There are so many reasons why I find it hard to sympathize with Countrywide over their billion-dollar plus loss. So many - but here are three reasons why I really don't like them! First, in the midst of crooked lending and although they own more loans being foreclosed on that any other lender, they deny their involvement in the real estate plummet we're in the midst of. In fact (get out your tissue) they are the real victims, New York Times reports, "To this day, he says his (Angelo Mozilo, CEO of Countrywide) beleaguered company did nothing wrong during the loose-lending craze that is now unraveling nationwide with record foreclosures and mountainous losses. Instead, Mr. Mozilo considers himself and his company to be victims of financial forces beyond their control." Ouch. They really expect thousands of families who are losing their homes to believe or even sympathize with their plight? That's how much greed blinds a person - seriously, he must be delusional with greed.

Secondly, not only do they deny being the Pied Piper leading us all down the mortgage toilet, they have the audacity to say it was the consumers' fault. At a recent conference, Mozilo said that it was the consumer who made them lower their standards and that it was not their fault. That is an argument straight out of the Garden of Eden, "She made me do it." Not too original and really not too mature. How insulting, especially to those who will have foreclosed on their Countrywide-owned homes just in time for the holidays. I'm sure the consumers really had to twist their arms to set them up in one of those plush Option ARM loans at skyrocketing interest rates loaded with pre-payment penalties and hidden closing costs. "Wow, get me one of those or I'll break your arm!"

Thirdly, while Countrywide customers have been scraping-by trying to make their payments and watching their credit scores take a dive, it has been reported by an independent agency that since 1999, Mr. Mozilo has taken home over $491 million - personally. It is probably safe to say that over half of that has gone to maintaining that fake tan. Then again, he may need to make that much if he has a mortgage from Countrywide.

With so many people facing financial ruin as a result of their practices, it's hard for us to stand by silently. While many will lose their homes, there are options that people should seek out. The government has offered help to struggling consumers and while they remain a controversial choice, trade lines are still a viable option. Nevertheless, Countrywide, a company that so many people blindly trusted, should not walk away from this unscathed.

Ted Stearns, owner of TradeLine Solutions, a San Diego based credit aide company, is not a newcomer to the world of finance. His experience began as an options and futures broker with Currency Trading International about 12 years ago. Since then he has been a financial advisor who hosted a live radio show on AM 1000 KCEO for four years, educating callers and listeners on stocks, bonds and various investments. Over the last five years he has delved into the nationwide mortgage business informing both clients and lenders alike in the arena of purchasing and refinancing.

With all former experience as his guide, he has come into the world of trade lines to help clients better their financial situation. Able to glean from the perspective of both lender and client, he has the unique ability to see the need of the purchaser and meet it head on.

Source: www.articlecity.com