Bruce Marks is a socialist whose group has been shaking down major lenders for “partnership” contributions for years. I suspect Countrywide has cut off the money for his organization so now he is going after it. Countrywide may be having its problems, but being an irresponsible or predatory lender is not one of them.
The vultures will happily quote anyone willing to feed the Big Panic on real estate.
Look at some of the crap on the NACA website:
https://www.naca.com/about_naca/nacaHistory.jsp
https://www.naca.com/refinance/refinanceQuestionaire.jsp
Starts off OK, but as you read on, basically any loan that the customer doesn’t like, or has an interest rate more than a half-point over the lowest fixed rate available is considered “predatory” even if borrower has horrible credit BEFORE doing the loan.
Agreed. This is total crap.