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Countrywide Subpoenaed by Illinois

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moh malekpour

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Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
Countrywide Subpoenaed by Illinois
The Illinois attorney general is investigating the home loan unit of Countrywide Financial as part of the state’s expanding inquiry into dubious lending practices that have trapped borrowers in high-cost mortgages they can no longer afford.

Lisa Madigan, the attorney general, has subpoenaed documents from Countrywide relating to its loan origination practices, a person briefed on the matter said. Rick Simon, a Countrywide spokesman, said the company was cooperating with the investigation but declined to comment further.

The inquiry follows an investigation by Ms. Madigan’s office into One Source Mortgage, a Chicago mortgage broker that recently closed its doors. Ms. Madigan sued One Source on Nov. 27, contending that the company misled borrowers by promising low rates on mortgages without advising them that their payments would jump sharply shortly after the loans were made. Countrywide was One Source’s primary lender, according to the lawsuit.

Countrywide, the nation’s largest mortgage lender and loan servicer, is coming under increased scrutiny as the home loan crisis deepens. In addition to the Illinois investigation, the company is also fielding inquiries from the Securities and Exchange Commission about significant stock trades made by Angelo R. Mozilo, the chief executive, before Countrywide’s stock plummeted this year.

The United States trustee, which oversees the bankruptcy court system, is investigating Countrywide’s actions in two cases involving borrowers in South Florida whose loans were serviced by the company. The trustee is trying to determine if the company’s conduct in those cases represents abuses of the bankruptcy system.
 

Karl

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Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
It's great to see good news.
 

Austin

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Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
The worse offender I ever ran into was Superior Mortgage Comapny and I believe they were from Ill. Any one know if they are still around? I did one for them and they had verbally agreed to make a $20,000 cash out refi on a house valued at $45,000 based on an appraisal need of $75,000. Old Jennifer called me up mad as hell and demanded I give the appraisal fee back, I came in $25,000 low, because the housband was out of work and they had to borrow the appraisal fee from their family. And they were approved for the refi with $20,000 cash out. They purchased the dump about 3 years ago for $45,000. Jennifer said I was as bad as some blood sucking lawyer because I didn't stop when I couldn't make value and call it off at no fee.
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Mortgage brokers lied to borrowers???!!!! Gasp, shock. The news is when a MB tells the truth. I wouldn't trust a MB to give me the right time. Of course they are going after CW for the actions of the broker.
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
The worse offender I ever ran into was Superior Mortgage Comapny and I believe they were from Ill. Any one know if they are still around? I did one for them and they had verbally agreed to make a $20,000 cash out refi on a house valued at $45,000 based on an appraisal need of $75,000. Old Jennifer called me up mad as hell and demanded I give the appraisal fee back, I came in $25,000 low, because the housband was out of work and they had to borrow the appraisal fee from their family. And they were approved for the refi with $20,000 cash out. They purchased the dump about 3 years ago for $45,000. Jennifer said I was as bad as some blood sucking lawyer because I didn't stop when I couldn't make value and call it off at no fee.

Thats right you should be ashamed of yourself :laugh: , you didn't leave any Blood left for them:new_bat_angel: ,. And afterall without the $20,000 cashout how were they to pay the lender their $10,000 fee?
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Re

CFC seems to be quite talented;
@ attracting a diversity of lawsuits/investigations .
 
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