Countrywide Home Loans - Sailing or Sinking?

By
Real Estate Mortgage Broker with www.LeoLends.com: CT Low Rate Mortgages

Today's news on Countrywide Home Loans brought back flash backs of the American Home Mortgage Crash...

Shares of Countrywide Financial (NYSE: CFC) plunged today on reports that the company was nearing bankruptcy. The stock has recovered somewhat since the company put out a statement saying that "There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."

 

This all sounds  like the same rumors and denials that AHM had floating around and within a few days of their rumors and denials AHM crashed and burned..

I for one hope that Countrywide Home Loans can manage to stay a float since we have a great working relationship with them but it's pretty scary how similar the news is.

Read more @ http://www.bloggingstocks.com/2008/01/08/countrywide-financial-forged-documents-in-pennsylvania-bankruptc/

 

 

 

 

 

 

 

 

 

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Rainmaker
158,751
Leo Namiot
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
www.LeoLends.com: CT Low Rate Mortgages

I see all the same signs that where there when AHM went belly up, I know a bunch of people who worked at AHM here in CT went to Countrywide and if this happens again to them it can be devastating. I worked at AHN for about 3-1/2 yrs and loved the company but am glad I was not caught up when the-ship sunk and people were left without getting their loans funded, I acn't imagine that happening to those LO's again with another company, that does not go over well with referral partners.

January 09, 2008 09:50 AM
Rainmaker
137,764
Gary Miljour
Mortgage Lending for Arizona and California
Starboard Financial

Leo,

I agree, I do not want to see Countrywide fail, since they are a correspondent lender, however the rumors flying are pretty scary. 

January 09, 2008 12:42 PM
Anonymous #10
Anonymous
A dissatisfied customer
I, for one, wish they would go bankrupt.  We were in a bankruptcy ourselves and the trustee and our attorney have filed a class action lawsuit because for a whole year they were not applying our payments to our mortgage.  They are the worst company to deal with and should not be in the business.  I hope they start applying our payments soon, our mortgage isn't being paid like it should.
January 10, 2008 04:18 PM
Anonymous #11
Anonymous
Anonymous
I guess the news of today with B or A buying CW should change a lot of peoples' minds.
January 11, 2008 02:55 PM
Rainer
34,429
Joyce "Joy" Mahaney Brewster
High Profile Realty
Well, I guess now we know why CW stock was $5.00 a share recently.
January 11, 2008 06:53 PM
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Rainmaker
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Leo Namiot

CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
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Connecticut Home Mortgage Loans,Commercial Mortgages,CT First Time Home Buyers,CT Low Rate Mortgages, Connecticut Real Estate, www.LeoLends.com, CT CHFA Mortgages, Connecticut VA Mortgages, CT FHA Mortgages,Connecticut Mortgage Pre-approvals