What is Digg?174 Comments
- picciano, on 07/28/2008, -3/+61Seems fitting. They are a company that is heavily responsible for taking our economy through the sewer thanks to their shady loan practices. Yeah, that's worse than messing with your cable bill.
- lhbaker, on 07/29/2008, -0/+42I have to go to court in September for dropping the f-bomb (more than once, plus sign language) in a US Bank branch after they 'lost' $1,500 of my money. I vote for them.
- Ossuary, on 07/29/2008, -1/+24I was pulling for Comcast for the long term screwover. Countrywide leads the pack now though.
- RedCt, on 07/29/2008, -3/+24Is it just me, or does the CEO of Countrywide remind me of those infamous New Jersey douchebags? I can almost see the family resemblance! He's like their grandfather!
- drmangrum, on 07/29/2008, -3/+23They're both to blame. The borrowers for thinking they could afford a $400k home on a $60k income and for the lenders for creating deceptive loans they knew would be defaulted on. However, they didn't care. By the time the loan defaulted, it would have been sold off as a security to a foreign investor.
Actually, I blame the mortgage companies more. Ignorance in the face of hope I can almost forgive. But, deceptive and downright fraudulent lending practices I can't. - mferrari3, on 07/29/2008, -0/+19Sort of sad how Comcast's customer service is so bad that it caused them to come so close in the public eye to a company that wrecked our economy.
Hmm... cable outages vs. no money for cable - theartfuldodgr, on 07/29/2008, -1/+20PLEASE PLEASE PLEASE stop associating NJ with guido douchebags. Not everyone from NJ is a douchebag guido, a majority are very nice, intelligent, normal human beings. These carrot tanned, over-geled hair, douchebags moved to NJ from Staten Island and brought their reputation to NJ. They aren't welcome, even though they think they "run this ***** yo". They are a freaking joke. Sad part is they not only ruined being from NJ, they also ruined being of Italian ancestory, yet a majority of them aren't even ***** Italian. I appologize for ranting, I just can't stand them any longer.
- Ymeg, on 07/29/2008, -1/+20True, but the real question is how he has to go to court for saying it.
- brwright, on 07/29/2008, -3/+21I don't understand how Microsoft is on this list.
- dood, on 07/29/2008, -0/+16Pay it off faster by adding a few bucks here and there. They'll make less money and you'll have less debt. Stick it to the man.
- ExRe, on 07/29/2008, -7/+22Freedom of Speech DOES NOT APPLY TO PRIVATE PROPERTY.
- bearphillips, on 07/29/2008, -0/+15did you get your money back?
- Spuy767, on 07/29/2008, -0/+14While I agree that their exploitation of sub-prime borrowers was dispicable, all the responsibility for this mess can't fall squarely on the shoulders of the companies doing the peddling. At some point someone is going to have to say, "People need to take responsibility for reading the loan on which they are signing their name." If there wasn't an idiot out there to buy it, no one would be selling it.
- theJeebus, on 07/29/2008, -2/+13I worked for Countrywide for 5 years, and they accepted dubious loan applications all the time. Data was missing, information was falsified. When we inquired to management about it, we were told that they were afraid to piss off the loan officers (the ones filling out the incomplete/false forms) because they were in high demand and didn't want them to leave to another lender. The loan officers get commission on the loans they originate, so they were just pushing as many through as possible, with complete disregard for the correctness of the data. And apparently the underwriters let the loans pass too.
Yeah, they are douchebags. - Whackly, on 07/29/2008, -1/+12Saw a really hilarious lady on tv the other night who was griping about how her job (textiles i believe) had been shipped overseas to china and how it was the government's fault. Then they followered her shopping... at WalMart... where she always shops... 'cause it's cheaper. Priceless.
- undefeatedlove, on 07/29/2008, -3/+14Countrywide has significantly contributed to a collapse of the national economy by way of reducing consumer confidence. They deserve everything that's coming at them – nominate them at Corporate Accountability International's Corporate Hall of Shame [too]:
http://www.stopcorporateabusenow.org/campaign/hall ...
Tanks. - dagnabbit, on 07/29/2008, -0/+11*****, that is my mortgage company :(
We got a standard fixed loan at 5.65% though, so at least I know we're on solid ground. - aspec, on 07/29/2008, -1/+12Was he hitting someone at the time?
- lilsharkhunter, on 07/29/2008, -0/+10Dugg for old orange guido.
- skipdog172, on 07/29/2008, -0/+9It could be considered partly the fault of both parties. Part of giving out a loan is giving out a loan that can be paid off. Have you ever heard of folks being DENIED a loan because the lender doesn't believe they can PAY IT OFF? That must be a nutty concept but it happens! You can't just say "oh the mortgage companies did nothing wrong" if they were knowingly handing out loans they knew couldn't be paid off. Did you know that there were mortgage companies/banks that didn't jump on the sub-prime bandwagon?
