from SLATE's news summary: >In an almost too-unbelievable-to-be-true story, the NY [TIMES] points out that >a dozen former top executives of Countrywide Financial, the company that many >saw as the very definition of a predatory lender before it was bought by Bank >of America, are making money off the mortgage crisis. These former executives >have been snapping up "delinquent home mortgages that the government took over >from other failed banks, sometimes for pennies on the dollar," explains the >paper. Business at PennyMac is "off-the-charts good," explained one company >executive. The executives contend their company is a prime example of how the >government can work with the private sector to help struggling homeowners. And >it seems they have, in fact, helped some people stay in their homes. But some >think the whole thing is extremely troubling. "It is sort of like the arsonist >who sets fire to the house and then buys up the charred remains and resells >it," a lawyer at the National Consumer Law Center said.< -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
