Are These the Banksters?


agraham1's picture
agraham1 9 years 49 weeks ago

Countrywide and Bank of America are doing exactly what Goldman Sachs did - they also should be investigated. Here's why: I am losing two houses to foreclosure. They were my rental business and the market here in Michigan has more than crashed. My mortgages were with countrywide and now, Bank of America. I tried to re-work the mortgages before I lost my auto engineering job and the rental rates were dropping. Countrywide refused, stating that the property needed to be at least 4 payments behind. when that happened, they still refused to work with me, losing paperwork sending dential letters...I found buyers for a short sale, bank of america dragged their feet and kept refusing things and asking for more and more info, after 7 months, buyers walked.

A few months ago, a mortgage insurance company called me and said that countrywide had insured the mortgages on both houses when I bought them. They asked if countrywide worked in good faith with me to re-write mortgages, - I told him no and asked him why. He told me that they had insured the mortgages and wanted their money. Countrywide was betting on them being a risky mortgage due to the market conditions and rental rates dropping. Isn't this what Goldman did? Shouldn't this be illegal also? Countrywide and bank of america are getting insurance for the full value of the foreclosed mortgages, while still going after me for 10 years and sending me a 1099 stating that I had that income - this is double dipping!

Short sales aren't happening easy around here and this explains it - it's because they already got their money - why should they take a lower amount of money for a short sale and agree to it? They get their mortgage insurance and also whatever the house auctions off for, without having to agree to sell at a lower value, which would probably negate their mortgage insurance.

They should be investigated with Goldman Sachs!

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