- drmangrum, on 07/29/2008, -1/+10@exRe
And what are they going to sue him for? For offending them? It's not in the banks interest to even bother with such a thing, they would get nothing out of it. The only thing I can think of is if they had the cops charge him with disorderly conduct, but something tells me there is far more to lhbaker's story. - shutaro, on 07/29/2008, -0/+9I dunno... I blame Comcast.
- kd1s, on 07/29/2008, -0/+9Christ, I should be locked up for life for the number of times I've sworn at incompetent customer service reps at banks.
Here are some of the events with Citizens Bank (Owned by Royal Bank of Scotland/RBS) that caused me to lose my temper:
1) I open an account and three weeks later I start getting bounce notices for $15K, $25K etc. It turns out they were encoding the MICR on the temporary checks there at the bank. They did one for a new business account whose number was one off from mine yet through some error, my account number got encoded on the MICR strip.
I ripped the CSR a new *****. It took them 2 weeks to figure out where the money actually was. Total mess.
2) One time I stopped at a local branch and deposited $500 in cash. They LOST the cash deposit. That took about a week to figure out.
3) Another time they conveniently didn't run my direct deposit, as a result things started bouncing along.
Between #1 and #3 I dropped about 700 F-bombs. The #2 incident was just me being incredulous that they could lose a CASH deposit. - drig, on 07/29/2008, -13/+21I worked for a mortgage company (not countrywide) last year and can't believe how many people are blamming the mortgage companies for the mortgage situation. It's the people who took out the loan they thought they could afford - the people who didn't read the amitorization schedules - the people who are financially illiterate. That's people's fault, not the mortgage company.
- FredFredrickson, on 07/29/2008, -1/+9I'm not defending them, but our country was on the way to this for a long time, even without Countrywide's help. Too much spending beyond our means - the ***** had to hit the fan someday.
- rowlodge, on 07/29/2008, -0/+8i have a theory, if you see a commercial that comes on at least a 100 times a day its *****.
- Xihix, on 07/29/2008, -1/+8whats wrong, brah? is the ***** not so cash?
- cubicledrone, on 07/29/2008, -0/+7The first amendment is clear and unambiguous. Freedom of speech does apply to private property. Property that houses a business with the general public as customers is also not "private" property. The rules are different when the general public is invited on to the property during regular business hours.
- drmangrum, on 07/29/2008, -3/+10Going to court for saying "*****?" Correct me if I'm wrong, but doesn't that fall under Freedom of Speech?
- BohicaTwentyTwo, on 07/29/2008, -0/+7Sadly, the Golden Turd will be put up for auction in order to recompense Countrywide debts.
- cubicledrone, on 07/29/2008, -1/+7Most law professors would support the assertion the First Amendment was written specifically to protect "bad words" in the exercise of the rights it enumerates.
Congress shall make NO LAW... abridging the freedom of speech.
Clear and unambiguous. That about wraps it up. - drmangrum, on 07/29/2008, -1/+7They didn't care either way if the mortgages defaulted. Why do you think the teaser rates lasted as long as they did. It gave the mortgages companies just enough time to show solid payment records to give some footing for the mortgages to be bundled into securities. They KNEW most of them would fail, but they would have already made their money. It doesn't take a masters in finance to know a person paying more than half of their take home pay for their mortgage is going to default when the teaser rate is taken away.
There are various essays and youtube posted explaining the corruption in detail, I suggest you find them. - MacEnvy, on 07/29/2008, -0/+6South Jersey (pine barrens) is a beautiful area. It's too bad you guys get such bad press because of your guido problem.
- 0xbaadf00d, on 07/29/2008, -1/+7I blame our fear mongering media, politicians, and idiots who thought an ARM was something they use to wipe their asses.
- scamper22, on 07/29/2008, -0/+5If we lived in a free world, I would agree with you.
Yet, we do not.
In a free world banks and other institutions wouldn't be as willing to lend out money to people with poor credit. Yet, we do not live in that world. We live in a world of Freddie and Fannie, of government incentive programs to get people housing, of mortgage backed securities and rating agencies, and financial institutions with access to cheap printed money via the federal reserve. In short: 1 big twisted mess of government and the financial/housing industry.
So yeah, I blame the poor folk. I also blame every one else in the big loop.
Since I am only affected by the things banks/government do, I blame them. They are the ones printing money, risking my financial holdings by buying garbage loans... - drig, on 07/29/2008, -1/+6If they go under (which they won't) we're in big, big trouble. A VERY large portion of loans are sold to/through countrywide on the secondary market.
- shakabrah, on 07/29/2008, -3/+8I was put in contact with Countrywide through my company when I was starting a new job. Countrywide offered me a mortgage, but the day before closing reneged because they didn't have sufficient proof that I was employed, even though I was getting my mortgage with them through my company's referral program. Countrywide sucks, Dugg.
- inactive, on 07/29/2008, -0/+5Have you considered extermination?
