Former Countrywide executives cash in on federal housing bailout

Former Countrywide executives cash in on federal housing bailout

rawstory.com

Although the company is reportedly helping many financially troubled homeowners by slashing interest rates for some strapped homeowners, many are angry that businessmen who oversaw a company that ultimately failed in part due to its subprime lending practices can turn around and profit off the housing crisis.

It "stands to profit enormously even if it offers to slash interest rates" to attract those holding delinquent loans to resume payments, the Times reported.

The company's biggest deal has been with the Federal Deposit Insurance Corporation. It paid the government agency just $43.2 million for $560 million worth of residential loans, which were formerly on the books of the failed First National Bank of Nevada.

(visit the link for the full news article)



[edit on 4-3-2009 by baseball101]

Must read the whole article ... i just took a little piece out of the article ... it's very interesting ... HOW IS THIS PUNISHMENT? these people are being 'investigated' yet somehow they are able to still make millions off of the crisis ... when will greed finally hit it's limit? when will the government realize that a slap on the wrist and offers of billions of dollars is not the answer ... the people who are in charge of these companies will never learn if the government allows this kind of stuff to happen.

rawstory.com
(visit the link for the full news article)

[edit on 4-3-2009 by baseball101]