Mortgage firm’s plan irks area woman

By Kipp Hanley

Published: September 24, 2008

Bina Giles didn't always have the best credit in the world.

So when the Manassas resident found out her husband Lawrence's personal information may have been sold to a third party by a former employee of the mortgage company Countrywide, she was naturally concerned.

But what made her really upset was being told by a Countrywide customer service agent that only her husband could enroll in a two-year complimentary credit monitoring program. The agent said this was because her personal information was not believed to be in danger.

Giles found that answer difficult to take, seeing that it was a joint account and that past correspondence from Countrywide was addressed to both of them.

"If you saw that it was a joint account, wouldn't you pursue who that next person was with good credit?" said Giles, who received the loan from the California-based company for their rental property in 2005.

A regular at checking her credit, Giles said she feels compelled to do so even more often now, because of Countrywide's lack of oversight of their employees.

"You put your trust in something or somebody and here you are [in this situation]," Giles said. "I feel violated and I feel like I was kicked in the butt when the person on the other end of the line says 'I can't help you.' "

Countrywide spokesperson Jumana Bauwens stated in a voice mail to this newspaper on Tuesday that only the husband's information was compromised.

However, Bauwens also said she would like to call Giles to hear her concerns and see if more action was merited on the company's part.

Giles was one of many who received the notices in the last two weeks. According to a Deseret News story dated Sept. 11, Countrywide informed customers in Utah and across the nation that as many as two million people could have been exposed to its security breach.

The breach is one of a few issues the company has been called on the carpet for this year. This summer, the company was sued by the California attorney general, alleging that the mortgage lender routinely ignored or loosened its lending standards.

The Los Angeles Times reported in July that Countrywide offered a mortgage in 2005 to an 85-year-old disabled veteran, even though the applicant had a low credit score and too much debt to qualify for the loan. The loan was in default within six months.

Prince William County resident Valeria Marquez received the same letter as her friend Giles. Marquez was a former Countrywide customer until she lost both her house and rental property.  Marquez, one of Giles' friends, said couldn't remember which property Countrywide financed.

However, she said she received a loan from the company despite earning an annual salary in the mid-$20,000s as a cook at Logan's Roadhouse restaurant chain.

According to an Aug. 19 Associated Press story, Countrywide lost about $1.6 billion in the last six months of 2007 and another $3.2 billion in the first half of this year.

Bank of America purchased the troubled company for $2.5 billion this July.

Staff writer Kipp Hanley can be reached at 703-369-5738.