Countrywide forced to borrow to stay afloat...like many of our customers! - 08/16/07 12:29 PM
Just in from Wall Street, Countrywide (the countries biggest lender) reports that to stay solven they must borrow against their 1 billion+ credit line to fund opperations. Now I have no idea how much of Countywides portfolio is in sub-prime lending but, I will share with you my experience and also give you and your clients a resource that can help if someone is in danger of losing their home. 
When I started out as a lender for a finance company in 1998, I knew that their were a lot of people that were getting loans that they realistically couldn't pay back. My finance career … (4 comments)

Another one bites the dust: American Home Mortgage files for BK - 08/07/07 11:50 AM
I was just reading on the net that yet another major lender is closing its doors and filling for bankruptcy, American Home Mortgage Company. The interesting part is they are NOT a subprime lender, their portfolio consisted of mostly "A" paper loans.
If you have a client that is preapproved with a mortgage broker it might also beneifit your client to get a preapproval from their bank. Some banks lend their own money for mortgages, therefore they have more flexiblity in securing funds by using the deposits of their banking clients.  Have your clients get a second opinion from a mortgage … (0 comments)

 
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Tiffany Norton

TiffanyNorton

Saint Paul, MN

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