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To: CutePuppy

Here’s somewhat related article in NYPost :
http://www.nypost.com/php/pfriendly/print.php?url=http://www.nypost.com/seven/08302007/business/sen__schumer_leans_hard_on_cou.htm

SEN. SCHUMER LEANS HARD ON COUNTRYWIDE

August 30, 2007 — Senator Charles Schumer asked Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages.

Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed to fail,” Schumer told reporters in Washington yesterday.

“I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” Schumer said.

Schumer, a member of the Senate Banking Committee, has been among the most vocal lawmakers seeking tighter restrictions on mortgage brokers.

He introduced legislation in May to set U.S. standards for brokers, including requiring them to assess a borrower’s ability to repay at a loan’s highest interest rate.

“Countrywide’s most lucrative brokers are those that make bad loans that are largely designed to fail the borrower,” Schumer said.

.....


2 posted on 09/01/2007 6:25:32 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: CutePuppy
Schumer always has all the answers.
9 posted on 09/01/2007 6:55:33 PM PDT by nygoose
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To: CutePuppy
"SEN. SCHUMER LEANS HARD ON COUNTRYWIDE"

I guess Countrywide didn't make enough campaign contributions to Shumer et al.

11 posted on 09/01/2007 7:05:57 PM PDT by Mad_Tom_Rackham (Elections have consequences.)
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