Insult Meets Injury

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March 5, 2009 by Gsmith

While millions of working people in North America are losing homes and jobs, the fatcats who created the problems are making record profits as they find new ways to exploit the crisis — screwing their victims over and over again in the process.

When Luis Macedo’s home went into foreclosure last year after months of what he called getting the run around from his lenders at Countrywide Financial Corp., he was frustrated and worried.

Former Countrywide executives have founded a new company, PennyMac, which buys distressed government loans.

When he learned Wednesday that some of the same Countrywide executives who oversaw the writing of the bad loans were buying up delinquent mortgages from the government at low prices and then making millions off potential mortgage payments, he was outraged.

“It’s absolutely criminal that these guys are still in business,” said Macedo, a Dallas native who said Countrywide misled him about how to pay back his loan, foreclosed on his house and forced him to vacate.

“The upper echelon guys perpetrated a fraud because they allowed loans to be written with no oversight. The same way they ban guys from trading on Wall Street, these guys should be banned from the banking and mortgage industry for life,” he said. “It’s preposterous that these guys are still allowed be in the mortgage business.”

much more here.

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