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Man receives shocking reply from Countrywide Mortgage Company

READ MORE: Man receives shocking reply from Countrywide Mortgage Company
A local homeowner facing tight times wrote a letter seeking help with his mortgage, and was shocked by the response. Daniel Bailey has gotten in too deep. He wrote a hardship letter to Countrywide Mortgage Company to try and keep from losing his home. He says a nasty reply to his e-mail made him feel even worse about his financial situation. Bailey never thought in a million years that he would find himself writing what's called a mortgage hardship letter. For him, times are the worst they've been.. So he needed to ask for help. "The goal of the letter was to renegotiate my loan, to something more affordable," said Bailey. He sent the letter in an e-mail saying he would pay every nickel he owed to mortgage company Countrywide, if they would shift his payments a little so he could manage his money better. He got an email back, but it wasn't what he expected. "Basically calling us homeowners who got shafted by mortgage companies, disgusting, ignorant people," said Bailey. That email was from co-founder of Countrywide, Angelo R. Mozilo. Mozilo likely meant to forward it to a co-worker, but pressed reply instead. Bailey said, "Where I stand right now is I don't want to lose my home. I remodeled it myself. I'm not living above my means. Its not a 3000 square foot home, it is a small 900 square foot bungalow. I don't want to lose my home." Bailey says he's getting by with the bare necessities. He doesn't own a computer, or a television set. "These companies force you to live well out of your means, and there is nothing you can do about it," said Bailey. Bailey contacted a lawyer who hopes to negotiate with Countrywide before it is too late. Repeated calls to Countrywide by WWAY were not returned. Incidentally, the New York Times wrote a story about Dan Bailey and the infamous countrywide e-mail, and the mortgage company didn't respond to them, either.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.


I am truly sorry for anyone

I am truly sorry for anyone who has gotten messed up in this mortgage crisis. I am 58 yrs old so older people like me should know better, even the ones in their 40's. A 15 yr, 20 yr, 30 yr or any yr FIXED mortgage is the only way to go and always was the standard for many generations. Why did people change all of a sudden. I can understand the culprit loaners trying to get all they can but why did the people's ideas change. You will never get something for nothing or next to nothing. There is always padyday in the end. Young people want what it took me 40 years to get. I know for a fact that is happening. I really hate that there is no affordable housing for them to buy and that you can blame on the developers and their greed. Use to years ago a woman's salary was not even counted toward your ability to buy a house. Yes, I know that is old fashioned to you young ones but it worked. Generally, but not all, of my age people have their homes paid for by now. We are now taking in our adult children who have made bad choices. And yes I say bad choices because if you can work and buy a house you should be able to read what is being done to you.

I'm hearing alot of "these

I'm hearing alot of "these are businesses and in it to make money." Face it people, these businesses are doing what they have always done....raping the american people with high markups while the ceos are getting huge bonuses every year. Even if it is my fault, as a paying customer paying your high salary, when I have questions or requests, I expect the replies I get to be courteous. This was a simple case of a rich CEO mocking someone less fortunate than he/she instead of handling a situation. They have his money, now they don't care. End of story. Regardless of whether they are obligated to help him or not, the very least he should receive is an apology from the CEO. But hey, they have his money, so why even bother, right?

Guest3652341, thanks for

Guest3652341, thanks for bringing the focus back to the story, which is the unprofessional remarks made by the CEO.

Doesn't Own a Computer?

Hmmm.... wonder how he emailed it?

To the ignorant

You know, I've heard that there are more ways to email someone, even though you don't have a computer. Have you ever heard of a place called the library?!?!?

