good choices no matter which company they went to.

I personally know people that have been in the mortgage business for most of their adult lives. These are honest upright people. And time and time again they were fired from their positions because they would not "trap" people into predatory loans or try to convince potential borrowers that the bad financial decisions were the good decisions because these were the most profitable packages for the company selling them. And while most of these companies did not directly tell their LO's or MB's to use such tactics, the writing was clear on the wall because of the very high bars of achievement that were set and required. But in some, few cases mortgage companies actively instructed their LO's and MB's to use these tactics or else.

Do you honestly believe that we, the appraisers, are the only group where honest practices equate to lower potential earnings and loss of business? That we are the only group where the dishonest are rewarded, sought after and coveted?

The only reason companies like CW are willing to work with ESOP is because the annoyance of such organizations have intersected with CW's knowledge of their own tactics and possible liabilities.

It would be a much simpler world if such situations were as simple as good and bad choices. Unfortunately, it is not. While some borrowers really did get themselves in over their heads through poor choices not all of them were given the information with which to make a choice, good or bad.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
.

It would be a much simpler world if such situations were as simple as good and bad choices. Unfortunately, it is not. While some borrowers really did get themselves in over their heads through poor choices not all of them were given the information with which to make a choice, good or bad.

If someone is waiting to be given the information they need... well you're seeing the results of that type of due diligence.:fiddle:
 
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