Countrywide Loans Review
Countrywide Loans are the biggest mortgage lender and yet they are under serious scrutiny. Countrywide Loans are rumored to be under investigation on stock sales and on the verge of collapse.
Countrywide Loans are owned by parent company Countrywide Financial Corporation, a NYSE traded company under the symbol CFC. The mortgage division consisting of Countrywide Home Loans and Full Spectrum Lending, their subprime lending arm, which makes up to almost 70% of the revenue for the company.
So the subprime meltdown has and will continue to hammer Countrywide Loans.
From 1982 to 2003, their stock returned a staggering 23,000% return for those smart enough to own it. This unbelievable return beating Wal-Mart and the famed Warren Buffett’s Berkshire Hathaway.
We have never sold loans directly to Countrywide Loans due to a long standing rule of only giving business to the best priced mortgage wholesalers…and cheap they aren’t.
Of course, that could explain the 23,000% investor return.
Maybe Countrywide Loans cares more about profits enriching their stockholders than they do about giving their customers better rates!
From a consumer standpoint, I’d never recommend going straight to Countrywide Loans for a mortgage as they operate as a bank. And as we learned, banks never have to disclose the extra profit they make by upping your rate.
With that market advantage, Countrywide Loans will never close loans with the lowest rates. After all, they need a higher profit margin to pay for all those TV commercials!
And that’s no joke!
Avoid banks when shopping for a mortgage for these and other reasons. Learn how with The Mortgage Advantage system.
Good Luck!
Author: Rob K. Blake
Published January 10, 2008
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Angela,
Buy the house if the price is right,just don’t get the mortgage through them…
RKB
May 19th, 2008 at 5:38 pmHi
May 18th, 2008 at 7:42 amMy husband and I are interested in a house that Country Wide owns. It is priced right what should we do so we make sure we do not get screwed. We will be meeting or speaking with a Country Wide rep this week.
Thank you,
Angela Meyer
Countrywide Mortgage is the “least of nothing” within the mortgage industry. They are incompetent, incapable to complete anything. Their employees are intensively trained on tactful skills and methods to manipulate the public, and their customers. They would literally “ride rough shod” over their own mother to accomplish their goals, which is to deliberately, with premeditation, avoid telling the truth, shirk, invalidate, and shun their customers, and therefore avoid any questions put to them, or try to solve any problems or situations, that is not in the CW best interest . The deliberately confuse matters, with disorder, mismanagement, incompetence, “juggle” the truth for their advantage, benefits, and profits.
From my experience, when trying to negotiate anything with them, or find answers that would be helpful–you are constantly switched, diverted from one person to another, never speaking to the same person, “desk’ or department–total confusion, disorder, and disarray, no organization–they purposefully “muddle” things–hoping you will become confuses, exhausted, and perplexed enough to ” let it go”.
While tying to obtain a supposedly “workout program’, (the name changes several times), to try to save our home from foreclosure, I accumulated, and documented, a list of names, phone numbers, extensions, department, financial “work outs”, which would be changed when talking to the next person. NOTHING could get completed–incapable of completing anything. It was not uncommon to be “put on hold” for up to an hour to two hours.,
I would set my phone on “speaker” and go about my business, until someone finally pick up–but never got a person directly –always leave a message, and very seldom a call back.
In the final days before our home went to”the court house steps”, the foreclosure attorney let us know that we could keep our home from the sale, if we could get a certain amount of money to their office, by a certain day and time, but CW would have to be in the circle of this process –so I began to call every number at CW that I had acquired over the months, BEGGING the to contact me or the attorney, and letting them know the urgency involved
in the process to save our home–days passed, and they never called–until the evening before our home was to be sold at the court house–if they had just taken two minutes to call the attorney, our home could have been saved.
But they just did not care –I truly BEGGED them time after time –leaving message after message– then the call came too late–after business hours-The door was closed.
The disposition of the person that did call, was without respect, no respect or regard for what had just happened, belittling, and poor attitude–did not care that the call was too late, and made it clear “that’s just too bad”.
I hear that the CEO is retiring –with all his millions, and his 5 or 6 homes as the news report went–” and none of his homes are in foreclosure”.
Country Wide has destroyed the American Dream, destroyed families, and their hopes–it is unforgivable the destruction they have contributed to, because of greed, non caring, mismanagement, premeditated neglect, and absolutely no respect for other human beings.
They are worse than liars, worse than thieves, they are thieves, not only stealing homes, destroying families, but stealing the souls and spirit of the people, that they refused to listen to, so greedy that human life did not matter to them. I hope their name will be abolished from use, because all it stands for, and represents is filth.
March 10th, 2008 at 12:19 amLeave a Comment