Countrywide ,COUNTRYWIDE DOESN'T WANT TO HELP PEOPLE IN FORECLOUSURE ANYWHERE EVEN WITH GOVERNMENT INTERVENTION Simi Valley California

It has been a year since Countrywide sent me my act 91 notice. They finally decided to do a modification on the loan. This great right. NOT! They didn't even listen to my complaint about the loan being changed.

My Principal is now $103,254.53 they didn't even take my complaint seriously. They told the Attorney Generals office and the Banking regulators that it was another company that handled my original mortgage processing.

After all the crap with Countrywide still not enough is being done. These people lied to homeowners and committed fraud not to mention illegally change documents.

Yet no one is doing a thing to protect the homeowner they are protecting the banks. I have found so many like myself with the same problems.

Now I find out that not only did Bank of America buy them to save them but Bank of America is receiving money from the government. When are we going to get real help.

I hope that someone soon files a large class action against them. This really needs to happen soon. Maybe if some files for the homeowners they will get the idea that we are done playing games.

It's clear that the suits filed by the Attorney Generals office's are not doing much good because nothings really changing.

Someone please help.

Ex-Leaders of Countrywide Profit From Bad Loans

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.

It has been very successful very strong, John Lawrence, the company's head of loan servicing, told Mr. Kurland one morning last week in a glass-walled boardroom here at PennyMac's spacious headquarters, opened last year in the same Los Angeles suburb where Countrywide once flourished.

In fact, it's off-the-charts good, he told Mr. Kurland, who was leaning back comfortably in his white leather boardroom chair, even as the financial markets in New York were plunging.

PennyMac, whose full legal name is the Private National Mortgage Acceptance Company, also received backing from BlackRock and Highfields Capital, a hedge fund based in Boston. It makes its money by buying loans from struggling or failed financial institutions at such a huge discount that it stands to profit enormously even if it offers to slash interest rates or make other loan modifications to entice borrowers into resuming payments.

Its biggest deal has been with the Federal Deposit Insurance Corporation, which it paid $43.2 million for $560 million worth of mostly delinquent residential loans left over after the failure last year of the First National Bank of Nevada. Many of these loans resemble the kind that Countrywide once offered, with interest rates that can suddenly balloon. PennyMac's payment was the equivalent of 38 cents on the dollar, according to the full terms of the agreement.

Under the initial terms of the F.D.I.C. deal, PennyMac is entitled to keep 20 cents on every dollar it can collect, with the government receiving the rest. Eventually that will rise to 40 cents.

Phone operators for PennyMac working in shifts spend 15 hours a day trying to reach borrowers whose loans the company now controls. In dozens of cases, after it has control of loans, it moves to initiate foreclosure proceedings, or to urge the owners to sell the house if they do not respond to calls, are not willing to start paying or cannot afford the house. In many other cases, operators offer drastic cuts in the interest rate or other deals, which PennyMac can afford, given that it paid so little for the loans.

PennyMac hopes to achieve a profit of at least 20 percent annually, and it is actively courting other investors to build its portfolio, which now consists of $800 million in loans, to as much as $15 billion in the next 18 months, executives said. For the borrowers whose loans have ended up with PennyMac, it can translate into an extraordinary deal.

The Laverdes, of Porter Ranch, Calif., had fallen three months behind on their mortgage after sales at a furniture store owned by the family dipped in the economic crisis. Margarita Laverde and her husband were fearful that they might need to move their four children, three dogs and giant saltwater aquarium into a cramped apartment, leaving behind their dream home a five-bedroom ranch on a suburban street overlooking the San Fernando Valley.

But a PennyMac representative instead offered to cut the interest rate on their $590,000 loan to 3 percent, from 7.25 percent, cutting their monthly payments nearly in half, Ms. Laverde said.

I kept on asking, Are you sure this is correct? Are you sure?' Ms. Laverde said. Even with this reduction, PennyMac stands to make a profit of at least 50 percent, a company official said.

Ms. Laverde could not care less that executives at PennyMac used to work at Countrywide.

What matters, she said, is that we know our house is secure and our credit is safe.

Action Action

SO if you are in trouble give Pennymac a call you may be lucky and get your mortgage payments reduced before you are forced in to tent land California.

On Jan 15 - CountryWide Execs - they have no intention of modifying any mortgages.
read all about it
In court, Countrywide says its ads are puffery'
Defending lawsuit, mortgage company mocks loan modification assurances
http://www.msnbc.msn.com/id/28645505/

Dear All

I like you have read the dreadful tales of woe about Countrywide Mortgage.

Like you I have seen the dreadful way you have been treated. B of A took over Countrywide to make serious money The head boy of Countrywide received millions for his trouble.

Bret of Poulston Montana you have said that Countrywide increased your mortgage by $20,000.00 and I assume that you are now paying interest on that increase.

I received a letter from them stating that a former employee had stolen customer details and is currently bilking many out of money with no recourse Banks dont recourse they only make or in this case lose huge amounts of money.

Since Countrywide has in effect stolen $20K from you you are entitled to complain in full and concise details to the FCC FBI and SEC and of course your State senator. But before you do that give Countrywide the chance to change things for the better for you.

This applies to all those that are being unfairly treated particularly I notice in California take your grievances to the only truly trusted service for all US taxpayers the services you pay for in your taxes Yes the FBI SEC and FCC and your Senator.

If enough of you make that your first recourse then you will see a great change in attitude from the Countrywide and B of A.

Do not seek help from the infringer of your rights do not seek help from overpaid lawyers they all only want to make more money from you and they do that by making you more miserable than you already are.

You might say well why don't you do that Why don't you get a change in attitude?

Well I am delighted to report that I have received swift and courteous resolutions
to most of my complaints

Countrywide recently told me that my Home Insurance cover would be increasing from $45 per month to $3685 per year which would be easily added to my mortgage.

I wrote back explaining that I was quite able to re insure my house without their kind help thank you very much and that I would and have passed their extortionate rate hike notice to the above 4 entities.

Result : within a week the cover was arranged and their hike notice removed No apology though.

Just a little note I received a letter from someone saying that they were a Country wide representative and would I be kind enough to confirm my account details and if not they would fine me $50.00.

Well I will leave you to guess what I did with that letter!!!.

Please understand that all and I mean ALL businesses are there to make profits all are not like Walmart who try their best to help and advise.

In the following months you will think yourself very fortunate that you have not lost billions of dollars.

I remember the tent dwellers in California I expect like Catrina disaster they are still there. If you read this please go look at your foreclosed home and re instate yourself and charge your company to house sit and maintenance I would suggest a fee of about 10 times your previous mortgage. You know as well as I do that professional services are expensive so become expensive please tell your friends.