TITLE

Schumer Rips Countrywide Loan Practices

AUTHOR(S)
Kaper, Stacy
PUB. DATE
August 2007
SOURCE
American Banker;8/30/2007, Vol. 172 Issue 168, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article presents charges by U.S. Senator Charles Schumer that Countrywide Financial Corp. deliberately engaged in practices that have increased home foreclosure rates in the U.S. Allegations include steering borrowers into subprime loans, assessing loan prepayment penalties, and imposing high reset rates on adjustable rate loans. Separately, Senator Schumer called for action from the administration of U.S. President George W. Bush and Congress to address the mortgage crisis.
ACCESSION #
26455988

 

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