- Ethek, on 07/29/2008, -3/+8These mortgage companies simply were seduced by the moral hazard offered by congress. Instead of costing this country 3 billion as a 'pump' to the economy it is now a 800+ billion debt that will crush the entire system. Congress needs to limit itself to just what its authorized to do, maintaining the dollar and not go off trying to do buisness a favor. This is the mess we get.
http://www.youtube.com/watch?v=k1yNwh0S-vA - darkfus, on 07/29/2008, -0/+5I have never had a problem with Countrywide, ever. Of course, I one of the old-schoolers in this country that got a loan I could actually afford. Comcast on the other hand...
- byronm, on 07/29/2008, -0/+5I got my mortgage through them and have had no problems. In fact, my prior mortgage with Columbia National was 1000000 times worse. Not only could they not process a payment on time, their support sucked, website sucked, call hours sucked, staff sucked and processes sucked. With Countrywide i haven't had a problem. We'll see if i get sold off though.. 3+years and counting.
- cubicledrone, on 07/29/2008, -4/+9I'm so ***** tired of this *****.
The people who borrowed were LIED TO because the laws written to protect borrowers were repealed. The management at these companies took advantage of people who don't understand complex financial instruments like derivatives.
Everybody wants to live in their own home. This is not unique to people who are now facing foreclosure. - BoneheadFarker, on 07/29/2008, -0/+5Freedom of Speach LEGALLY APPLIES EVERYWHERE.
However, on private property the owner can ask you to leave for any reason. Taking you to court over it is another matter, and would thrown out for wasting the court's time in a normal society. Good luck with your case, lhbaker... - 28dayslater, on 07/29/2008, -0/+5Thought crimes.
- jerbaker, on 07/29/2008, -0/+5You can be taken to court for anything. I can drag you into court for offending me with your t-shirt. I can drag you into court for driving a car built by an automaker that wronged me at some point in the past. The thing is that I will lose, but not after I drag you into court. That's how it works, and that's how companies with a lot of money shut up people with no money.
- whahaa, on 07/29/2008, -0/+5the required court appearance probably has more to do with the (more than once, plus sign language) part. a single muttered f-bomb, no biggie. loudly repeated f-bombs with aggressive gesturing, someone might perceive it as a business-disrupting outburst, even if the rage that caused the outburst is justified.
- TheUngod, on 07/29/2008, -0/+4Yes, its up to an individual to educate themselves before taking a loan, however it's moreso the banks fault for preying on the ignorant. It's called predatory lending, and it was a big practice for a while. What educated person would take out an ARM loan with the terms that so many took? Countrywide knew the loan would not be payed back most likely and expected a foreclosure would be in their best interest. They didn't account for the fact that with so many people doing it, the foreclosure was worth less since they can't sell the houses.
- OwdenBowden, on 07/29/2008, -0/+4They are NOT the company that is heavily responsible for taking our economy through the sewers. If you want to know who is to blame for this housing mortgage mess then look no further than all of the Congressman, Senators, and President of the United States of America who (1) Changed the Bankruptcy laws just before they (2) Opened and changed Credit policy in this country. Thus allowing anyone who is breathing to get a loan.
All of these mortgage brokers and other financial institutions did was PLAY BY THE RULES laid out by our representatives. Not one deceptive practice because anyone with a brain in their head knows that (1) you need to read the terms of a contract and then (2) have your lawyer read the contract and then (3) after all is said and done - you look at your finances and figure out if you can afford to pay the monthly nut. So if you are buying a pumped up home for $800,000.00 and your payments area based on interest rates and not a fixed 30 year then you are eventually going to get higher rates and monthly bill. If you make $25,000 after taxes and your house payment is $3,000 a month then you are going to go bankrupt.
1 + 1 = 2
So again - before you just blame who the news media has decided to blame - look to your reps first. Not just Bush and the republicans but the Democrats as well. Also - if you area a supporter of BHO and you think he is going to "fix" the problem. I would suggest that you start buying precious metals because after BHO does what ever he "thinks" will help the country - you are going to need to have a form of payment as the current currency will be worthless.
P.S. - McAmnesty - isn't better either. - Ev3nt372, on 07/29/2008, -1/+5Is there any reason other than ravid linux/apple fanboys that Microsoft is number 10?
- jbmcb, on 07/29/2008, -0/+4If you can't figure it out DON'T FRIGGIN SIGN IT. When we closed on our house we didn't have an agent, so we hired a real estate lawyer to go over everything with a fine tooth comb. Everything was on the up and up, but I still think it was money well spent. If you can't afford a $1000 lawyer, you probably shouldn't be buying a $400,000 house.
This isn't rocket science, it's basic common sense. There are free services, pay services, books, magazines, forums, support groups, web sites... TONS of info out there to help out with personal finances. If you're too stupid to use them, or too greedy to bother, you deserve insolvency. -
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