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Understanding Countrywide Home Equity Loan


									Presented by Daniel Toriola
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Understanding Countrywide Home Equity Loan By Benjamin Teo

Brief history Countrywide is a diversified financial services company with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they started the Countrywide Credit Industries. Expansion began in 1979, and by the next year, Countrywide had 40 offices in downtown Los Angeles, and in 1981, Countrywide Securities Corporation, a broker-dealer subsidiary that would sell securities backed by loans made was formed. Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Magazine listed Countrywide as one of the 200 Best Small Companies, and in 1987, Fortune Magazine's Top 100 Stocks of the Year ranked the company at 37th. During this period, Countrywide moved its headquarters to Pasadena, California. In 1992, Countrywide launched “House America”, a formal affordable lending program, intended to reach out to minority communities, and low and moderate income citizens as a solution for homeownership. By 1995, the Consumer Markets Division was started, an approach to reach out directly to consumers. In the year that followed, Countrywide launched the Home Equity Lending Division and Full Spectrum Lending, Inc (to offer loans to borrowers with bad credit). In 1999, CW Technology Solutions, a new subsidiary was launched with core applications for international mortgage processing operations, such as arrears systems, loan origination, servicing. Then in November 2000, another subsidiary that would serve as the European affiliate of Countrywide Securities Corporation, “Countrywide Capital Markets International, Ltd. (CCM)” was launched. In January 2006, Countrywide was granted by Inside Mortgage Finance the status of America’s No.1 home loan lender, and by this time, Countrywide Bank had grown to become the 11th largest bank, and the fastest growing among the major banks in the United States. This is the same year in which Countrywide became the first the first mortgage lender to hit the $1 trillion mark in loan servicing. Countrywide Home Equity Loan Programs: • Home Equity Loan - in which principal and interest payment remains the same over the life of the
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Presented by Daniel Toriola
loan • Home Equity Line of Credit - Low start interest rate, then variable monthly rate based on the prime rate as published in The Wall Street Journal plus a margin or outstanding balance. • Combining Home Equity Loans or Lines of Credit with First Mortgages – which is available on most Countrywide loan programs, featuring additional tax advantages. • Super Streamline Home Equity Line of Credit - Benefits are similar to Home Equity Line of Credit, but with less paperwork and ready cash for those whose job and financial situation haven't changed significantly after their loans have been closed recently. You can borrow against up to 90% of your home's value. • 125% Equity Loan - Loan amounts up to 125% of the value of the home For home equity loan quotes, articles, advise, rates, calculators, and reviews on the top lenders visit us at

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Presented by Daniel Toriola
Countrywide Home Loan Modification - Should You be Concerned? By Lindsy Emery

In July, 2008, Bank of America bought Countrywide Bank, a major mortgage lender. Homeowners whose mortgages were held by Countrywide heard of its plan to offer refinancing or loan modifications to help homeowners struggling to pay their monthly mortgage. These homeowners need more information about the process in order to learn what it will mean to them and who qualifies. Countrywide has a bad reputation as a mortgage lender. In 2009 the State Attorney General sued Countrywide for predatory lending practices. A goggle search will find many negative postings from customers who were not happy. One of the top complaints stemmed from the fact that different customer service representatives seemed to have different information and much of what the customers were told were contradictory. This lack of communication meant that homeowners were charged extra money and time was wasted. After the lawsuit, Countrywide issued a press release, announcing a new plan to help troubled homeowners quickly. For loan modifications, the goal was to reduce monthly payments so they would be 34% of the homeowner's monthly income, making the mortgage bill more reasonable. These modified loans included a step-rate interest payment over time. In order to qualify for this program, the homeowner has to be living in the house on which the mortgage is held. There are many ways Countrywide plans to modify these loans. For FHA loans, there is HOPE for Homeowners, a refinancing plan that lets people without very much home equity refinance their home through an equity-sharing program. If the homeowner does refinance through HOPE and later sells the home, a sliding scale is applied to determine how much of the home's equity will be given to FHA after the sale occurs. There are other options regarding loan modifications such as interest rate reductions along with principal reductions, which would restore equity. Despite Countrywide's sketchy past, if you have a mortgage with Countrywide the best thing you can do now is move on. Seek a loan modification if you feel your payments are too high in comparison to your monthly income and don't wait for someone to approach you, take charge. Bank of America is working to change the image Countrywide has acquired and their new plans of loan modification have been put into place since the lawsuit. Now Countrywide regularly reviews mortgages and sends letters to homeowners who are 60 days behind in their payments. In this letter they outline their new loan modification policy. If you have concerns about your mortgage loan adjustment from Countrywide you can find out about your eligibility and the process to apply for a loan modification. For tips and facts about how to get approved for a Mortgage Modification? Visit our simple, no nonsense loan modification guide and resource:

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Presented by Daniel Toriola

Related eBooks: Countrywide Home Loan Modification - Should You be Concerned? Countrywide Loan Modification Procedures and Policies All You Need to Know About Home Equity Loans Being Approved for a Countrywide Loan Modification Why You Need a Home Loan Countrywide Loan Get more Free PDF eBooks at Related Products: BEFORE You Borrow Money How to Buy a Car Without Getting Ripped Off! Disaster Preparedness and Crime Protection Manual Understanding Acne: Causes, Cures and Myths Understanding Incontinence A genuine resource center for Quality Ebooks and Softwares
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