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I just received a letter from Countrywide with not-so-good news.  According to the letter Countrywide “recently became aware that a Countrywide employee (now former) may have sold unauthorized personal information about you to a third party.  Based upon a joint investigation conducted by Countrywide and law enforcement this authorities, it was determined that the customer information involved in this incident included your name, address, Social Security number, loan number and various other loan application information.“

That’s a good way to take a bad reputation and make WORSE.

Maybe I will refinance next year with Wells Fargo.

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Obviously the numbers crunchers at B of A aren’t the sharpest pencils in the box.  With all of their financial degrees and accounting acumen these guys appear to be way off on their valuations. In August they bought 2 billion dollars worth of stock at $18.00 per and today the stock is trading for around 5 bucks, that’s about a 72% loss of value.  If I was a B of A shareholder I would certainly be questioning the wisdom of their acquisition.  read the Forbes article here.

If I were B of A and wanting to do a deal with Countrywide I would wait until the FBI and other Federal agencies have completed their  investigations of the company.

Mortgage industry focus of feds’ probe

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This article from the Chicago Tribune gives a bizarre account of a property that changed hands 3 times with the owner’s dead son still inside.

It begins like so:

The new buyers of a rundown graystone on the South Side showed up Jan. 9 to look at the house they won at a foreclosure auction. They took the plywood off the front door and went inside to make sure the utilities had been shut off. Then they called the police.

Sitting upright in the corner of a bedroom off the kitchen was a human skeleton in a red tracksuit. Next to him lay a dead dog….

Read it HERE

And who was behind the loan? Countrywide.  No surprise there.  I think I mentioned this in a previous blog, but I had a friend come to me for a refi and I knew the reason that he wanted to refi was because he was out of work and didnt have any money.  He needed money from his house to pay his bills, and ironically his house payment.  The next time I spoke with him he told me Countrywide gave him the loan.  Yeah, and it won’t surprise me if Countrywide ends up with his house.

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