I have to give it to Eric Lipton, his article titled “Ex-Countrywide executives find a way to cash in on mortgage mess” has made the rounds… appearing on some 447 locations in Google. Well anyway, the article is still fascinating in the ethical sense.
You see, there is a small group of Ex-Countrywide execs who are purchasing bad mortgages for pennies on the dollar, and in doing so, stand to make a ton if the market changes. If it does swing back now, I’ll be amazed since I wrote about it not too long ago, but was talking about it last year before I started this blog. At any rate, the problem here is that the mess that Countrywide helped create is becoming a profit again for these same leaders of Countrywide. It is horrible, and I can’t imagine how people can sleep at night knowing that they enabled people who couldn’t pay mortgages, or were victims of illness which led to foreclosure and didn’t help make it possible to stay in their homes. I understand profitability, but these are failed mortgages, a loss to all involved, and if you are part of the problem, and profit from it, it is unethical and deserves public shame.
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