[Pen-l] predators strike again!

[Jim Devine <jdevine03@xxxxxxxxx>]

from SLATE's news summary:
>In an almost too-unbelievable-to-be-true story, the NY [TIMES] points out that a dozen former top executives of Countrywide Financial, the company that many saw as the very definition of a predatory lender before it was bought by Bank of America, are making money off the mortgage crisis. These former executives have been snapping up "delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar," explains the paper. Business at PennyMac is "off-the-charts good," explained one company executive. The executives contend their company is a prime example of how the government can work with the private sector to help struggling homeowners. And it seems they have, in fact, helped some people stay in their homes. But some think the whole thing is extremely troubling. "It is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it," a lawyer at the National Consumer Law Center said.<
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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