Posted on 03/03/2009 5:40:02 PM PST by re_tail20
CALABASAS, Calif.
Whether they deserve to be or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.
So it may come as a surprise that a dozen top Countrywide executives now stand to make millions from the home mortgage mess.
Stanford L. Kurland, Countrywide’s former president, and his team of former company executives have been buying up delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect.
(Excerpt) Read more at nytimes.com ...
Got rope?
SEEMS LIKE FILING A COMPLAINT AT D.R.E. MIGHT BE A GOOD START FOR THEIR NEW ADVENTURE.
Countrywide Made Home Loans to Gorelick, Mudd
http://online.wsj.com/article/SB122230672551773977.html?mod=todays_us_page_one
The government gets 20 cents on the dollar while this pig profits? The offer should be made directly to the homeowner.
This is starting to smell really bad because Blackrock had a workout deal with the government but they invest in a company doing business with the government.
Great business plan. Name it ZOMBIE BANK & TRUST.
bttt
these guys are pretty sharp-they’ll get Freddie and Fannie to back up and buy the loans-under the umbrella of obama’s “mortgage bailout”. It’d be funny if it wasn’t you and me paying for it.
Like it or not, this is the type of thing that we need to start cleaning up the mortgage mess. Vulture funds lead the way in cleaning up the S&L fiasco. I will take it as a good sign when more vultures enter the market.
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