Countrywide Execs Still Profiting Off Of Their Bad Loans

March 4, 2009

US (ChattahBox) – Not only are former Countrywide execs back in business, but they are making money off of the current housing crisis, they helped create .

Countrywide is one of the companies widely criticized as being partially responsible for the economic crisis, as they lent out millions of bad loans to Americans, knowing that they would be unable to maintain them.

But despite this, and despite being forced from their positions, they are back and making more then ever, as a part of the young PennyMac. Stanford L. Kurland (shown), former company head, has raised millions to finance the company, as well as thrown in some of his own money, and it is paying dividends. All they have needed to do is buy up those seized mortgages the government took over, and they are sailing free, while hardly spending a dime of the original mortgage’s worth.

β€œIt is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it,” Margot Saunders of the National Consumer Law Center commented to the NY Times.

She is not the only one to feel that way, although reviews on this situation have been mixed, after it became clear that PennyMac would allow some Americans to cut their interest rates, and keep their homes.


Comments

2 Responses to “Countrywide Execs Still Profiting Off Of Their Bad Loans”

  1. Mike from NYC on March 4th, 2009 12:17 pm

    How shocking that those who helped create the mess we are in are now reaping the benefits from the results of their disastrous policies at the taxpayers expense. How utterly shocking and surprising. Capitalism at its best!!!

  2. vs on March 4th, 2009 12:31 pm

    Looks like a familiar rip off artist I worked for is at it again. I would not sign ANYTHING this bast___ put in front of me. He and his cronies should be in the business of buying insurance policies (at a deep discount) of cancer or HIV patients. This is the perfect business of such scumbags. I wish the worst for these mafia type thieves … may they all rot in hell!!

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