Comments on: Phase 2 of Countrywide’s “Protect this House” Campaign? Block ML-Implode. http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Allen http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-6395 Allen Sun, 04 Nov 2007 16:40:15 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-6395 I work at CFC, and last week a young single mother who has 4 children and has worked at CFC for 6 years was fired without notice for "lack of production". Here is the kicker: she outproduced 60% of the team the month she was terminated. She was one of the hardest working, good attitude, genuine folks that I have ever met--maybe that is why they fired her. The kept the drug dealing crook though. Viva Chandler National Sales Center! I work at CFC, and last week a young single mother who has 4 children and has worked at CFC for 6 years was fired without notice for “lack of production”. Here is the kicker: she outproduced 60% of the team the month she was terminated. She was one of the hardest working, good attitude, genuine folks that I have ever met–maybe that is why they fired her. The kept the drug dealing crook though.
Viva Chandler National Sales Center!

]]> By: MtgMD http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5818 MtgMD Mon, 22 Oct 2007 15:59:17 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5818 NICK, I have been talking about the same issue for a very long time (mortgage education)..It is almost unbelievable that so many consumers have no idea of what and how their CR is and how a mortgage works...I was always amazed at that but since I used to work for a lender (that is now on the ML list ) the only thing I could hope for is that the broker was doing his/her job in educating the customer themselves....although I believe that happened very seldom. Anywho, if there ever will be such a thing as "consumer education" I would love to be a part of it. NICK, I have been talking about the same issue for a very long time (mortgage education)..It is almost unbelievable that so many consumers have no idea of what and how their CR is and how a mortgage works…I was always amazed at that but since I used to work for a lender (that is now on the ML list ) the only thing I could hope for is that the broker was doing his/her job in educating the customer themselves….although I believe that happened very seldom.
Anywho, if there ever will be such a thing as “consumer education” I would love to be a part of it.

]]> By: Morgan Brown http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5232 Morgan Brown Thu, 11 Oct 2007 18:52:19 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5232 Hey Aaron, Thanks for your thoughtful response. I am going to open up a new post in a while here about what some of the options are for fixing the mess based on your and Nick's comments; so thanks for that. I haven't got a copy of the pledge, but if you have it and are willing to share drop me an email at morganb@gmail.com. Hey Aaron,

Thanks for your thoughtful response. I am going to open up a new post in a while here about what some of the options are for fixing the mess based on your and Nick’s comments; so thanks for that.

I haven’t got a copy of the pledge, but if you have it and are willing to share drop me an email at morganb@gmail.com.

]]> By: Aaron http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5230 Aaron Thu, 11 Oct 2007 18:28:21 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5230 The fix- hhmmm have thought about it quite a bit. I totally agree with you about the CDO's being clearer to the investors buying them, whether they pay a third party source to do the auditing or have in-house personnel reviewing the Collateral Debt Obligations still concerns me due to human error and greed. I think part of the fix has already started(everyone that bought the CDOs have already felt the pain and hopefully will learn that causing the demand for these on a mass scale was too aggresive). One thing which in my home state has already done is licensing for everyone in the mtg profession not associated with a bank, although I feel everyone should be licensed and held accountable because most banks have the same type of problem people we brokers have. In truth the only way to fix this problem is to let it play out and get the people who can't afford to live in their house a way out without completely ruining their credit in the process. Maybe we have a month where anyone who is over their head gives their keys back to the lender and then the lenders lean on the Gov't to help them with any losses after the sell of the home. Yes this will make the areas with the most givebacks depreciate but as you know comps are only good for about a year or so and my assumption is once the year is up appreciation should come back to these areas. If we dont do something in a hurry its going to last a lot longer and screw up the economy for years and years. The way its looking though is the politicians are going to try to take control of the situation by creating a committee to discuss another comittees findings and then their going to blame it on the wholesale people(because big banks donate more to elections)and thats going to squeeze us little guys out or make us go work for banks that are going to charge more to do the loans for the consumer and pay us very little in return, all so they can risk the American publics savings on who can make more money in the void that will surely happen. Great can't wait to see how it all unfolds. Morgan- do you have a copy of the pledge yet? The fix- hhmmm have thought about it quite a bit. I totally agree with you about the CDO’s being clearer to the investors buying them, whether they pay a third party source to do the auditing or have in-house personnel reviewing the Collateral Debt Obligations still concerns me due to human error and greed. I think part of the fix has already started(everyone that bought the CDOs have already felt the pain and hopefully will learn that causing the demand for these on a mass scale was too aggresive). One thing which in my home state has already done is licensing for everyone in the mtg profession not associated with a bank, although I feel everyone should be licensed and held accountable because most banks have the same type of problem people we brokers have. In truth the only way to fix this problem is to let it play out and get the people who can’t afford to live in their house a way out without completely ruining their credit in the process. Maybe we have a month where anyone who is over their head gives their keys back to the lender and then the lenders lean on the Gov’t to help them with any losses after the sell of the home. Yes this will make the areas with the most givebacks depreciate but as you know comps are only good for about a year or so and my assumption is once the year is up appreciation should come back to these areas. If we dont do something in a hurry its going to last a lot longer and screw up the economy for years and years.
The way its looking though is the politicians are going to try to take control of the situation by creating a committee to discuss another comittees findings and then their going to blame it on the wholesale people(because big banks donate more to elections)and thats going to squeeze us little guys out or make us go work for banks that are going to charge more to do the loans for the consumer and pay us very little in return, all so they can risk the American publics savings on who can make more money in the void that will surely happen. Great can’t wait to see how it all unfolds.
Morgan- do you have a copy of the pledge yet?

