Page 4 of 7 FirstFirst 1234567 LastLast
Results 31 to 40 of 66

Thread: The sky is falling...

  1. #31
    soupersonic
    So how does this affect someone like me who has a loan in process with them?

  2. #32
    Freak
    Kramer guest-hosted the Imus show once and their is a really genuine decent side to the guy. Far different from the character ya seen on Mad Money.
    We put a few bux aside and are investing on his advise.
    Doing OK.
    Kramers investment takes get much better with insider advise from people here in ***boats.
    But,, back to Yellowboats Countrywide thread,,,,,
    Cramer bothers me because he gets people to buy stocks he has investments in. Basically he get's you to spend your money on what he wants to make profits on. He's using you to make the market moves he wants to see. I think in his mind that it's ok because you "can" profit also. Now that is not bad as long as you realize that and know when he is going to sell. I just can't buy into it. With that being said IÂ’m glad your profiting.
    Back on topic: I think this correction is clearly headed toward a recession perhaps worse - the evidence seems powerful. Bernake is all but salting the clouds with tall the money he is throwing out - nasty levels of inflation seem a virtual lock.

  3. #33
    Freak
    So how does this affect someone like me who has a loan in process with them?
    No telling yet. It could go through, they could want a sh*t load more paper work from you or it could just die.

  4. #34
    Freak
    Anyone catch..Joe Kernen interviewed JP Morgan Chase's Cheif Economist, John Lipsky, this a.m. on CNBC. I thought it was unusual that Lipsky wasn't wearing a tie while representing his company on national TV. He was very calm, cool, and collected. -standard issue "everything is ok" appearance setup-
    Kernen kept pushing Lipsky for his guess on what was going to happen. Would the market recover? Lipsky said he was an economist so only looked at facts so he doesn't know any more than anyone else. Since when?
    Kernen persisted and Lipsky finally said he thought things were going to get bad - not the answer Kernen wanted.
    End of interview.

  5. #35
    cdog
    http://www.foreclosureradar.com/pres...ase_070610.php
    California Foreclosure Sales Reach $12 Billion
    In First Half Of 2007: Up 95% From January To June
    Discovery Bay, CA, July 10, 2007 - ForeclosureRadar™ today released its June 2007 California Foreclosure Report. This unique monthly report includes previously unavailable auction sales data providing a far more timely and accurate picture of California's foreclosure marketplace.
    ForeclosureRadar is the first statewide foreclosure information service to track each and every foreclosure auction throughout the state on a daily basis. Other foreclosure listing services rely primarily on documents recorded at the county which delays the reporting of actual foreclosure sales trends by weeks or even months.
    A total of 6,960 homes were sold at auction in June with a loan value of $2.83 Billion dollars in California. Riverside County had the highest number of foreclosure sales at 1,093 properties and $523M in loan value. Los Angeles County was second in terms of volume, but after adjusting for population, ranked 34th in the State. Yuba, Sacramento and San Joaquin Counties ranked 2nd, 3rd and 4th highest respectively with Marin County having the lowest foreclosure rate in California. Foreclosures now represent 16% of all new and resale home sales in the state.
    According to ForeclosureRadar founder Sean O'Toole, "Lenders are building a significant REO inventory. Since January 1, 2007, a total of 29,696 California properties have been returned to the lender for an astonishing total loan value of $12 Billion dollars. This is unprecedented." In June alone 6,552 properties were returned to the lender for a total of $2.69 Billion dollars.
    Click the link to see the numbers per county...

