Comments on: Bank of America, meet Countrywide?

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By: Phillip moulton

Phillip moulton — Wed, 25 Feb 2009 06:51:37 +0000

My name is Phillip Moulton I am 54 yrs old; I in the last 30+ years have done the best that I could.
I purchased a modest home in Portland, Oregon under the Oregon GI Bill in approx. 1978 for 38k.
I have raised “well I think” 4 children to adulthood and influenced many more.
I retired from the Oregon National Guard after 20 years when I developed cancer, I served in Europe for three years in the military, and I have voted every year since I could and studied the candidates. I have taught my children that there are more important things then financial gains and gave them all I could in the hopes that they would have a better life.
I had a savings or checking acct (and a business acct.) with Bank of America even before it was Bank of America in Oregon. (Benj. Franklin Savings and Loan) since the mid 1960’s
I have made mistakes but we all have and I accept them.
I had to refinance my home in the 80’s to pay medical bills due to my Cancer. I felt that the VA Medical system was for those who served in combat and I was not worthy of that benefit. I also refinanced it in the mid-late 90’s due to a broken neck I received. Again they put me back together and were due all I owed them. (Again no health insurance)
I owned my own business for 20 yrs repairing Typewriters, Computers and the like, I did not make a lot but I was honest and when I could no longer support myself and remain honest I closed the business and became employed again.
When I refinanced my home in Portland the second time I was told by the company I refinanced it threw that they would take out my property taxes each month and create an escrow acct. That loan was purchased by Countrywide. As I was self-employed I had to get a “stated income” loan which was a 5 yr Arm. They did not include the property tax escrow acct. and before I knew it I owed I believe $10k in property taxes. In 2006 knowing the 5 yr Arm was going to go up and being informed I owed the State of Oregon a fairly large sum, also feeling I needed to get into a fixed rate I again refinanced it with Countrywide. They charged me nearly $20,000. In “fees” and put I in a 7.6% fixed rate. Again they setup the escrow acct. and insisted I sign a 3 yr. “prepayment” agreement so I would not refi again without taking a 5% hit.
Countrywide never paid the property taxes instead transferred funds from the escrow acct. into an insurance policy after Safeco my Homeowners insurance of over 20 yrs. canceled my policy on my home in Portland for 3 claims. Note; the three claims were 1 theft and two storm damage claims to my cabin in Otis one storm put a tree threw the roof and in 30 days caused the cabin to be uninhabitable due to mold. Which they denied the mold as an issue.
Countrywide kept contacting me in 2007-2008 wanting me again to refi my home as it was appraised at over 300k and I only owed 180k on it. I politely refused.
Since Countrywide never paid the property taxes I knew in August of 2008 that my house payments were going to increase from $1400. a month to $2500 a month and as I work for a great company “Pitney Bowes” I only make $38k a year. And knew I was not going to be able to get a 2nd job to pay the increase so I put my home up for sale and planned on moving to the now moldy beach cabin while it sells. Once it sells I was going to use the proceeds to put down on a 150k or less piece of property away from the city as I felt and still feel that the economy and society will deteriorate and I have a burning desire to go “off-grid” and become self sufficient before that happens.
I had hoped to get 50k out of the home and perhaps use my Federal VA benefits to purchase and create a small farm and build a straw-bale house. I was lucky and found a buyer. My 3 yr “prepayment” penalty was going to lapse in June of 2009 so I petitioned Countrywide to void it as I did have a buyer but at a greatly reduced sale price. They agreed after much documentation and hours on the telephone with dozens of people.
However it never happened….
I put my home of 30 yrs up for sale as I knew I could not keep it going and I have approx. 10k in credit cards with interests now at near 30%. It was time for me to pack up and get out of town before things got worse.
In the early 90’s we purchased a small cabin in Otis that I had hoped someday to retire to as I had no savings, no investments, no rich Uncles, and no retirement plan.

