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countrywide: WaMu is now offering its REOs on-line - 10/25/08 07:03 PM
Washington Mutual is now offering its REOs on-line
WaMu has finally figured out that in order to get of its huge inventory of 40,000 bank owned properties (second largest behind only Countrywide HomeLoans' approximately 58,000 properties), it needs to reach out directly to the public by advertising on-line rather than have its broker network take care of it.
It may have to do with the fact that WaMu is now part of JP Morgan Chase, that all of a sudden there is an urgency to sell the bank owned properties. Maybe before the takeover, there was a sense of "ifwe do notlet … (1 comments)
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countrywide: Bank of America’s own bail-out plan for Countrywide customers in risky loans. - 10/06/08 10:42 PM
Bank of America's own bail-out plan for Countrywide customers in risky loans.
Bank of America announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for almost 400,000 Countrywide customers nationwide (125,000 of them in California).
With this plan, Bank of America is trying to create goodwill and also further distance itself from the lending practices that went on at Countrywide for the last few years. After initial promises of keeping Countrywide's management in place and letting them run the mortgage division of the … (0 comments)
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countrywide: Which Lender has the most (REO) properties for sale? - 01/02/08 10:25 PM
With an estimated half a million foreclosures on the market at the end of 2007, one might wonder why they are not more aggressively advertised. You would think that lenders would do everything they can to get rid of the properties as soon as possible as every day they keep a house on the books, it costs them money. Banks are not in the business of owning homes; they are in the business of financing properties.
As of today (January 2, 2008), the nation's largest residential lender, Countrywide Home Loans shows only approximately 15,000 properties for sale on its REO site.Wells Fargo shows … (11 comments)
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