wearegettingscrewed's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/61656/comments http://seekingalpha.com/article/42436-countrywide-financial-who-didn-t-see-it-coming?source=feed#comment-92243 92243
The wholesale side is not to blame except for their loose guidelines but it's the "retention" side which our parent company a large tax firm (square heads) who runs it. The retention side of things "C.R.G" have rates which are 2 pts over that of wholesale, yet it’s our job to convince borrowers after we receive a payoff going with us a “lender” is better then going with a broker. Also stating we are competitive and to cut out the middleman would save you thousands of dollars. A broker with the same deal can take it through wholesale and save 2-3 pts in cost or equivalent in rate for the borrower.

The division has a purpose and that is to offer customers who want to stay with us a cost effective way to sat with us. This seems to have changed and now it feels like “how do we club the unsuspecting customers over the head before they notice and if we loose a few who cares they will come back through wholesale”.

Its sucks turning down so many people now a days because of the repercussions of our companies greed and others. A large portion of our clients could have received longer terms and lower rates but were enticed by brokers and us "CRG" to do 2/28’s. I feel this product is unethical and I still think they should be proactive with loan modifications to avoid further imploding of theirs portfolios.]]> Thu, 26 Jul 2007 20:22:23 -0400
The wholesale side is not to blame except for their loose guidelines but it's the "retention" side which our parent company a large tax firm (square heads) who runs it. The retention side of things "C.R.G" have rates which are 2 pts over that of wholesale, yet it’s our job to convince borrowers after we receive a payoff going with us a “lender” is better then going with a broker. Also stating we are competitive and to cut out the middleman would save you thousands of dollars. A broker with the same deal can take it through wholesale and save 2-3 pts in cost or equivalent in rate for the borrower.

The division has a purpose and that is to offer customers who want to stay with us a cost effective way to sat with us. This seems to have changed and now it feels like “how do we club the unsuspecting customers over the head before they notice and if we loose a few who cares they will come back through wholesale”.

Its sucks turning down so many people now a days because of the repercussions of our companies greed and others. A large portion of our clients could have received longer terms and lower rates but were enticed by brokers and us "CRG" to do 2/28’s. I feel this product is unethical and I still think they should be proactive with loan modifications to avoid further imploding of theirs portfolios.]]>