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Countrywide CEO Finds Struggling Homeowners “Disgusting”

This Bailey guy did a cash out refi. He is not some home owner that is in trouble. What did he do with the refi monies? He had lived in the house 16 years so it is not the purchase money mortgage it is a second or refi that is the ARM. No swindle here, Bailey put up his house as collateral and spent the money. It is disgusting that Bailey want's help because he spent money he couldn't repay. No mortgage originator held a gun to his head.....Bailey wanted the cash to support spending. Looses the collateral....so be it.