Folks...this is HUGE!
Bankruptcy Court Approves Review of Countrywide
There has been quite a bit of press concerning Countrywide's apparently abusive and illegal practices related to it's customers. Now the Bankruptcy Court is getting involved after repeated inconsistencies between the amount Countrywide says folks owe on their loans (with nasty fees for supposedly late payments and legal fees to collect those payments) versus what Countrywide was able to prove or adequately document.
Countrywide is right about one thing, this action is going to continue to shed light on a company that was a criminal enterprise on par with Enron. I hope BofA is getting it's money's worth.
There has been quite a bit of press concerning Countrywide's apparently abusive and illegal practices related to it's customers. Now the Bankruptcy Court is getting involved after repeated inconsistencies between the amount Countrywide says folks owe on their loans (with nasty fees for supposedly late payments and legal fees to collect those payments) versus what Countrywide was able to prove or adequately document.
Countrywide is right about one thing, this action is going to continue to shed light on a company that was a criminal enterprise on par with Enron. I hope BofA is getting it's money's worth.