Sir I believe you are lying 54Kyr in a 350k house

I don't know where you work but my husband and myself together make 70k a year and can not afford a house that cost 180k financing 150k that is a 1300 month payment for 30 years. Yes that is very close estimate on payment, and yes we could buy the house and would be able to pay it however we would not have any room for going out to eat,movies or gas lets not forget gas heck I spend 400.00 a month in gas and only work 14 days a month that is just back and forth to work I drive a explorer. So I would like to know what you are doing on the side. My personel opioion is you are into something the rest of us would rather not be in or you are lying about something.Between truck payments and normal bills it would be a stretch for my family and we make more than average family. We choose to live in a smaller place so that my son can have the best of everything at this point in his life..


sure where you get your numbers....based on todays prime rate...150,000 dollars financed for 30 years is $863.48 a month...You must do LOTS of driving for 400.00 a month...I drive the same vehicle and use about 200 a month...and I drive a lot..granted I plan my trips to maximize my gas... Sounds like YOU are living WAY outside of your 70K a year that is about 2100 bucks every other week....YOU should have NO issues right about now with anything.

Country Wide

Country Wide is the worst! Twice our home loans have been sold to them so we really had no choice but to deal with them. They would always forget to pay our insurances or taxes out of our escrow every stinking year! And if you pay a little extra, I don't care how many times you write on the check or send a letter with the payment, wanting it to go to the principal just won't make it so. Your lucky if they don't just lose that extra. Which of course has happened to us. They have also refused payments that were sent with plenty of time for due date but must have sat around on a desk until a day late because by that time it didn't have a late fee included. Of course you wouldn't find this out till the following month. They are by far the worst to deal with. Every time you try to talk to someone there they are snotty and act like you are trying to get out of something. I think you should be able to refuse to have your loan sold to certain companies right from the start. BTW, isn't or have they not been in trouble and have been being watched by the government? Country Wide I mean. On the other end, however, gas prices are up, food prices are up, and people are having to tighten up on crap spending. That does not mean this county is in a recession! If we were in a true recession there wouldn't be people filling up all these restraunts nightly, or all the hotels booked for the summer, or all the shoppers in the stores! Check statistics on unemployment and other things before you copycat what the liberal media feeds you in plentiful helpings!


"I think you should be able to refuse to have your loan sold to certain companies right from the start" I AGREE with you should have a choice...mine was sold to a not so great mortgage company this time...the ONE thing I do that makes SURE the money gets there is send it via my bank...hard to dispute when it was sent when another bank sends it. THE GOOD thing about this area is that we are fairly protected from these types of recessions..we are ALWAYS the last to go in and the first to come out...Good news anyway...OIL prices are crashing as of three days ago...

54K/yr and cannot afford 154K loan!?

You may need to look at your wants and needs, with a 54K salary you should be able to make the payments on that and be comfortable. my first house 6yrs ago i made 29K and could afford 120K house. now i am at 54K and live in a 350K house with no problem. time to look at output vs. input and own up to your financial responsibility. we are ALL not in financial hardtimes as one person stated. adjust your necessities and wants accordingly.

54k 350,000 house and lady calling him a liar

Sorry for this Countrywide person, and I really hope you get things worked out, but I'm enjoying the comments between these 2 people I did the math: At $54k per year (after tax you'll probably bring home $3,400 per month assuming you're paying taxes...YOU ARE PAYING TAXES AREN'T YOU?!?!?). Now subtract the following: -2098 mortgage on $350k house -133 property taxes (estimate) -120 home insurance (estimate) -175 elect. (utilities) -35 water/sewer -100 cable/internet -100 car insurance (if 2 cars) -400 groceries -200 car gas -750 medical insurance (family of 3) -360 spending (only $90 per week for a married couple = one dinner date, and 2 lunches) -1,000 GRAND TOTAL LOSS per month He guy making $54k and living in a $350,000 mortgage.....I think you're in trouble and may be the next one calling the lender asking for a favor. According to my math you're in the negative almost $1,000 per month. I agree with the're either telling one fat lie or you're into something that we don't want to be. I should've thrown some cost for childcare in there assuming you had children since you're living in such a big house....which would've tossed you way into the red).

can you read??

Did you not read what the guy put? He says that he doesn't own a computer, OR a television for that matter! I am very fortunate that I do not have to worry about finances, and I thank God everyday!!! However, I do know that just because you make XX amount of money doesn't mean that you should automatically be able to afford a certain house payment. Take in to account, student loans, hospitalizations, deaths, etc. There is numerous things that can happen to make one run across hardship. Don't just assume everyone is sitting around eating Bon Bons crying to the mortgage company!!