  6. #36

  7. #37
    Big Inch
    I'll try my best to answer a few of the questions posted so you have an idea of what we are seeing on the inside.
    Supersonic: I would be very concerned about your loan if it is placed with Countrywide. I suppose they may still be funding some loans but even if you are a "vanilla" borrower they will not be making it easy. I have over the last week or two had every loan I placed with Countrywide come back declined for questionable reasons. They did just today borrower billions of dollars. If they plan to use this to fund more loans then you might be ok but I would recommend having your loan submitted to a different lender.
    Mblaster: If they go belly up you will unfortunately still need to make your payments to someone. What generally happens is that the notes are sold at discount and you will be notified of who your new servicer would be. If this does happen make sure you continue to make your payments in order to protect your credit.
    Trailer Park Casanove: Countrywide did quite a bit of subprime lending. They even had their own retail subprime company.
    Oc28 heat: Don't think that these companies are above all of this. On the plus side they don't have all their marbles in one bag, as Countrywide does.
    C2: I don't think we know yet what Countrywide will do with these newly acquired funds but my guess is that it will more then likely go towards keeping the doors open then to purchasing new loans. Think of it this way. If you owned a small business selling widgits and the widgit market all over was slow. If you obtained a business loan would you spend it on a larger selection of widgits? In regards to them having to buy back bad loans. This is not Countrywide's problem. They are the entity who decides not to buy the loans from these smaller lenders and leaves them stuck owing the money and forces them out of business or takes them over to mask the loss.
    IMHO I think right now we just need to wait and see how all this plays out. As far as Countrywide goes the outlook looks bleak. All the talk in my office has been in regards to puts on Countrywide. Last I checked was $5 by May. Their still are companies that are lending money at good rates
    and under guidelines that people can actually qualify for. What I am currently marketing is a fixed interest only loan that is stated/stated with a 700 fico and rates under 6%. They allow cash out and everything else. This company services their own loans and at this time is very stable and their business model may very well become the way of the future for lending.
    OK B of A is here to take me to sushi. I'll be back later feel free to post any thoughts or questions or you can email me if you need any confidential advice.
    edgar@mtgmaker.com
    www.mtgmaker.com

  8. #38
    Mandelon
    Oh....and take a look at the following schedule of billions of dollars in ARMs that will reset per month
    Jan 07
    $22 bn
    Feb 07
    $25 bn
    Mar 07
    $35 bn
    Apr 07
    $37 bn
    May 07
    $36 bn
    Jun 07
    $42 bn
    Jul 07
    $43 bn
    Aug 07
    $52 bn
    Sep 07
    $58 bn
    Oct 07
    $55 bn
    Nov 07
    $52 bn
    Dec 07
    $58 bn
    Jan 08
    $80 bn
    Feb 08
    $88 bn
    Mar 08
    $110 bn
    Apr 08
    $92 bn
    May 08
    $76 bn
    Jun 08
    $75 bn
    Jul 08
    $50 bn
    Aug 08
    $35 bn
    Sep 08
    $26 bn
    Oct 08
    $20 bn
    Nov 08
    $15 bn
    Dec 08
    $17 bn
    Taken from Ty Andros' latest TedBits: http://www.safehaven.com/article-8143.htm
    If there is trouble in the financial markets now, it will sure continue during the spring of 2008!
    This shows the worst is yet to come.

  9. #39
    C-2
    Thanks BigInch, I'm sure that helps a lot of us.
    On the 700 stated/state - for self-employed - is it just that, or they asking for stated with bank statements. My friend said Home Savings (uhh, humm) is offerig a 680 fico, "full" doc which is bank statements for self-employed, 100% LTV.
    Not really shopping, but crious.

  10. #40
    duner21
    A very sad sad day here in Tucson. First Magnus Financial a nation wide lender just filed bk. Closed their doors and they are not taking any new loans or funding loans.

Page 4 of 7 FirstFirst 1234567 LastLast

Similar Threads

  1. HELP ME, HELP ME ...... Im falling
    By lewiville in forum Sandbar
    Replies: 7
    Last Post: 09-04-2006, 09:40 AM
  2. Another set of accusations falling apart:
    By SmokinLowriderSS in forum Political Phetoric
    Replies: 2
    Last Post: 12-06-2005, 06:24 AM
  3. Falling...
    By Jbb in forum Sandbar
    Replies: 7
    Last Post: 06-28-2005, 06:41 AM
  4. OH NO the sky is falling!!!!
    By spectratoad in forum Political Phetoric
    Replies: 11
    Last Post: 10-26-2004, 10:07 AM
  5. 1.97 and falling
    By Frosty_pop in forum Sandbar
    Replies: 22
    Last Post: 06-03-2003, 06:47 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •