The NY Times has a piece today about the former executives of Countrywide Financial… Remember them? They’re one of the companies who top the list of “those who share blame for the nation’s economic crisis.” Yep… Countrywide… They “made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.”
Well, it seems that the crooks who started this economic nightmare now “stand to make millions from the home mortgage mess.” It’s stuff like this that the big corporate ho’s do, that really pisses me off:
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.
I personally don’t think these idiots should have any part of fixing the mess they created and be allowed to profit from it to boot. I’m not alone in that thought process:
“It is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it,” said Margo Saunders, a lawyer with the National Consumer Law Center, which for more than a decade has sought to place limits on abusive lending practices.
“Kurland is seeking to capitalize on a situation that was a product of his own creation,” said Blair A. Nicholas, a lawyer representing retired Arkansas teachers who are also suing Mr. Kurland and other former Countrywide executives. “It is tragic and ironic. But then again, greed is a growth industry.”
Un-freakin-believable. Greed and avarous at it’s highest and lowest…