Countrywide’s Mortgage Meltdown
March 28, 2008
Countrywide Home Loans made a promise to help homeowners after Hurricanes Katrina and Rita and then reneged on that promise. The company ended up slapping homeowners with penalties and fees that drove many into foreclosure or forced them to pay more. This video shows the horrible impact on a family who lost their home as a result of accepting Countrywide’s offer of “help.”
- Countrywide & Bank of America Drop off Trusted List
- CNN: Countrywide’s Broken Promise
- Ameriquest: Anatomy of the Mortgage Meltdown
- Countrywide And Other Mortgage Servicers Use Dubious Foreclosure Fees For Profit
- Mortgage Survival Kit - WSJ Online
- Countrywide May Still Turn a Profit, Although Modest
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Mortgage companies, like Countrywide, are trying to make it appear as if they’re helping families avoid foreclosure.. but the treatment this family received is the hard, cold, undeniable reality. This video documents how a family with a Countrywide Home Loan was evicted in Texas just days before Thanksgiving. As Ron said the night he moved his family into the Super 8 Motel– “Here’s your mortgage meltdown right here. It’s self inflicted by the mortgage companies.”