What a load of bovine droppings!

""These companies force you to live well out of your means, and there is nothing you can do about it," said Bailey." Exactly how do these companies do that, Mister Bailey? Please tell us how a mortgage company forced YOU to live beyond your means? Did they hold a gun to your head, and force you to "sign...or else?" Did they make your neighbors laugh at you because you didn't own a house? Were you lured into taking out a mortgage by some hot Countrywide babe in a bikini? Exactly how did Countrywide ruin your life? (Is there any wonder why Phil Gramm refered to us as a nation of whiners?)

aww comon

I think you must know someone who works for this mortgage company. You sure seem to upset by his comment and you seem to be taking it personally. Get a life.


This guys sounds upset because this is something HE CAUSED..and now he doesn't want to pay up...I bet this guy has a car payment....maybe its time to sell the car and get out of it...he has internet access most likely...etc. etc....

read all the words

No, no internet since he claims not to own a computer.

I agree with him

I agree with commonsensenotcommontoday because just like criminals, people are looking for somebody else to blame for their choices. The "It's not my fault" crowd makes most everything harder for those that take responsibility for their actions and choices. It really sucks for Mr. Bailey, but don't blame how you live on a company you freely went into business with.
"These companies force you to live well out of your means, and there is nothing you can do about it," said Bailey.
How do they do that?

Thats the resaon our society is where we are today.

The reason things are tough is greed and those who bad mouth people are right up there with the greedy people. yes he signed a contract and no he was not trying to not pay he was asking to renegotiate the contract in turn the company would make more money. But no Pay step up to the plate wear your big boy pants. Oh my god. what happened to this country when you sat down with your local bank and said to john, joe, paul I am having a bit of trouble paying because I am not working as much or i am having family illness and i need to work out another arrangment. Wake up people what is happening to our country financially today should bring you a wake up call. no more making your almighty buck. because when stores close,banks close, gas stations close and the pot holes in the road are the size of your car all that greed will mean nothing. you will be stuck with a bunch of green you can never use. Why is this news worthy. it is what Countrywide said in the email.


You guys are making Countrywide the bad guy here and that is NOT the case... You OBVIOUSLY know NOTHING about history...THOUSANDS of farms in the last depression were foreclosed on in this country...THOUSANDS lost their homes. The bank isn't going to go bankrupt because you cannot pay your loan. They are going to reclaim the home and sell it to get their money back. YOU BORROW that money, money that is NOT agree to pay it back and they COUNT on different than loaning your buddy 1000 bucks...then he neglects to pay you back...I guess that would be YOUR fault right? STOP WHINING...just own up and pay up.

I think YOU need to wake up

Which "local bank" had the capital required to finance the New Hanover/Brunswick/Columbus County boom of the past twenty years? You could combine the capital of EVERY local bank and it wouldn't equal what Wells Fargo, or Bank of America, or the late Countrywide, or any of the major commercial banks could lend. I financed my home through Bank of America, initially. When rates dropped, I re-financed through Lumina Mortgage, owned by a local bank, Cooperative. They set up my mortgage with Countrywide! Cooperative didn't have the cash on hand to pay for my house and the hundred thousand people standing in line behind me. But they DID make money on brokering the mortgage. There is a tool to help people who fall on hard times. It's called bankruptcy, and it's there to help you get out from under crushing debt THE RIGHT WAY. No mortgage holder wants to get stuck with another default, another house they have to sell. They want you to pay the note as you agreed to. If you can't do that, then Chapter 7 or Chapter 13 of the federal bankruptcy law is there to insure everyone, including the borrower, is treated the best they can be. The banks can't be expected to suck it up alone just because the borrower fell on hard times. The borrower's bad luck IS after all, his.....not the bank's.

