Countrywide mortgage are now buying up bad home loans from the federal government. The new investment company penny Mac is owned by countryside’s former president, Stanford Kirkland. Under his leadership, countrywide popularized the sub prime loans blamed for bursting this housing bubble. So here’s a unique approach to helping people caught in the mortgage mess. A company in New Mexico is providing homes at a low cost to people who then assist sell the home. Melissa Mahan, reporter, koat (voice-over): tom Schmidt has been building homes in Albuquerque for decades.
Countrywide mortgage are now making money off the government’s bailout. “The New York times” reports the company’s former president, Stanford Kirkland, is now buying up bad home loans from the federal government for pennies on the dollar. Countrywide popularized the use of those sub prime loans, blamed for bursting the housing bubble. Under the deal, Kirkland’s new company, penny Mac, gives 80 cents of every dollar they make back to the government. And here’s a rare bit of good news on the economy, we could all use that. A short time ago we learned there was actually a reduction in job cuts announced last month. Now, that’s according to outplacement firm challenger, gray and Christmas.
Countrywide mortgage are feeling the crunch, having to borrow billions of dollars to keep their doors open. Based on what you have read, heard, and seen in the media, maybe you suffer as though you have a pretty good grasp of what is going on and what caused it, but how much do you really know?. To find out how savvy you actually are about this mortgage meltdown, take the following single-question quiz.
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