Bank of America says it will tighten lending standards at Countrywide. [MarketWatch]
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[something about barn doors and cows]
Countrywide had standards to tighten?
I'm not sure if I read it here or someplace else, but I definitely heard a story about a lady who arranged a fixed mortgage through Countrywide and was being pushed for an ARM with a pretty high cap. She went to the closing and found out as she read the mortgage terms that they'd tried to pull a fast one and switch her from a fixed to an ARM anyway.
Reading that I made sure to read our contract at our own closing a couple weeks later. The bonus was making the lawyer squirm, and knowing I was ruining his double-dipping scheme.
Six months later Countrywide bought our mortgage and we are both 750+ Beacon score customers.
wait, what do they want now in addition to a pulse? bastards!
Too late. Fail.
Even last week I was getting personal letters from Countrywide begging me to signup for a 40yr mortgage with them.
They haven't learned their lesson yet.
see, used to, you'd drive by countrywide with your window rolled down, and they'd toss a jumbo adjustable rate mortgage into your car. now you have to come to a complete stop first.