I have been there

I have been there and it was amazing to me how Wells Fargo wouldn't do to help us my husband had heart problems was out of work 3 times in 4 years and his work paid him 1//2 of his pay which I couldn't carry the house on my own and we lost it. It is very hard. It is amazing to me out mortgage company would not help you welling to pay something towards things than just take it and let the house sit with nothing. If you have FHA loan the government pays the lenders off and they are free. Well you lose everything.


PEOPLE...Banks are not CHARITIES...they don't care if you are dead or dying. THEY WANT THEIR MONEY...want piece of mind during sickness...BUY LONG TERM DISABILITY INSURANCE...that is why it's offered by the insurance companies....banks don't care if your sick or not... It's a VERY simple concept's just that we as Americans have become a bunch of whiny brats that blame what happens to us on everyone else instead of taking some personal WILL be this countries downfall!

Not surprised

Has anyone looked at the website for Countrywide lately? Check out what the CEO made this year, even though they have filed bankruptcy and Bank of America has bought them out. As I read the comments, I see both sides of the story. Times are hard right now and people can use some help, and yes, they signed contracts and need to help themselves as much as possible, but something has got to give. The government or others are bailing out these companies to help them, but what about the homeowners that need help? Are the companies going to help them - will it be a trickle down effect? I doubt it. What about the ones that have already lost their homes because of predatory lending? It is easy for us to judge a situation and then say "you signed the contract" but what would you be saying if it was you? And no I am not one of the "whiners" as they are called. Yes I live in a mobile home, and it has been paid for since 1992 so I don't have the worry of a mortgage, but I do have compassion for those in need.

Countrywide is the absolute

Countrywide is the absolute worst!!!!!!

It's called

SELF RESPONSIBILITY...I have compassion as well..but that compassion shouldn't be abused. Money that I WORK HARD FOR is FRAKING GIVEN to those who are LAZY and don't do a thing for it. It is STEALING from my pocket and my family. I am not saying that this guy doesn't deserve help...but you are responsible for your payments. IT SUCKS SOMETIMES to write that check...but you have to do it. What did he do with his stimulus check? Did he save it to use for this type of thing...or BLOW IT...

Been there

My husband was badly injured last year and was out of work for 6 months. We received disability from his company but it was nothing compared to what he was getting paid. I didn't want to fall behind in our payment so I called National City Mortgage to see if they had any plans to help keep us from falling behind. While they were polite, they explained that for them to help us we had to let our mortgage become at least 30 days past due. I was not willing to do that. He said they didn't have any programs to keep borrowers from falling behind-only programs to help them ONCE they fall behind. Seems like that is why there are so many problems these days. If more lenders were willing to help people before they get behind maybe there wouldn't be as many foreclosures.

Well now then...

Your mortgage company said they have programs to help people who do fall behind in their payments and need help, which is fair. But you also are "unwilling" to fall behind, which is certainly honorable, though I doubt these programs are in place for people who are "willing" to get behind in the first place (that would be rather abusive, now wouldn't it?). But if you are "unwilling" enough to not fall behind that you do stay ahead on your payments in spite of your perceived difficulties, then obviously you don't NEED the help as badly as you claim.

mortage payments

I don't know why you people are bashing this man. We all are having a rough time right now and I don't see why it's wrong for him to try something to make things work. I think all these companies should have to back off right now, they don't need the late fee's right now, I think with the way mortages are you should have no late fee if your 1 month late. They simply don't care. And, I ask when you signed your mortage did you know our contry was going to go to hell? It's companies like them that are destroying us, how about the gas companies? How about the grocery stores? If you are all so well off maybe you should think and help someone out that is not as well off as you!

A mortgage is a contract.

A mortgage is a contract. He KNOWINGLY signed the contract. It isn't necessarily his fault he is dealing with rough times but it certainly isn't the mortgage company's fault. The mortgage company is under no more obligation to help him than he is to maintain the EXISTING contract HE signed. I agree that he is trying to make something work and I am ok with that. What I'm NOT ok with is this becoming "news". He tried. It didn't work. Reporting it to the news is not the answer given that it isn't Countrywide's responsibility to make it so he can pay his mortgage.


Kudos to Guest555 for your comment...He who lives in glass houses should not throw stones!!!!