After AIG was bailed out by taxpayers and subsequently had a $440,000 AIG spa retreat, Americans were mad.
I’m sure many of us could have used a shoulder rub and spa treatments too after our taxpayer dollars were ripped out from under us.
As we’re recovering from that wave of outrage—we get a bit more outrageous news that we’re supposed to swallow: Countrywide Home Loans Inc. is refusing to follow an Illinois state ruling.
Last week Illinois bank regulators tried to stop Countrywide (which is now owned by Bank of America) from creating new home loans in the state, according to a Chicago Tribune article.
The regulators said they would only allow the company to restructure loans of its existing clients.
Countrywide blatantly said it will continue to be “open for business” and does not intend to follow the state’s ruling.
Haven’t we been hearing that much of the financial crisis is due to unregulated companies acting in their own self-interest?
---Do you need a bailout? Check out this filing bankruptcy information to see if bankruptcy could help you get out of debt.
Will these corporations ever learn that their rebellious actions not only hurt the people of this nation but they also ultimately come around and bite them in the derriere?
Tags: AIG, bailout, Countrywide, filing bankruptcy
This entry was posted on Wednesday, October 22nd, 2008 at 4:39 pm and is filed under Bankruptcy and Predatory Lending. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.