My brother testified yesterday

[stormrider]

before the US House Committee on Oversight and Government Reform and Domestic Policy Subcommettee. This is a link to his testimony. The banks really screwed him over. All the builders he knows have had to declare bankruptcy and one of them committed suicide. These are guys that took big risks, worked hard as heck, to provide homes for us. He has shared in detail the tackticks of this and other banks with me. They ought to be in jail but there are no laws in place to stop them from taking over. He was building about 80 homes a year and built 3 this year.



http://domesticpolicy.oversight.house.gov/documents/20091031171636.pdf

Here is the link to everyone else's written statements. Makes very clear what has happened in the banking meltdown. Thing is, these dang banks get bailed while the builders and homeowners get the shaft.

http://domesticpolicy.oversight.house.gov/story.asp?ID=2664

[fstsix]

Still waiting to see what happens to Countrywide, I have been thinking back to 2006 when the Libbs took the House back here we go! Still no doubt that this was predatory lending and was going to backfire and it did. I never owned a property that didn't require at least 20% down it goes to show the new age psychology of No Accountability. Looks like they are trying real hard here  .http://www.cbsnews.com/blogs/2009/10/15/politics/politicalhotsheet/entry5386955.shtml Could not find it on FOX.

[Daniel Meyer]

Nothing's going to happen to countrywide. Bank of America didn't really "take them over".

Bank of America bought them, and then sent their normal mortgage business over to the countrywide business unit. We were in the middle of acquiring a home loan at that point and things went to hell in a hurry.

We had locked in interest rates, "guarentee to loan" certificates etc...but as the closing date got closer things kept backing off...they needed more paperwork. Now they wanted a survey by a different company...etc.

Then they dropped the other shoe...if we would choose a different "program" all this would go away. The different program involved, of course, MUCH higher interest rates, upfront fees, and draconian terms.

Standard operating procedure for BoA now.

We dumped them completely.