Countrywide?s Official Response to the NY Times

Countrywide issued an official response to the scathing New York Times expose on the mortgage lender's alleged institutionalized practice of steering borrowers in to high cost loans.  The lengthy, 3 page statement can be found here. (PDF) In short, Countrywide categorically denies institutionalized steering and highlights everything the company does to ensure the highest percentage of people eligible for prime products end up in prime loans. Here are some highlights: Countrywide?s business processes are designed to prohibit steering borrowers who qualify for prime loans into subprime loans. In fact, the majority of consumers who come through Countrywide?s retail subprime channel receive a prime loan. Second, Countrywide?s loan officers do not receive higher commissions for subprime lo