Truth in lending

Here's the pitch;
"I want to be sure you are getting the best loan possible"
And the reality;
Countrywide’s entire operation, from its computer system to its incentive pay structure and financing arrangements, is intended to wring maximum profits out of the mortgage lending boom no matter what it costs borrowers, according to interviews with former employees and brokers who worked in different units of the company and internal documents they provided.
Today's New York Times features an in-depth expose' of how Countrywide Financial steered consumers away from lower cost loans to those that were more expensive to homeowners and more profitable to Countrywide. Inside the Countrywide Lending Spree

Comments

[Jason Ganz]

Great post! I am gonna share it with my own blog readers at jason.landbrokr.com ! Thanks.