Foreclosure Resolution Blog

West Virginia tossed its hat into the ring and filed suit against Countrywide / Bank of America. Attorney General Darrell McGraw said, “Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable.”

Well, where the hell was he for the last 5 years? These loans are not new, by any stretch of the imagination.

While a lot of these folks see themselves as “defenders of the common good,” they’re often way too late to have any worthwhile impact.

The ship has sailed on this issue, in fact it’s already back to port. Credit has tightened substantially, and most lenders have quit making these loans.

So, I fail to see any preventative value to actions like this. It’s not likely that this suit will help any homeowner to avoid foreclosure.

If his job is to enforce the law and see to it that companies are abiding by it, then Mr. McGraw’s been asleep at the wheel for half a decade.

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This entry was posted on Friday, August 15th, 2008 at 2:40 pm and is filed under Foreclosure Assistance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.