Posted by JohnnyB on 7/25/07 11:54am
Msg #201702

Countrywide woes


Did anyone notice yesterday that earnings are off 33% at Countrywide and their stock price down 7%. This affected the stock market which had a huge drop yesterday. The CEO of Countrywide says don't expect turnaround till at least 2009. Ouch!!

Reply by Michael/FL on 7/25/07 12:11pm
Msg #201705

The sub-prime market really took a number on big lenders like Countrywide and others after it fell apart. Im starting to see such homes that usually qualify for sub-prime loans going vacant and soon to be on the foreclosure market.

Reply by Ernest__CT on 7/25/07 12:28pm
Msg #201711

Countrywide versus Countrywide Full Spectrum

Countrywide Full Spectrum loans are often fraught with problems. Countrywide, however, is nearly always fine.

Reply by ReneeK_MI on 7/25/07 1:10pm
Msg #201718

Due to default increase from the 'good' loans now

See today's NY Times - it's not just about sub-prime anymore.

Reply by Michael/FL on 7/25/07 1:17pm
Msg #201721

Re: Due to default increase from the 'good' loans now

It's starting to really come out and many people are being sucked in. My favorite is the 2/28 and 3/27 loans that NOW they are critising.. I was offered a position at a Mortgage Office that I will not name, but their main focus for us was to push these 2/28's.. The problem is when nobody was explained the idea that it will increase and you need to refi it's already to late for most people. I personally never used them but never stayed with this company for other important reasons. It's pretty sad to see this happening these days.