This is like watching a car wreck in slow motion. You know what’s gonna happen at the end.......
Let me be a bit funny here and say that a lot of their problems were caused by the cost of their junk mailers. I can’t count the number of pre-approved loan mailers they sent me. They coulda went into home building with all the trees they had to cut down for their junk mail.
Emergency rate cuts, today, Mr. Chairman!!!!!
I have a mortgage with countrywide and they are the worst managed financial institution I have ever encountered. If you pay the mortgage on the first of september, then pay next month’s mortgage on 30 september, they still send you the october bill.
and don’t get me started on their other lunacies. if this is typical, then the industry is in real trouble, and management like this shouuld fail.
no sympathy here.
My mortgage is held by Countrywide, 2 years into a 30yr fixed. I’ve got a great rate - those re-fi guys take one look at my note and say “I can’t beat that.”
I didn’t overspend, so I have no trouble making my low monthly payment, and my income is quite secure.
I have never had any problems with Countrywide itself.
So, Countrywide is hurting/teetering ... here is my sincere question for anyone, from someone with little-to-no financial savvy:
Is this a threat to ME & my family, or just something I should know to be generally well-informed?
Even if C-Wide goes in the tank, I don’t understand what risks this represents for me. Isn’t my note just going to go to some other bank, and my monthly payment/life will go on as usual?
Is Countrywide’s condition something that really should concern me in a personal way?
See, here's the problem...the Fed *knows* that the entire Secondary market is illiquid. It's a complete credit crunch; dead.
...yet the Fed's job is to *provide* emergency liquidity to keep such a credit crunch from reoccuring.
Well, where is Bernanke?!