I phoned Countrywide today to see if I could get in on any of the sweet-sounding (2.5% interest) deals that are being offered to their 2/28 customers.
Turns out, I can’t.
The Countrywide representative explained to me that these are for people who are really in distress – people with mortgage rates in the 2-figures. He said I’d be horrified if I heard some of the same stories he has.
The moral of the story is that this section of the private sector is taking care of business, as it should – without Henry Paulson or Barney Frank or the off-the-cuff proposal John McCain threw out in the debate last night.
Meanwhile, here’s a couple of links to some excellent NPR podcasts on why the banking crisis happened:
The Giant Pool of Money
Another Frightening Show About the Economy