Hey, It's America!

I would never begrudge anyone trying to find silver linings in a disaster.  But, I think, there is something, well, er, distasteful in making a lot of money off the disaster you caused.  In an article that must have some public relations counsel squirming, former highly paid and highly placed executives of Countrywide Mortgage have a new company which acquires "sour" mortgages for pennies on the dollar.  The business model is to then contact the borrowers and work out a plan.  

Essentially this is the privatized model for what President Obama is proposing for the so-called toxic assets on banks books.  But here is the rub.   More than likely many of the sour loans this new company is acquiring were originated by Countrywide and it's progeny.  It's sort of like causing the tsunami then selling towels for the victims to dry off.  The sub-prime loans, teaser rates on adjustables, piggy-back loans, all those ideas originated with Countrywide and other "smartest men in the room."

Hey, it's America.  But really, isn't it time for us to question the morality of this business plan?