Wednesday, March 04, 2009

The Neverending Greed Of Countrywide Execs

In the last few months there have been myriad stories of greedy bankers and financial types that got rich by making risky ventures and putting the entire economy in peril. These people were all in it for making it rich today, without thinking about the consequences that would inevitably come tomorrow. Some have repented, but most are just looking to escape with their loot. Others though, are in a class of evil all to themselves.

From RawStory:

Stanford L. Kurland, the former president of Countrywide Financial the bank that has become most synonymous with the bad mortgage lending practices that eventually caused the housing market to burst, setting into motion the current financial crisis and colleagues from the defunct firm now run PennyMac.

The company, headquartered in the same Los Angeles suburb where Countrywide was managed before it was sold to Bank of America last summer, specializes in buying up bad home mortgages that the U.S. government took over from other failed banks, the New York Times reported Tuesday.

PennyMac has been buying up some of those mortgages for just a fraction of their value, and they keep a portion of whatever money they collect from the mortgage holder.
Basically they are scumbags of the lowest order. Making money on top of the money they made by destroying the lives of families across America. Without hesitation, these people are jumping from one market their greed destroyed to the next. If there is something to compare this to, it would be this in this quote from the article:

It is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it, said Margot Saunders, a lawyer with the National Consumer Law Center. The organization has for years sought to limit the sort of abusive lending practices that were employed by Countrywide and other financial companies.
And instead of arresting the arsonist, we are rewarding him for the embers he has left behind. Of course, a real arsonist, once identified would be hunted down, caught and thrown in jail with compliments of the full weight of the legal system. However when it comes to financial destruction, the criminals get a chance to make even more money.