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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: shades who wrote (57535)	7/12/2006 2:13:04 AM
From: Elroy Jetson	Read Replies (3) \| Respond to of 306849

I went to the Beverly Hills office of Countrywide today to make a deposit. The transaction was quite amusing and strange. Although Countrywide is headquartered in Southern California, Countrywide Bank is a Texas based bank which is not licensed to operate in California. About 90% of the floor space was taken up by real estate lending and mortgage servicing employees. The bank consisted of two employees sitting at desks in a little alcove in the front facing Wilshire Blvd. I went to one of these Countrywide "bank tellers" who wrote out a "receipt" for my check with my FedEx tracking number on it. He handed me a small envelope to place my check and the bank copy of the receipt into. He then handed me a pre-paid pre-addressed FedEx overnight pack to place the envelope into for shipment to Texas. He then directed me to drop the FedEx envelope into the FedEx drop-off box five feet from his desk. He told me that the Comptroller of the Currency prohibited the Countrywide employees from placing the deposit into the FedEx pack, or placing the FedEx pack into the FedEx drop-off box next to their desk - as this would constitute taking a deposit in California, and thus operating as an unlicensed bank. All very bizarre and Kafkaesque. .