Schumer Rips Countrywide Loan Practices

Kaper, Stacy
August 2007
American Banker;8/30/2007, Vol. 172 Issue 168, p8
Trade Publication
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.


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