Items Tagged with 'Steve Bailey'


  • Schumer Calls for FTC Investigation into Countrywide's Default Management Practices

    After a blistering take on what he called a "vulture mentality" among servicers last week, Senator Charles Schumer (D-NY) on Wednesday urged the Federal Trade Commission to open an investigation into "an emerging of pattern of apparent misconduct by Countrywide Financial Corporation involving its behavior with regard to debtors during bankruptcy."
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  • Schumer Blasts "Vulture Mentality" of Servicers, Suggests BofA Reconsider Countrywide Deal

    A Senate Judiciary subcomittee hearing on Tuesday became the latest example of the scrutiny now being placed on default servicing practices within the mortgage banking industry -- with an academic, a U.S. Senator, former owners, and a well-known Chapter 13 Trustee piling it on over alleged abuses of the bankruptcy process by the nation's largest servicer.
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  • Countrywide Touts Loan Mods

    Countrywide Financial Corporation (NYSE: CFC) went on the offensive today, touting that its loss mitigation efforts have helped keep 35,000 borrowers in their homes this year. The nation's largest lender said that it had performed more than 17,000 loan modifications -- with the rest of the total, I'm assuming, coming from repayment plans, postponements and/or refinancing. From the press release:
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