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Tags: *grouphostredatorylending*  
  Blog: Senator Asks Countrywide to Stop Bad Lending 


U.S. Senator Charles Schumer asked Countrywide Financial Corp. to lower interest rates, stop steering homeowners towards risky loans, and to waive prepayment penalties as a means to help homeowners refinance.

“Today I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” Schumer said.”

Schumer asked the nation’s largest lender to stop charging “above-market fees” that he felt took advantage of unknowing borrowers.

He also felt Countrywide was pushing brokers to put homeowners into risky loan programs by offering higher associated commissions.

“Startling reports have shed light on how Countrywide has led the industry in the practice of steering borrowers into risky subprime loans,” said Schumer.

Additionally, Schumer wants Countrywide to waive prepayment penalties, which restrict homeowners from refinancing or selling their homes in a given time period.

It’s quite common for a loan to have a prepayment period of 3-5 years, which prevents a homeowner from refinancing or selling without being hit with a hefty fee.

The typical prepayment penalty is 80% of six months interest, which often adds up to a significantly large sum.

Though it should be noted that prepays typically allow homeowners to secure lower interest rates, and homeowners should be aware of the implications upon signing loan documents.

Posted: Sep 5, 2007 5:32am | comment (0) | discuss (0) | permalink   
Tags: *grouphostredatorylending*  

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Thank you, thank you, thank you!!!!

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Joe B

Sorry folks, but Chuck Schumer, the left's mouthpiece calling for Countrywide to do anything rings hollow!

He has the ability to introduce legislation to fix this problem; so where is it? Talking in sound bites gets great press and put him in the spotlight (which he so clearly loves), but when it comes to action... Sorry, I just don't see it!

So Chuck, if your staff is reading, quit talking and DO SOMETHING! You can start by asking people here on this board what should be done. Introduce legislation to FORCE Countrywide and others to undo their damage.

Anything less than this is preposterous, and simply political posturing.

Sorry to be cynical, but words mean nothing in this problem; especially when they come from people who actually have the power to do something, and don't!
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Bush is too busy

Texas Flood Destroys President Bush's Library 
Crawford, Texas - A tragic flood this morning destroyed the personal library of President Bush. The flood began in the presidential bathroom, where both of his books were kept. 

Both books have been lost. A presidential spokesman said the president was devastated, since he was almost finished coloring the second one. 

The White House tried to call FEMA, but there was no answer. 

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Who cares
Totally OT

I am missing somehting here. What books? Anyway who cares about his library. I, we have more important things to worry about.
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You're missing the punch line....

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"Both books"

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He was almost through coloring one book  ????????????

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