At Countrywide, Option ARM Woes Mount

Countrywide and its network of authorized, contracted brokers, also pushed dangerous products such as "pay option ARM" loans, wherein borrowers could afford only to make what Countrywide called the "minimum payment," which was actually less than the interest owed on the loans, thus increasing their outstanding principal every month and.

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Full text of "Nevada vs. Bank of America 2nd Amended Complaint". Countrywide generally coupled its Option ARM loans with three-year prepayment penalties.. 18 A Qualifying Mortgage is defined in the Consent Judgment as a Subprime Mortgage or Pay Option Adjustable Rate Mortgage where the.

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Unfortunately, j ust as 2007 and 2008 were the years of subprime woes, this one will go down as the year of Option ARM resets. With billions in Option ARM resets in 2009 and 2010, this crisis is.

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Loans written by Countrywide and many other Lenders over the past few years, to include, "Stated Income loans" and "Option Arm" loans, are simply not desired on the secondary market right now, due to "poor performance." In a nutshell, "poor performance" translates to mortgage lates, notice of defaults and foreclosures.

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