I would like to thank you all.
I now live in my small 1 bedroom cabin (That was paid off in the mid 1990s) with my wife and two cats, in the wettest place in Oregon, 2 air purifiers running 24/7 a dehumidifier running 24/7 on a small lot with no sunshine, no place to grow a garden, one room has no ceiling, floor or walls, the bedroom has a warped wood floor and 4 holes in the ceiling, There are huge gaps under the doors and walls but as there is no foundation there is little I can do. The septic system has nearly failed, Our main source of heat is a very small wood stove, My wife’s asthma has gotten much, much worse as we live near the Pacific Coast and the outside air is way to damp for her.
She is unable to find a job as a transcriptionist due to the economy; I drive 100 miles one way to my assigned territory in Eugene from Otis, My normal day starts at 7 in the morning and ends oft times after 9 in the evening, giving me no time for repairs, The floor in ¾ of the home is unsafe; The front porch will collapse any time, most of this cabin needs to be torn down. The dry rot is so bad there is no support in one corner of our bedroom. The roof is tarped and most of the leaks are slowed. Our belongings are in two storage units I pay rent on. I had a stroke 2 yrs ago and finely accepted the assistance of the VA and have been declared by social security to be disabled. I am still employed and just received a 30 cent raise this year (heck I should go out and celebrate).

Due to all the mold we are fighting to keep at bay my own health has suffered. How my wife can put up with this environment I do not know. I do know that she will stick by me and pray that we find our small modest farm soon, but it is very hard on her so we pray the home in Portland closes soon so we can find that small farm in Eugene.

My home in Portland went threw closing on Monday of this week.
After 30 yrs I will be receiving a check in the amount of $100.40

Gee do you think I can use that for a Down payment.

Phillip Moulton

By: ödev

ödev — Thu, 19 Jun 2008 00:35:26 +0000

I predict that Countrywide stock will double in the next one to two years as they show the nation how they were not only capable of weathering the credit crunch storm but were also capable of growing their business during the most difficult time in the companies history!

By: Jonathan Reger

Jonathan Reger — Thu, 17 Jan 2008 23:39:48 +0000

Do you think its reasonable that Bank of Americas’ share price increased after the acquisition of Countrywide?

By: Ed Henrich

Ed Henrich — Fri, 11 Jan 2008 18:50:57 +0000

It would be great if you can update this post with new data now that the deal is real!

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By: cathy

cathy — Thu, 23 Aug 2007 04:03:34 +0000

I believe the critics are underestimating the assets and strengh of Countrywide. I predict that Countrywide stock will double in the next one to two years as they show the nation how they were not only capable of weathering the credit crunch storm but were also capable of growing their business during the most difficult time in the companies history!! Go Countrywide!!! and thank you for helping one out of seven families!!

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By: Pete

Pete — Tue, 22 May 2007 16:11:50 +0000

There is no truth to the BofA acquiring Countrywide rumor. BofA was in talks with Countrywide to start a joint venture with BofA’s mortgage to Division to operate it for BofA, and split the profit since BofA could not run it successfully despite being a banking powerhouse. BofA also told Countrywide if word gets out that that they are seeking their assitance the deal is off.
It is rumored Angelo Mozillo himself leaked the rumor becasue in constant stock sale mode to keep the price of the stock high.
Countrywide is falling apart with a 400% increase in defaults, a salesforce on the brink of a mutiny from uncompetitive rates, an increasing rigid underwriting approach and overly comservative appraisal service.
No one is buying Countywide. Buy Puts or the short stock.

By: mike johnson

mike johnson — Thu, 19 Apr 2007 02:22:23 +0000

why would BOA want to aquire more business in a region where forclosures are at an all time high??? Countrywide would certainly walk away with the last laugh!

By: Stan

Stan — Mon, 26 Mar 2007 21:08:34 +0000

When Countrywide converted its charter from a national bank to a federal savings bank on March 12, did it effectively derail B of A’s merger attempt? My logic is that when Countrywide converted, it effectively became a “bank” rather than simply a mortgage lender and thus prohibiting the B of A acquisition because of the 10% U.S. share of deposits restriction you have cited.

By: Bryan at Compete

Bryan at Compete — Tue, 13 Mar 2007 20:32:39 +0000

For this analysis, we identified specific pages on the Bank of America and Countrywide websites that contained information about home loans products (mortgage, refinance, and home equity). Any person who visited any of those pages was then tagged as a home loans “prospect.” We wanted to make sure our comparison was “apples-to-apples,” and it would not have been an accurate view to overlap all visitors to both sites, as Bank of America has many online bankers on its site who are not in-market for home loans products.

As to your second question about why, we think the regional data provides some insight to this. In many states there was a wide margin between market share of the two, especially those dominated by Bank of America. This division of share by region reveals that both competitors have adopted different strategies to marketing their home loans products, thus the division of online prospects.

By: foo

foo — Thu, 08 Mar 2007 16:00:23 +0000

Can you comment on how you gathered the data for the BA and Countrywide visitors? It would seem to
me that if one was shopping for a loan, you’d go to multiple sources. In which case, there should be a
high likelihood that there would be overlap. How do you explain it?