More Countrywide follies

I would damage my reputation as an unbiased journalist if I did not report on positive happenings at Countrywide as well as negative.

Today, a new red NOTICE!!! NOTICE!!! NOTICE!!! in the Countrywide window caught my eye.

Going out of business sale on office furniture? A "wanted" poster for Angelo Mozilo? No such luck. The notice says that this office, the only Countrywide office in San Francisco, is not a processing center, so if you drop off your mortgage payment on the due date, you won't be credited until a day or two later.

Why is this such good news for Countrywide? It means at least a few people are still trying to pay their loans! That's surprising, given the garbage loans Countrywide is known for. On the other hand, if people are showing up at the office on the due date instead of mailing the check or paying online a few days early, it's not exactly a good sign for the borrowers' financial health. It looks like they are one paycheck or one ARM reset away from delinquency.

Nice customer service though. Drop off your mortgage check at their office when it's due, and they'll delay it a day or two so they can hit you with a big late fee. As if it would be so difficult to have one clerk with one computer in the office to record the payment. As if those desk jockeys are too busy writing new mortgages, right?

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