Posted by Linda Juenger on 10/17/08 7:18am
Msg #267563
Countrywide/ILLinois
Just heard on the news that Countrywide can not offer new mortgages in the state of IL. I'll look for a link to more info.
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Reply by Stamper_WI on 10/17/08 7:54am
Msg #267564
Wonder if they can still do the loan modifications?
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Reply by Bob_Chicago on 10/17/08 8:21am
Msg #267568
Heard this on the radio. Said that state of IL has told
them that they can't issue new loans until they show that
they are complying with reqmts to restructue certain "unfair" loans.
Just what we needed. ---- Less work
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Reply by Linda Juenger on 10/17/08 8:41am
Msg #267570
Re: Heard this on the radio. Said that state of IL has told
The lawsuit was filed in June, but just now setting this req. I can't find the "meat" of what I have heard this morning. Agree Bob, just what we need. Not good.
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Reply by MW/VA on 10/17/08 8:49am
Msg #267571
Re: Heard this on the radio. Said that state of IL has told
That should actually be good news. I have a hunch there are going to be lots of loan mods. It will be interesting to see what they'll pay, as I understand these are at no cost to borrowers.
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Reply by Julie/IL on 10/17/08 9:09am
Msg #267573
I'm not too sure its that bad for us here in Illinois. Not too good for Countrywide. Borrowers are going to refi regardless , if they can. I think if Countrywide isn't "allowed," borrowers will find another lender that can. And in those cases, we will still get the business from the other lenders.
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Reply by Calnotary on 10/17/08 9:12am
Msg #267574
Julie you said it just right, I was about to post the same! n/m
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Reply by Negrete on 10/17/08 9:23am
Msg #267577
AMEN Julie I agree 100%
THe borrowers that need to refi will find another lender and then you won't have to do the Countrywide 200 page closings. AMEN.
Anthony J Negrete
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Reply by Philip Johnson on 10/17/08 10:06am
Msg #267582
Here's the link.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=31435&seenIt=1
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Reply by Linda Juenger on 10/17/08 12:18pm
Msg #267591
Thanks Phillip. Looks like just NEW loans, not current
customers.
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