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Friday, September 7, 2007 12:00 AM

Countrywide hits an iceberg

"This is when we shine" -- the nation's biggest mortgage lender plans to lay off 12,000 employees.
Andrew Leonard

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  • Friday, September 7, 2007 08:00 PM

    Seems lending money to people that cant pay you back...

    ...turned out to be a poor business strategy in the long run. Shoving trillions of borrowed dollars into the housing market, driving prices up and up sure looked like a good way to keep Joe Sixpack making payments forever...until Joe became physically incapable of earning enough to make the payment.

    If they've got you in their clutches, let them have the house back. In 7 years you will be back to normal. If you try to bull through it, in 7 years you will be a burned out husk, making payments on a loan that is still worth more than the house it bought.

    Don't be a slave.

    —AmazingRuss Read AmazingRuss's other letters

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