gee, i am really surprised. who would have thought a giant corporation would try to take advantage of poor and middle class people? that sort of thing just doesn't happen here in the good ole' us of a.

I hope they win the suit and close the doors on Countrywide. What a bunch of scumbags !! Enough said.

Absolutely disgusting. Good expose on big business exploiting those least able to fight back for profit, the probably got tax breaks for this promise and are trying to see what they can get away with.

I don't know why the bank would want to create circumstances where they would end up with a load of forclosed properties on their hands. That is alot more expense for them than working it out with the borrower.

Screw the Katrina victims. It's over for New Orleans. Time to move on. The cost of creating a levee system capable of withstanding a category 5 hurricane are insurmountable,. We need our financial resources to keep up the struggle in Iraq. Wait. I don't know what the Hell I'm talking about. Sorry.

"Unfortunately, we were telling people things that we should not have been telling people.". ...Sounds like just a simple mistake. Countrywide’s mistake. They goofed, they can’t expect others to pay for it.

Keep me posted, I now have a mortgage with Countrywide, but will gladly change if this is true!!!

I'm surprised that Countrywide even offerred to do this in the first place! I have my mortgage with them and ran into financial difficulties several years ago. When I called to request a one month waiver I was told 'No'. When I remarked that this was common among lenders I was then told (and I quote) "We are a big enough company that we don't HAVE to do that!"

How does their commercial song go????... something like Countrywide is on your side?? LOL What a joke! But Countrywide isn't the only lender doing bad deeds in the wake of Katrina. There is another well known company that went to the trouble to send letters to it's customers saying that they are very sorry that their homes and lives had been devastated but their mortgage payments are still due and payable the first of the month!!

Countrywide's incessant, insipid TV ads are enough to keep me from ever doing business with them. When Countrywide says they can do what no other company can do, now we know just what they mean.

Most of Louisianna needed to be rebuilt BEFORE the Hurricaine, but it was just never visible without the media feeding frenzy. Now the problem is sorting out what is and isn't Katrina damage......plus...there aren't really any free rides in America unless you are already wealthy.

I have a hard time sympathizing with people who build their homes 1) in a flood plain, 2) below sea level, 3) next to the ocean, 4) IN A *(&#*&$#* HURRICANE ZONE.

IT'S NOT ROCKET SCIENCE. The Katrina disaster was INEVITABLE.

I also have no sympathy for lenders who wind up with massive defaults on their hands for supporting this mentality that building up the area was a good idea, 5) before we have the ability to control the hurricanes themselves, and 6) build permanent levees impervious to failures of any kind.

It would appear that Countrywide isn't on as sound a financial footing as it's CEO would have you believe. $13B+ worth of credit and cash injections, and they need 3(?) payments from a portion of their mortgage holders immediately after promising to add it to the end of the loan? Sounds like a major cash flow problem.

One has to wonder if Bank Of America dropped $2B on Countrywide preferred stock so they can be the first to pick the bones.

The truth is that the American economy is circling the bowl. In 30 years, we've gone from the greatest creditor nation on the planet to the greatest debtor nation on the planet. Trillions of dollars (12 zeros) are owed, and we can't pay it back without borrowing more.

When the GAO is concerned that our fiscal policy is unsustainable, you have an issue.

I think we're merely looking at one small bit of a tremendous problem.

contrywide has had a histroy of doing this sort of thing without cause.
This company should have been investigated prior to this hurricane.
In 2003 I refinanced with Wells Fargo and told countrywide to 'take a hike', I do not understand why I was treated so badly I never missed a payment but I was 'treated' like I was "subprime".
Now they want my business back, well too bad so sad. They need to be chased out of business...

Wells Fargo has my Mtg and my prior 3 mortgages. I have never been treated with anything but respect from them. I pay on time, so never had to deal with some issues like above. No wonder Buffet owns so much WFC stock and keeps buying more. I will always deal with them. No reason not to.

Wow...this is completely shocking. Countrywide's cash crunch has gotten so bad that it's now squeezing a group of people that have been universally accepted as the most screwed members of the US populace.

New Orleans is a sewer literally and figuratively. It's filthy and always has been. It's the crime capital of North America. They have consciously and systematically destroyed their protective environment and now expect the neighbors to clean up after their poor decisions. They have a near zero tax base and a near 100% welfare base. Get a grip folks. It's over. Pack up and move to Sheveport. Please stay in Louisiana.

I think you are missing the true story. I think Countrywide was planning to defer payments to avoid telling thier stockholders and the auditors the TRUTH. The TRUTH is Countrywide, and all the other giants of the industry are simply trying to hide the delinquincies. How? By deferring the payments, they can now show the loan as "current" on thier books, thereby hiding the delinquency from everyone, including the ratings agencies, auditors, news media, etal. I think we will soon learn that they are all doing this, and will continue to do so until they are found out. I suspect C'wide has been found out. That's the real reason they have "changede thier mind".

Sounds like countrywide may be in more trouble than most people think. when you need cash today, you will look at your books and try to find it any place you can, at any cost. this may be more about the weather that is currently hitting Countrywide than the Katrina victims. Lesson " Survival at all cost"

Katrina was the storm that basically destroyed New Orleans. Perhaps the current mortgage crisis will be the storm that ends Countrywide.