Countrywide Home Loans, Inc. Fraudulently collected payments and foreclosed on note it did not own Calabasas California
I have been in court with Countrywide since May of 2002. I sued them to stop a non-judicial foreclosure of my house.
I have been studying the way that loans are made today. It turns out, and this can be confirmed with publications of the Federal Reserve, that in making a loan new money is just made up on the books from nothing. They put nothing into it, but then require that you work in order to earn the money to pay them back. What they do is similar to counterfeiting.
In doing this, though, lenders such as Countrywide give up the note that you sign with them. Laws require that they have the note in order to be able to prove that the debt is owed to them. Otherwise, a borrower could be required to pay a loan twice. Without the note they have no evidence of a debt, but they foreclose on people all the time.
I have been examining this for about three years. In the course of this lawsuit I have obtained a copy of the note that I signed that has an endorsement on the back indicating that Countrywide signed away its rights in the note and copy of a letter showing that the note was sent to another entity a few days after the note was first made.
Countrywide continued to bill for payments on the loan and to initiate a foreclosure action. This information is detailed at http://i-e.freeservers.com/ftf/the_note.html
Danny
La Marque, Texas
U.S.A.
3 Updates & Rebuttals
Joe
Albany,New York,
U.S.A.
Stupid Borrower Tricksare you a posse comitatus member?
#4Consumer Comment
Mon, September 13, 2004
Danny...are you a posse comitatus member? You took THREE...THREE years to jump to this conclusion? You are as absurdly wrong on this as someone would be by claiming they can flap their arms and fly across the country.
Lenders can sell their loans to others..or have them serviced by others. Because you are too stupid to read the paperwork put in front of you, you think you don't need to pay?
I don't like Countrywide as I work for their competitor and they do have some predatory practices, but boy I sure think someone there deserves a raise for having to deal with you. I would love to be there when they put the padlock on your door and send you packing.
John
Dallas,Texas,
U.S.A.
How mortgages from Countrywide work (short version)
#4UPDATE Employee
Sat, September 11, 2004
Danny Danny Danny. Study harder. The Federal Government floats a loan to Countrywide, who adds another percentage point or two to that and uses that money and the new interest rate to fund the loan to the borrower.
After loaning you the money, the note (one of the required documents in any mortgage package) is sold to an investor and the servicing rights are retained by Countrywide, meaning that while you don't owe them the money any more, you still send it to them. The investor collects their money from Countrywide's servicing department.
Please, study harder next time. Three years is an awful long time to study and still have such faulty information and such little understanding of the industry.
John
Gig Harbor,Washington,
U.S.A.
If you borrowed the money, shouldn't you pay it back?
#4Consumer Comment
Sat, June 21, 2003
First, I've been a Countrywide customer. Their service, shall we say, leaves something to be desired.
This individual, however, seems to be complaining that his novel way of getting out of paying back the money he borrowed to purchase his home isn't working. The web site he gives a link to is fascinating, in much the same way as the web sites of those folks that say that they don't have to pay taxes because the IRS is illegal.
The one thing he DOESN'T say is that he has paid off his loan in accordance with the contract that he signed. Instead, he says that he doesn't have to because of some legal mumbo-jumbo.
Perhaps Countrywide should put in a Rip-off report on Danny. After all, he borrowed the money and won't pay it back. Isn't that a rip-off?