New York Times (05/07/08) P. C2
Appearing before a May 6 Senate hearing, executives with Countrywide Financial conceded that loan officers with the mortgage lender periodically made mistakes and vowed to improve business practices. Contrary to the claims of hundreds of Countrywide customers in several states, however, the company's CEO of loan administration denied that the lender filed inaccurate bankruptcy documents in an effort to collect inflated fees and other monies. "Servicers have also been accused of intentionally assessing inappropriate fees and costs to borrowers in bankruptcy," remarked Steve Bailey. "With respect to Countrywide, these allegations are simply not true." The official added that Countrywide would retain an independent auditor to review its actions in cases involving homeowners who have sought bankruptcy protection.
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