Wednesday, January 16, 2008

Some people never learn

Over the past year, the market value of troubled mortgage lender Countrywide has dropped by about $22 billion. The meltdown set the stage for its acquisition by Bank of America for a paltry $4 billion. And its lending practices arguably set the stage for a global credit crisis.

Today I surfed to a business website and noticed this ad:

Does this strike anyone else as a bad idea: home loans with no closing costs, no processing fees, no points and -- best of all -- no credit reports?

Meanwhile, Hillary Clinton blasted Countrywide CEO Angelo Mozilo's $36 million pay package stating, "There's no way on Earth that Mozilo's worth three times what Allan Mollohan is!"

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