Now what?! ~did he steal a lot of id's or just yours?
~our mortgage, done locally, was sold within a few months to Countrywide also.
I don't think it's something a consumer should have no voice in - it's not like I sold a car to the mortgage company who then sold it to someone else; it's an ongoing business relationship; kind of like going into business partnership with someone who ducks out and says "Hey! I'm not doing this anymore but I brought in this buddy of mine to replace me, I'm sure you'll like him just fine! Hasta la vista!" and then buddy starts screwing up everything but you can't get rid of him without a big hassle.
ah, well, you don't have any voice in it. It is a fundamental aspect of commercial paper law that loans and other commercial paper can be sold. Indeed, if they couldn't be sold, it would be much harder to get loans.
The problem is not that it can be sold. The problem is that Countrywide sucks.
And another problem is that the bad mortgages were being underwritten by brokers who would never hold the loans and therefore never suffer any consequence if the loan went bad. These underrwriters had no incentive to screen out bad borrowers, quite unlike the traditional banks and lenders who were usually very careful in making loans. The selling of loans by people with no accountability was out of control. But until recently, this had never been a problem.
Positive? Please no. Rant and complain more until you get it all out of your system. And then bitch some more. This is LJ and I do know something of your genetics after all. I expect nothing less.
Ah yes, Countrywide... I worked, briefly, for Interfirst (part of AbnAmro- who also owned Standard Federal and LaSalle banks) and what we did was verify mortgage information on mortgages purchased. Countrywide mortgages were *always* scrutinized because some of the information would be fudged, a little...
So now you have the fun of reporting this to the credit bureaus, huh?
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Now what?! ~did he steal a lot of id's or just yours?
~our mortgage, done locally, was sold within a few months to Countrywide also.
I don't think it's something a consumer should have no voice in - it's not like I sold a car to the mortgage company who then sold it to someone else; it's an ongoing business relationship; kind of like going into business partnership with someone who ducks out and says "Hey! I'm not doing this anymore but I brought in this buddy of mine to replace me, I'm sure you'll like him just fine! Hasta la vista!" and then buddy starts screwing up everything but you can't get rid of him without a big hassle.
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The problem is not that it can be sold. The problem is that Countrywide sucks.
And another problem is that the bad mortgages were being underwritten by brokers who would never hold the loans and therefore never suffer any consequence if the loan went bad. These underrwriters had no incentive to screen out bad borrowers, quite unlike the traditional banks and lenders who were usually very careful in making loans. The selling of loans by people with no accountability was out of control. But until recently, this had never been a problem.
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Tomorrow, I will try to post something positive.
But only if I can rant about it.
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So now you have the fun of reporting this to the credit bureaus, huh?
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