Countrywide Made Racist Sub-Prime Loans?

February 6, 2008

Angelo Mozilo Seems Countrywide Financial has been up to more than just reneging on promises they made to Hurricane Rita and Katrina Victims. According to an insider that contacted consumerist.com Countrywide Home Loans appeared to have a different underwriter in place if the customer service rep denoted a minority race when inputting loan application information. “…a customer would be qualified for a loan because their credit score and other factors based on the written product description, however, when I went in to put their (this only happened to African-Americans) – they were not qualified for the loan product and had to be referred to Countrywide’s subprime mortgage company Full Spectrum. Full Spectrum offered higher rates and fees. I got wise one day and started not inputing the race so the computer could give me “approval.” Read Full Article on consumerist.com