A friend was having problems paying their mortgage and called Countrywide/Bank of America to see if they could qualify for the federal assistance plan. They have a name for it- the “home retention program.” Of course, Bank of America bought Countrywide, after it went bust- while Angelo Mozilo, the CEO was making millions (he’s now Read More
There are two approaches to medicine in my humble opinion: one tries to prevent illness or fix what’s causing the symptoms, the other- treats the symptoms and could care less about the cause. Back aches are the best example- often, losing weight, proper shoes, changing mattresses and a lot of pilates/yoga will cure back problems- Read More
I’m sure I’ll catch some flak for criticizing deregulation, however, somethings just do better with regulation. Banks are one. Bear Sterns proved that. Mortgage funds are another- Countrywide proved that. And, if you want to know why commodities trading needs regulation- well, Enron proved that. I highly recommend either reading, or listening to this entire Read More
Saw this in the Dayton Business Journal today: Countrywide CEO to voluntarily give up $37.5M in severance – Dayton Business Journal: The chief executive of Countrywide Financial Corp. says he will give up $37.5 million in cash severance and other perks he would have gained from the company’s acquisition by Bank of America Corp. Countrywide Read More
I’ve heard some crazy ideas about sending everyone a check to try to get the economy going. Unfortunately, that’s a short term salve with a hefty bill. A simple solution would require the banks (who’ve gotten us into this credit crunch in the first place) to take a bit of a spanking, but, with the Read More
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