On Friday October 26 2007 / came out the report of Countrywide's Financial third quarterearnings. The Report offers a window on the depth of real estate, home-building downturn and the important ramifications for the nation's financial sector. Also reveils the shock to the overall economy that goes far beyond a single company's problems... Still, some analysts believe the report could reveal some signs that a recovery at Countrywide has begun.
- If mortgage delinquencies and defaults continue to rise, and home values continue to fall, Countrywide could find itself owning a lot of homes that it has been forced to foreclose on, (many of them in particularly depressed markets).
- That means higher troubles for potential home buyers who don't have top credit ratings or a large amount of cash to use as down payments. Also, it will be harder for homeowners to sell their homes, (at least at the price they expect).
In the light of present crisis Countrywide, announced it's partnering with the Neighborhood Assistance Corporation of America (NACA). With thousands of troubled borrowers facing foreclosure, the two adversaries put aside some of their differences and joined forces.
But Countrywide's troubles won't end here...
Recommended articles: Staring into Countrywide's abyss >>> Countrywide offers help for reset shock
Thanks for sharing that great article Arina.
I got this e-mail from countrywide this morning...
It looks like they are really trying to lay on the confidence bit pretty thick.
Dear Business Partner:
By now you are probably aware that Countrywide Financial reported our third quarter earnings earlier today. I wanted to take this opportunity to personally communicate with you what I consider to be the most important highlights:
Committed to You and Your Success
Please access and review the below link to a letter from Drew Gissinger, President and Chief Operating Officer of Countrywide Home Loans, who oversees all lending activity for Countrywide. Drew is my direct boss and a major influence in all of our day-to-day activity. His letter explains the details of the earnings release and affirms our commitment to our Business Partners.
A letter from the President & Chief Operating Officer of Countrywide Home Loans
In closing, we continue in our dedication to be the most committed major lender to the mortgage lending business and the broker channel. In fact, less than 24 hours before our earnings release, a major money center Bank announced their plans to exit from wholesale lending.
At Countrywide, real estate finance has been our core business and major focus for nearly 40 years. More importantly, the dedicated and distributed team of over 2,600 mortgage professionals that represents Countrywide, America's Wholesale Lender, has been and remains 100% focused and committed to the ongoing success of our mortgage broker Business Partners.
Thank you for your business and commitment to Countrywide, America's Wholesale Lender.
Todd A. Dal Porto
Senior Managing Director and President
Countrywide, America's Wholesale Lender
Michael: Thank you for your comment... I am afraid you are right. I have little experience in RE as I am working for less than 3 years (the worst of my life) and see my dreams going to dust. If I survive this... Nothing else can affect me.