Countrywide to Offer 200 Year Mortgage Notes October 17, 2007Posted by chuckwh in News and politics.
Countrywide Financial Corp., the nation’s largest mortgage lender, said it will offer 200 year mortgage notes to help offset a pretax restructuring charge of as much as $150 million designed to cut operational costs in the wake of the banking industry’s disastrous attempt to finance a housing bubble Treasury Secretary Soros warned of five years ago. This comes in the wake of President Gore’s veto of a bill to revamp bankruptcy laws. The bill, which would have created greater restrictions on consumer bankruptcy options, won congressional approval despite a cacophony of resistance from a variety of consumer advocacy groups and predictions by talking heads that a Democratic congress would not pass such a bill.
Countrywide has slashed at least 12,000 jobs because of slower lending, although about 11,000 of them are now expected to be hired again to wade through the paperwork that the 200 year notes are expected to create.