Gubernatorial candidate Richard Moore is grandstanding about Countrywide, according to this Under the Dome post:
In the letter Moore, writes that the company rewarded employees who gave subprime mortgages to customers it knew could not afford them.
"As an owner of this company and a large institutional investor, I ask that you provide me with an explanation of why the company implemented and continued this business model in the face of mounting evidence that the product was unsustainable," he writes.
Well now, Dick, that’s in great measure why Countrywide is having financial problems. If they knew the risks of extending such mortgages was going to be a bad business practice that would later nearly bankrupt them, do you think they would have been so eager? So now, you’re kicking Countrywide while their down so you can score political points? Pretty trashy. Your rectitude is transparent, Treasurer.
As one who carries a Countrywide loan myself (and who benefited from these low rates) would you kindly back off? Can you let this industry self-correct without demagoguery? And please don’t be so elitist as to suggest you can make people’s financial decisions for them.
-Max Borders
Is there no blame for the people who bought houses outside their means and that they could not afford?
Nope, it’s always the corporation’s fault. They are always predators. Forget the fact that they were supplying a product that people obviously demanded.
It takes two to tango.