There are so many Countrywide foreclosure properties on the market because this lender had very bad ethical practices when it came to giving home loans to people who wanted to live the American dream and own their own home. These bad practices included many things that forced millions of people into default on their mortgages.

One of the many things that this lender did was give home loans to people who really couldn't afford them. They would convince the new homeowner that they really could afford the high payment and then get them to sign the agreement. The problem is that homeowners could only tread for so long with these high payments and then when a bad thing happened in their life like even a flat tire they would find they couldn't afford their payment. This would put them in default. When banks would reevaluate their loan they would not help them because they should have never been given the loan in the first place.

Crazy balloon mortgages and fluctuating interest rate loans were another thing that this lender did to new homeowners. The homeowners didn't understand that their mortgage payment would go up as the interest rates did. Some payments almost doubled and went to monthly payments they couldn't dream of affording. This forced homeowners into default also.

There are millions of Countrywide foreclosure properties because this lender bought out most home loans from small lenders and they gave out millions of loans too. Their practices were not only unethical but they almost entirely took over the market. It appears to many that they were responsible for this bad practice because they had more home loans out than anyone. The truth is that they bought out many mortgages that were already unethical without changing terms. Banks like Wells Fargo are just as guilty for screwing the American public with unethical practices. The problem is that the borrowers who already lost their homes to foreclosures will never be helped by the government. Those people that got it the worst will remain in a bad situation.