Countrywide
January 27th, 2008 at 4:39 pm (Bank Accounts, Loans, Mortgages, Financing, Sub Prime)
There is a number of diversified financial marketing and service holding companies. They specialize in different branches of the financial industry such as residential mortgage banking, insurance providing, debt collection services, receivables management and many other services of financial nature. And every one of us at least once in a life used the services of such corporations because our existence is closely connected with material things such as money. And it could have been good or bad experience. One of these corporations is Countrywide Financial Corporation.
About the company. This company specializes in residential mortgage banking. Countrywide Financial produces, buys, and securitizes home loans. In 2006 the company serviced one fifth of all the mortgages in the country. The company was founded in 1969 and since then has been originating mortgage loans through its network. Countrywide Financial has a special Mortgage Banking division that deals with loan production, loan servicing and loan closing services. The company originates new mortgages or purchases them from other lenders. Mortgage loans are offered directly to consumers.
Countrywide complaints. Countrywide Financial Corporation has been the subject to many class action suits. Countrywide employees sued the company for forcing them to work overtime for free. The company settled the lawsuit and paid $30 million in compensation. Besides, the company performs in-depth investigations of new employee applicants without their permission. That is why applicants complain and state that these background searches are illegal and discriminatory. Besides, the company provides loans to customers with poor credit records and then compromised their ability to pay for their living. Countrywide was also accused in predatory business practices after missing the payments and then forcing the customers to pay late fees and leading to the lost of homes. This policy is considered to be unethical and brutal. People with financial difficulties have nothing to do but to go to such predators and then they just cheat them.