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Countrywide's problems country-wide?

Email|Link|Comments (4) Posted by Robert Gavin July 25, 2007 11:58 AM

Countrywide Financial, the giant mortgage lender, spooked financial markets yesterday when it reported that loan delinquencies were spreading into the so-called "prime" market--that is, borrowers with good credit histories, and predicted housing prices won't rebound until 2009. The situation here in Massachusetts could be different.

According to data from Economy.com, loan delinquencies remain concentrated in subprime mortgages, loans made to people with less than stellar credit at higher interest rates. Delinquency rates among all loans were relatively low: Boston, at 3.3 percent, ranked 94th of 200 metro areas; Cambridge, at 2.1 percent, ranked 184th. That compares to Detroit, with 6.3 percent, and Modesto, Calif., at 5.4 percent. Countrywide said its biggest delinquency problems were in Central California, the Midwest, and southern Florida.

Here in Massachusetts, where the housing downturn began earlier than most of the country, the consensus among economists is housing prices here will begin to recover near the middle of next year.
Foreclosure actions remain well above last year's levels, but they have flattened in recent months, according to The Warren Group.

There's still a long way to go, however: resets of adjustable mortgage, to higher interest rates, won't peak nationally until November, according to Economy.com

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4 comments so far...

Countrywide coaxed my nephew into taking out a second mortgage which i DID NOT COSIGN FOR ONLY THE ORIGINAL ONE COnsigned for,i was never notified and thus after he moved out and therefore my name was on all doocuments they proceeded to give him a second mortage knowing he did not kave a job and i was the primary cosigner.what can i do.please help. thank you.I WAS NEVER NOTIFIED OF THIS EVEN THOUGH MY SIGNATURE NAME AND ADDRESS WAS ON THE THE ORIGINAL PURCHASE AND SALES AGREEMENT.

Posted by RICHIE January 31, 08 02:28 PM

I am ecstatic that Countrywide got slammed with problems. They deserved it. I got rid of them a while back and went with another mortgage lender with NO problems. I hope with these layoffs BOA will do, they will hit the old Countrywide office and fire all of those in Houston. As my dad had said in the past, "what goes around comes around". If I was the President of BOA, I would personally fly to Houston and fie those CW suckers. Ciao Countrywide!!!!

Posted by JC June 28, 08 12:12 PM

I too was suckered into a Countrywide 2nd mortgage. Now they say we owe more for the property than it is worth and refuse to drop the PMI. What really makes me made is that Countrywide reps call every week and mail offers all the time asking us to refinance!! They say they can save us money by consolidating our two loans into one (with a higher interest rate!).. We won't be so gullible the next time around.

Posted by Lori October 11, 08 05:29 PM

I lost my job (as a Mortgage Loan Closer) and contacted CountryWide to see if I could refinance to lower my payment. The loan officer said I could do the FastTrack loan and eagerly took my non-refundable $380.00 fee. Three months later I havent heard back from them. My phone call, which of course every one passed the buck, revealed I was denied approval for a new loan. How nice of them to contact me and let me know! By this time I cannot make my mortgage payments. I call again to get help. What a joke! No help available...." just stop making your payments" is what I got out of it. Absolutely a waste of time and $380.

Posted by Phyllis halliday April 2, 09 03:12 PM