Country Wide Home Loans
Ripoff

Country Wide Home Loans refinanced my home. I have discovered that Countrywide, takes my promissorry note, records it as an ASSET on their books, then when they disburse the "funds" or fund the note Coutrywide records the tarnsaction as a debit. They are never at risk for any money. They monetize the note I signed and gave them, and then lend me back the money I created through my signature.

If I fail to repay the loan, they foreclose on me, and end up with a very real asset on their books, again, without ever risking a dime of theirs. Their OWN books will show this, since they subscribe to GAAP principles and GAAP will not allow anyone to record a loan as a loan UNLESS they can show they lent out their own money. I need an attorney to check into this. It's the biggest scam going.

Company: Country Wide Home Loans
Country: USA
State: California
City: Simi Valley
Address: 450 American Street

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