[Mariner]

This is not hype.

If CountryWide can't get anyone to buy their securities (and who WOULD, conisdering their only goal is to close the deal...how strident are their "standards"), they don't have money to fund loans.

Even some loans with funding commitment...in escrow...are failing once the final step is taken to fund.

This is a VERY serious issue roiling the mortage business. The only people with money are the banks...and they're lending in accordance within strict "conformance" of the FannieMae and FreddieMac standards...the only way left to distribute risk.

[CDHart]

My daughter pays her mortgage to Countrywide. Do you think the loan will end up being sold, or will it not affect her?

Carolyn

[BurbankKarl]

I read a couple instances of people with 10% down payments getting their interest rates jacked to secure the loans, and they bailed. We will be back to 20% down and 8% interest by the end of the week.