Home Loan Borrowers From Countrywide Facing Foreclosure
Posted on July 8, 2008
Filed Under Repo Homes |
Chief executive of Countrywide Financial Corp., Angelo Mozilo was instrumental in getting loan sanctioned to many borrowers including influential men in all spheres of society. Loan applications which otherwise would have been rejected was forwarded for sanction by the CEO.
According to company records even when the mortgage market showed a downward trend, Mr. Mozilo and his associates paved the way for mortgages to superannuated professional sportspersons like Indiana Pacers centre Rik Smits who was sanctioned $2.5million and Harris Barton of the San Francisco 49ers an amount of $5.1million..The list of other prominent dignitaries, said to be Angelo’s favourites, include two senators, two CEOs formally with the mortgage buyer Fannie Mae, to mention a few. There were also borrowers who could be traced to have indirect links with the ministering Angelo. A man named Mr.Bunnin was a mediator. The latter had enjoyed numerous mortgage loans and a refinance to the tune of$4.7 million in 2004.Countrywide rated Mr.Bunnin as an’ A’ class borrower. This was not all, Countrywide had provided multi-million dollar loan to a borrower who wished to purchase a house to be sold by a former renowned ice-hockey player. Borrowers received loans at preferential rates of interest and fees. The first –lien mortgage was an interest only loan without having to repay the principal for an indefinite period. A simple nod from Mr. Angelo was enough to qualify the loan application for approval. Such applications were received and sent to the concerned desk with a note” to handle it like its his moms loan, and his life depends in it.” Mortgage firms had rights to play favourites with borrowers. It was nothing unlawful, but it did not always conform to shareholders best interests. Besides, the fact that the exceptions were made when lenders were reeling back on sub-prime lending is a matter of grave concern. All information was authenticated by Countrywide internals and said that such discrepancies would not have occurred had it not been for Mr.Angelo. Countrywide Financial Corporation has been taken over by The Bank of America and the only likely option open to the bank seems foreclosure.
Borrower’s debt obligations amounted to 49% of their pretax income, which was 4% above the usual ceiling. The loan amount equaled 95% of the purchase price and the current market price had registered a grim 15% fall. None of the associates of the financial corporation or the borrowers were available for comment.
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