A lot of bloggers out there are claiming or implying that Countrywide's Fast & Easy program is to blame for the mess the company is in. This program has allowed people who had their mortgages with Countrywide to refinance without an appraisal if they had good credit. And while "Fast & Sleazy" sounds catchy, the program was never available to subprime borrowers. It was Countrywide's subprime business, both retail and wholesale, that led set the tone for an industry much more concerned with loan volume than borrowers' ability to repay.
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