Countrywide Financial’s Chief Executive Avoiding Criminal Prosecution

Executive Avoiding Criminal ProsecutionCriminal charges against Angelo R. Monzilo, the former chief executive of Countrywide Financial, have been dropped. Federal prosecutors in Los Angeles, California, had been investigating Angelo R. Monzilo with regard to various irregularities by Countrywide Financial. Countrywide Financial, at one time, was the largest mortgage lender in the United States.

After Two Years of Investigations, the Case is Closed Against Mr. Monzilo

Initially, regulators were looking into the 140 million dollar sale of Countrywide stock by Mr. Monzilo while the company was teetering on bankruptcy. The decision by prosecutors not to pursue Mr. Monzilo took place after he agreed to be banned from serving as an officer or director of a publicly-held company.

Countrywide Mortgage Practices

As a result of the practices used by Countrywide Mortgage, billions of dollars were lost by investors. Millions of homeowners have had their homes taken from them in foreclosure. The individuals who have caused this mortgage crisis go largely unpunished. Many of them have profited to the tune of millions of dollars as a result of their misdeeds.

Mr. Monzilo, while at Countrywide Financial, was one of the highest paid chief executives in the United States. From the years 2000 to 2008, he earned $521 million. Who says crime doesn’t pay!

Queens, Nassau and Long Island Foreclosure Defense Lawyers

We handle foreclosure defense cases. We represent individuals when banks seek to take their homes from them and put their families on the street. We file mortgage applications on behalf of our clients. When foreclosure proceedings start, we represent our clients and attend foreclosure court conferences. We litigate defective mortgages, bad faith issues, predatory lending and defective foreclosure procedures. We litigate real estate-related issues concerning foreclosure and mortgage modifications. We also will file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. If you need an attorney to stop foreclosure call us at 1-800-344-6431, 516-561- 6645 and 718-350-2802.

Mortgage Delinquencies Declined

Mortgage Delinquencies DeclinedDuring the past few months, there has been a reduction in the number of mortgages becoming delinquent. In the third quarter of 2010, the mortgage delinquency rate fell from 14.42% to 13.52%, according to the Mortgage Banker’s Association.

There are several explanations for a decline in mortgage delinquency rates. One explanation is that the economy is improving and this is having a positive effect on home owners ability to make mortgage payments.

Delinquencies and Foreclosures above Normal

The good news is that mortgage delinquency rates and the number of foreclosures is starting to go down. The bad news is that mortgage foreclosure rates and mortgage delinquencies are extremely high by historical standards.

It is thought that one of the reasons why foreclosure rates are starting to decline is that the new foreclosures in 2011 are not being caused by bad bank loans. Many of the foreclosures in 2009 and 2010 were caused by banking practices that provided mortgage loans to individuals who didn’t qualify. Most of the new foreclosures are related to prime loans. These loans are much harder for banks to modify than sub-prime loans. Prime loans are given out at low interest rates to start with.

The number of home owners obtaining mortgage modifications has also been decreasing. Twenty-four thousand homeowners throughout the United States obtained mortgage modifications in October of 2010. Hopefully, we will see a continuation of the reduction of mortgages that are delinquent and foreclosure rate will continue to decline.

Queens, Nassau and Suffolk County Mortgage Modification and Foreclosure Defense Lawyers

Our office can assist you with mortgage modifications. If you are sued in foreclosure, we will aggressively represent you and stop the foreclosure in its tracks.

We litigate bad faith bank practices, defective foreclosure lawsuits, predatory lending issues and fraudulent mortgages. We attend foreclosure conferences in court on behalf of our clients. We also deal with problems caused by mortgage modification programs that do not work. We will analyze your financial situation to see if filing Chapter 7 or Chapter 13 bankruptcy is the appropriate remedy for your difficulties.

Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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