Countrywide Can't Shake 'Come Hither' Ways

Now, in the name of truth, it's time to fight back. But I'll need your help. If you work for or with a company that comes out with a ridiculous, blowhardy, cloying claim in a press release or at a public conference of some sort, email me.

I want to make mischief and get at truth by setting these overly rehearsed claims, taken too often as fact by the business media, against the knowledge of the working rank and file. Public-relations officials against the workers and customers of their own companies, who will be granted anonymity. Let the chaos begin with Countrywide(CFC Quote):

The Party Line

The party line at Countrywide has been that it has found the religion of responsibility amid the recent trouble. It is no longer handing out loans to every mongrel who asks. As Angelo Mozilo said recently on CNBC, shortly after talking about the increasing rate of delinquencies and foreclosures, "Some of the loans that were made in that five-year period should not be made. Going forward I would acknowledge that, no question about it."

Better late than never, right? But here's where Amazing Reality Man rides to the possible rescue.

That interview was given on Aug. 23. But on Aug. 22, this little come-on went out to mortgage brokers, offering lenders some interesting (and familiar) terms. A mortgage broker sent it to Amazing Reality Man, who confirmed it with other mortgage brokers:

Sent: Wednesday, Aug. 22, 2007 1:27 p.m.
Subject: Countrywide Expanded Approval (EA) We can give you a 7.5% rate with rebate!!!

We can give your borrowers conventional financing with rates and costs that are far less than those offered by the Subprime market.

You can give your borrower a 7.5% - 30 year fixed loan with no prepay with 1.5% rebate!!!

Some of the highlights:
No Prepay Penalties, Ever
Up to 65 DTI available
100% Financing for Owner Occ 1 SFR
Standard fixed rate at no charge
2nd Home and Investment Available
No Title seasoning required
Non Arm's length Transactions Allowed (with some restrictions)
Source and Seasoned Down Payment but with very flexible guidelines.
Seasoning is determined by automated underwriting, DU.
No minimum Square footage
Cashout, Rate and Term
500 Minimum Credit Score
Fixed 15 or 30 year terms
Full Doc Only
BK seasoning is determined by file date not discharge date
Help your customers' Expanded Approval loan process get off to a fast start - submit the Detailed 1003 Application form available on cwbc.com and include the following in the loan file:

Application documentation

Completed 1003 and Good Faith Estimate (GFE)
Desktop Underwriting (DU) approval run
Income documentation
Pay stubs and W2s or tax returns
Social security income, annuity, pension income, child support, or alimony
Assets as required by DU approval
Verification of Deposit (VOD) or Bank Statements, 401k, etc.
Gift letter along with proof of deposit into borrowers account (if applicable)
Proof of Earnest Money - must have cancelled check to receive credit (if applicable)
Other documentation
Completed purchase contract
Title work
Homeowners insurance declaration