Hell of a defense there, eh? No word yet on how that defense is working out for them. Wouldn't surprise me if they were successful with it though. That would just about fit the pattern our judicial system has engaged in these past couple of decades.
Okay, so Countrywide has shown itself, yet again, to be a lying, back-stabbing, shamelessly self-promoting corporate behemoth with absolutely no soul. What could the homeowners possibly have done to make me disgusted with them as well when compared to Countrywide's transgressions? Well I'll tell you. These people were in their early 30's when they bought this house. The husband is an electrician, the wife a stay at home mom to 2 kids (currently ages 2 and 5). This was their first home purchase. They got a first mortgage and an equity line of credit (to finish the upstairs on this "new" house) that totaled a little over $230,000. They claim that, since this was their first home purchase, they were "unfamiliar" with some aspects of the purchase and wound up with adjustable loans with interest rates that could climb as high as 12.8 percent on the first mortgage and 18 percent on the equity loan. I just gotta know...did they ever buy a car before? Did they have any credit cards? Do they have any credit history whatsoever because if they did, they should have had at least some inkling that perhaps signing paperwork that would commit them to almost a quarter of a million dollars worth of debt at an adjustable interest rate may not have been the smartest thing to do. And if they didn't know that, what in the hell were they doing even thinking about buying a house to begin with? This really burns my butt. People put themselves into financially irresponsible positions and want to blame everyone but themselves for it. Yeah, I'm real sorry they were lied to by Countrywide and I'm real sorry they ended up losing their home. But the lender is not the only one to blame in this tragedy. The homeowners bear much of the blame, too. But in this country, it's become acceptable to make excuses for one's own shortcomings. These people can say "we didn't know" or "Countrywide lied to us" or "we didn't understand" and people left and right will "there, there" them, pat them on the head and tell them it's not their fault. Well it is their fault. It's their fault if they entered into a legally binding contract by placing their signatures on a piece of paper without reading that paper thoroughly. Yeah, it's fairly boring reading and there's a lot of language in those contracts that can be confusing, but nevertheless, it's the borrowers' job to read the "fine print" before they sign on that dotted line.
As far as I'm concerned, Countrywide and this couple define what is wrong with America today. An evil corporate giant on one side; lazy, whining Americans on the other. It's almost laughable how we wonder why the world thinks Americans are bloated and stupid with our own sense of entitlement and greed. I'm afraid there's a reason for that belief. It's because we are.