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Reply #32: You are correct. Countrywide WAS better at it though..... [View All]

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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 05:35 PM
Response to Reply #26
32. You are correct. Countrywide WAS better at it though.....
.....with their "Fast and Easy" loan - that's really what they called it. It ENCOURAGED cheating and the real hard-core cheaters cheated A LOT.

I am in the business.

We had a loan officer - a $30 million dollar producer - leave us to go to Wells Fargo. She was fired from Well Fargo for fraud (placing a customer on her own account to show assets). She left Wells and went to Countrywide and increased her business to $100 million/year production.... all with the help of "Fast and Easy."......

People with no jobs were given jobs.
People with no assets were given assets on paper.
Condo association approvals were falsified.
Realtors were buying several "owner occupied" units in the same development.
Appraisals were, at the minimum, coerced and, at worse, outright doctored.

She was so big, they gave her a branch. She was the branch. They gave her a crew of underwriters who worked only for her.

By the time they finally fired her, she left them with literally ROOMS full of fraudulent loans to sift through and try and, I assume, package up and sell. I knew one of the people left to sort out her mess.

The FBI spoke with her. To no avail I guess as you can see her mug weekly in the local real estate magazine. Last I saw her mug, she was at National City (they are a "bank" so she can work unlicensed in Illinois).
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