Bank of American is purchasing CountryWide Financial.
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Another Enron, MCI BK ...in the making (history made)! -
Omg!Not all those who wander are lost....
--J. R. R. TolkienComment
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They are crazy I am going now to pull our cash out the little we have! I see them going down in flames!Converted to Chp 7 in July 341 AUG 3rd Went well!!!
Trustee Paid Off Looking At Discharge!!! Might Be A Good
After all!
Discharge Date 10/02/09 Counting the days down
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where did you see this? Because BOA owns the majority of the shares in Countrywide, but it has still been undetermined if BOA will just let them go down, or invest a "ton" of cash to try and bring them back.Originally posted by rrockinggramma View PostNotFun
Filed: 10/31/2007
341: 12/05/2007
Last day for objections: 02/05/2008Comment
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I'm kind of clueless about all this, but will this affect our mortgage with Countrywide? We're thinking of letting the house go anyway. I'm hoping that this buyout could mean it would take them longer to foreclose on the house. Wishful thinking, of course, but a guy can dream!
Actually, I guess I have a bigger question!! We have included Bank of America in our bankruptcy. So I'm wondering if that is going to create problems for us.Last edited by RickInMich; 01-11-2008, 07:05 AM.11/29/2007 - Filed Ch 7
01/08/2008 - 341 Hearing
03/12/2008 - Discharged
03/21/2008 - Closed
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No it's not going to affect your mtg at all. And as for the forelosure taking longer, well it's taking banks about 6 months right now to get that done. But once you file your BK, these companies will ask for the auto stay to be removed so they can step in and sell that house as quick as possible. I'm going through that right now with three of my houses.Originally posted by RickInMich View Post
And your final question, no this merger is not going to mess with anything.NotFun
Filed: 10/31/2007
341: 12/05/2007
Last day for objections: 02/05/2008Comment
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Yup its officially out, BOA did buy COuntrywide.
Wow... what a mess for BOA...NotFun
Filed: 10/31/2007
341: 12/05/2007
Last day for objections: 02/05/2008Comment
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One thing on the Country Wide/B of A deal that I just LOVE is that the CEO of Country Wide will be leaving his post with a payout of $100,000,000.00!!! WHAT A CRIME that is!! UNREAL how you can RUIN a company and leave with over $100,000,000.00 dollars!!! UNREAL... ONLY IN THE GOOD OL' USA!!Comment
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Originally posted by mesa777 View Post
People always ask why why why... for this question?.. My answer is all found in his employment contract originally drawn/offered by CW to him for his performance promise & EARLY termination clause with due diligence.
If they don't pay, he will sue the contract and they will loose in court.. costing MORE money. Simple as 1-2-3!Comment
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Mesa, I agree with you 100%. But their troubles do NOT stem entirely from foreclosures. I have had to deal with them and they are truly THE most disorganized company I have ever dealt with. Eight months after a foreclosure they still can't tell me if they have forgiven my debt or intend to pursue a judgement. That, and there are many horror stories out there about them; mine is one. If anything got them into trouble, it was their own greed followed VERY closely by mismanagement. For that guy to leave with that much cash IS a crime. For BOA to pay it without a fight is a crime too. One hundred million dollars is a chunk of change, even for BOA, if that figure is correct.Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you!Comment
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