A group of former Countrywide Financial executives have started a new company in southern California.
It’s called – Dignified Transition Solutions: A Loss Mitigation Company.
Yes that Countrywide Financial.
The same Countrywide Financial that was profiled on a December 2011 CBS News 60 Minutes piece under the headline – Prosecuting Wall Street.
The same Countrywide that whistleblowers say engaged in systemic mortgage fraud.
The new Dignified Transition Solutions executives are not exactly open and transparent about their stint at Countrywide.
Take Dignified Chief Executive Officer Jack Schakett.
Schakett writes this on his Dignified bio:
“Schakett joined a Bank of America legacy company in 1998, where he was ultimately responsible for the mortgage company’s global operations, servicing, closing services, and business transformation, including key areas of regulatory compliance and risk management.”
The Bank of America “legacy” company Schakett is referring to?
Countrywide Financial. (In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.)
Or take Dignified’s Chief Operating Officer Carla Navas.
In her Dignified bio, Navas writes:
“Navas joined a Bank of America legacy company in 1998 as First Vice President of the Correspondent Lending Division (CLD), responsible for all facets of loan acquisition.”
The Bank of America legacy company in question?
Countrywide Financial.
Or what about Dignified Managing Director Vegard Lindas?
His bio reads:
“Lindas joined a Bank of America legacy company in 2001 in the Correspondent Lending Division (CLD).”
That Bank of America “legacy company”?
Countrywide Financial.
Or what about Dignified’s Chief Financial Officer, Preston James Jr.?
James says that he “joined a Bank of America legacy company in 2002 where he served as the Wholesale Lending Division COO.”
That Bank of America legacy company?
Countrywide Financial.
Dignified’s Chief Production Officer is Todd Baur.
Baur was former President and Chief Operating Officer of LandSafe Closing Services.
In his Dignified bio, Baur identifies LandSafe as a Bank of America Company. In fact, LandSafe was Countrywide’s appraisal subsidiary.
Dignified says it is “a privately held and operated organization focused on providing industry leading organizations analytics and loss mitigation solutions to the lending and financial services industry.”
Dignified’s premise?
“Maximize results while applying a compassionate, caring approach to dealing with customers during a difficult time.”
Countrywide Financial used deception to drive us into this financial crisis.
And a group of executives are not being very transparent about their connections with Countrywide.
Not very dignified, wouldn’t you say?