Bank Of America Throwing Good Money Away In a "forced" Sale of Countrywide

B of A's announcement was not a big surprise in the fact of WHO bought them. It was a big surprise that they would throw away another 4 billion after lending them 2 billion a short time ago. It has been reported that half of that first loan has been lost in value in this short time. Countrywide made billions of dollars in doing "garbage" loans for almost anyone who could breathe just because of greed. Their returns were huge. Where is all of that money that was made for the last 5 years? This buyout will not make these bad loans turn into gold! They will still default no matter who owns the company. These loans were made to borrowers who DID NOT QUALIFY for their mortgages. Underwriting guidelines went out the window for years as these loans were made. Billions of dollars of "liar" loans (as the Stated Income Loans are known in the mortgage industry) were made by CW and now the truth is coming out about their real income and ability to make their mortgage payments. Do not get caught being one of these borrowers. Is Bank of America "throwing good money after bad" as the saying goes? It brings into question their financial wisdom. www.rateinformer.com