]]> By: Nick http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5224 Nick Thu, 11 Oct 2007 17:28:24 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5224 Morgan - Glad to be of service!!! Morgan – Glad to be of service!!!

]]> By: Morgan Brown http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5223 Morgan Brown Thu, 11 Oct 2007 17:19:29 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5223 Rhonda - we've got one up! http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220159266937 I'm going for it! Rhonda – we’ve got one up!

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220159266937

I’m going for it!

]]> By: Morgan Brown http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5222 Morgan Brown Thu, 11 Oct 2007 17:17:17 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5222 Nick - I agree completely with you. A basic finance class should be a HS diploma/GED requirement. I am going to do a post specifically on that end of things - thanks for the great idea. Morgan Nick – I agree completely with you. A basic finance class should be a HS diploma/GED requirement. I am going to do a post specifically on that end of things – thanks for the great idea.

Morgan

]]> By: Jeremy http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5219 Jeremy Thu, 11 Oct 2007 15:51:43 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5219 I don't fault the CW people from trying to deflect the negativity. Anyone of us would do the same. You have to try to maintain business the best you can within the law and ethics of the business. What I disagree with is the tactics that the senior management of CFC, especially the big dog Am, are using to try to keep things afloat. If people are being enticed to invest in the company, and the prospectus they are being given is inaccurate, then that is illegal and the SEC will be on him like hair on a gorilla! Like we have all said a million times - if Countrywide is such a good investment, how about he takes some of the $100+ million he has made this year and put back into it? I don’t fault the CW people from trying to deflect the negativity. Anyone of us would do the same. You have to try to maintain business the best you can within the law and ethics of the business. What I disagree with is the tactics that the senior management of CFC, especially the big dog Am, are using to try to keep things afloat. If people are being enticed to invest in the company, and the prospectus they are being given is inaccurate, then that is illegal and the SEC will be on him like hair on a gorilla!
Like we have all said a million times – if Countrywide is such a good investment, how about he takes some of the $100+ million he has made this year and put back into it?

]]> By: Rhonda Porter http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5216 Rhonda Porter Thu, 11 Oct 2007 13:12:38 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5216 I attended a Todd Duncan/Jim McMahon seminar yesterday where one of the co-sponsors is CW. When it was their five minutes to promote themselves, I was straining my eyes to see if they had rubber bracelets (couldn't see it from my vantage point). The reps (one was regional)said that we shouldn't believe all the bad news about CW...ummm...sure. I attended a Todd Duncan/Jim McMahon seminar yesterday where one of the co-sponsors is CW. When it was their five minutes to promote themselves, I was straining my eyes to see if they had rubber bracelets (couldn’t see it from my vantage point).

The reps (one was regional)said that we shouldn’t believe all the bad news about CW…ummm…sure.

]]> By: Ann http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/comment-page-2/#comment-5215 Ann Thu, 11 Oct 2007 12:32:05 +0000 http://blownmortgage.com/2007/10/08/phase-2-of-countrywides-protect-this-house-campaign-block-ml-implode/#comment-5215 Hey Fed up....what department do you work in? You seem to have alot of anger management issues...I am concern for the safety of those around you...Instead of being fed up...just leave and move on with your life! By the way..I love cookies and milk! Hey Fed up….what department do you work in? You seem to have alot of anger management issues…I am concern for the safety of those around you…Instead of being fed up…just leave and move on with your life! By the way..I love cookies and milk!

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