Posted by PJM/MI on 10/28/07 6:43am
Msg #218644

More mortgage woes

Countrywide is going to lay-off about 12,000 people, and Stewart Title is losing mighty big bucks on the title end of things.
It is going to get harder and harder for people to get loans with lower credit scores, and alot of lenders are going to want the borrowers to have 2-3 months of income in a bank account before they will lend.
The predictions from the mortgage world is this is NOT going to turn around until about 2010.
We are going to see the closings dwindling even further down.

Reply by Kevin/Ct on 10/28/07 7:45am
Msg #218646

Supposedly the federal government and 10 major lending istitutions are acting to relieve the credit crisis. The prognosis by an economist on CBS News recently was that we would start to see a turn around in the spring or summer of 2008. I have already started to see it. Notwithstanding all of the problems with the subprime implosion, my closing revenue has been actually better than last year.

Reply by TBC/Fla on 10/28/07 7:26pm
Msg #218709

I TT Chase rep. the other day ...said they were told to expect full turnaround by 2010 also. Added that we are at the bottom of the cycle NOW (yippee) Will climb out to 2010.