Black Mondays at Countrywide

Thank you Ralph from Palo Alto!! Someone who finally understands fiscal realities!! Let’s be honest folks, Countrywide has become the media scapegoat, who has made them the public’s scapegoat, when in reality they (and all the other mortgage lenders in this country, many of them as crooked as a three dollar bill) simply provided the product that Wall Street was asking for. They didn’t do anything in an underhanded manner any more so than the many other honest mortgage lenders out there.

But apparently, being the biggest makes them the easiest target to hit.

I am surprised that it has taken so long for these stories to come out about Countrywide. Being a broker, seeing all the Option ARMs they originated, I knew it was just a matter of time before they would really be hurt. Lending to 90% LTV with Neg Am possible is great when values are going up, but horrific, as we are seeing now when values go down!

Like Countrywide or not the fact that they are carrying 1/5th of the mortgages for homeowners in this country, makes it a scary proposition if their house of cards comes down. We will all feel the ramifications of CFC’s downfall.

wow, we have some STAUNCH supporters of CW here. Why, I could not tell you. They are the masterminds of hidden profit schemes, like charging late fees when payments come in near the midnight hour, etc. They can go under and I will not lose a minutes sleep.

Top management at Countrywide has long fought regulatory impositions by the government. Now that the proverbial has hit the fan, they turn to the government for help. They want it both ways. I wish my life was like that.

Finally someone has stated the obvious, and I’ll have to say that Fortune Magazine should have realized that by now. Countrywide is America’s largest mortgage originator and if Fortune read their SEC filings, as a responsible financial reporter should do, then it would be plainly obvious that Countrywide has a bank that makes money and that they make a whole lot of conforming loans. I think that this is why their press releases keep saying that they have ample liquidity and that they will be able to profit from the upcoming consolidation.

America has a housing problem and a mortgage problem too. How in the world would it help to right the ship by taking down the largest mortgage provider? I’m betting that in the long term Countrywide will prevail, although Angelo Mozillo might have to take some lumps for cashing out right as the stock tanked in 2007.

I have two clients that are over 6 months past due on their mulitmillion dollar mortgage with Countrywide. They have not received any form of notice of default..only a soliciation to refinance…This looks like they are trying to coverup their defaults!

As long as John Q Public would like to have a functioning real estate market, there needs to be an efficient provider of loans to creditworthy buyers. Countrywide has stopped writing sub-prime loans and they ARE the low-cost provider of essential services: Appraising property, keeping accounts, mailing and recieving statements, and yes, forclosing on homes when people don’t pay their bills.

Wall Street Banks are trying to make CFC the scapegoat, but they are the ones who invented the CDOs, SIVs, “conduits” and other instruments who’s only value added seems to have been to tightly wrap rotten produce so the smell doesn’t escape.

God forbid the Fed should get together directly with a low cost service provider to provide mortages to working people without Wall Street’s “help”! Of course the Senator from New York, with heavy Wall Street connections, will launch an investigation…