Is Countrywide using SALT to make Lemonaide?

The unfortunate part of all this is that Countrywide gave consumers what they asked for, not what was best for them. Loan officers forced low interest ARMS on people knowing that when the rates adjusted these people couldn't afford to stay in those homes. Yes, I agree that these companies who encouraged this problem now need to do something about it to keep this countries economy from going down the tubes, but remember greed is often the root of evil and greed has created this problem. Just my opinion from observance.

I have noticed lately that Countrywide still likes to talk the talk....sounds like that is all it is.

June ~ you hit it on the head.  Thank you for putting it those words.  I think they should be held accountable for their part and not be able to just REJECT reasonable short sale requests.

Gary ~ so true.  I even see commercials from last year (early last year), so you know they are not in touch and the picture is all wrong.

Thanks for this great breakdown on Countrywide.  I had tried dealing with them a year ago, and of course you can guess how that went!  At the time though, I thought that maybe the lender wasn't expecting the foreclosures to skyrocket like they did, and were just playing hardball.  Well, now I know that it was just their MO.  I'm going to bookmark this.  Thanks!

Im not doing anything with CW at this time. I want lemonaide.

Interesting observations! I heard of a major short sale agent in my area rejecting listings that have anything to do with countrywide!

Hi Rosemary,  I hope Countrywide is not changing their tune, but I have had success with approvals on investment, non-owner occupied and vacant properties with them!  I have another investment property pending with them now.  I heard a recent rumor that they were no longer accepting investment properties, and I called to question them about it.  I was told they still were....  Wendy

Tiffany ~ the bad thing is they don't tell us agents.  It would really help to know what we are up against.  Its not like our time is not valuable.  And it is totally unfair to the homeowners and buyers.  It would save time and stress to know.

Laura ~ I am with you.  I love lemonaide.  I am being careful, stepping light with any listings that are CW lenders (1st, 2nd or both).  My time is valuable.

Renee ~ I have heard other agents say they don't like dealing with CW for Short Sales or anything much. 

Wendy ~ I wish you the best, please keep us posted. lol

Rosemary, excellent post. I do feel Countrywide should get some slack, they are one of many. I think they are overwhelmed with files, don't have enough staff, and have poor communication between departments. The underlying cause of a lot of lemon loans that were written may be attributed to the greed of the wall street investors that wanted to purchase the highly profitable b & c paper.

Billie ~ this is partly true, but lets move forward and at least try to help get it cleared up and I don't think Countrywide is really trying that hard.  If they need staff they should be able to use some of those loan officers that are not as busy these days.  Help these people that are in the middle of the finger pointing.  And with Countrywide being the "Industry Leaders" they should take a better stand to help.  my 2 cents.

I do alot of BPO work for Countrywide and give them true values, they have NEVER asked me to modify them. The rest of your points I completely agree with.

Christina ~ I appreciate your comment.  I would think that they would not "ask" but there are some agents that will automatically go higher on their BPOs to accommodate the lender.  I've seen it happen.  I am so glad to know you are not one of those agents.