Hi Sarah -   It's not just Agents, it's other mortgage people too.  They have no idea what they can do and what they can't do (right now).  I have no fewer than 10 people on my desk who's loans literally evaporated.  One I can salvage as she other options on how she can buy.  I'm going to a Title Company mixer this afternoon. I'll get to talk to lots of Agents and Mortgage people I'm sure.  Plenty will be of the mindset that it's possible to do "this loan" or "that loan".  That's so last month.  The mortgage lender that's jerking your Dad around either knows what's happening and is telling your dad the truth (although he may not want to hear it) or he has no clue (there are plenty of clueless people in my industry) and has no idea why the underwriter just changed the conditional loan approval.

Rebecca -  We're all along for the ride.  Hold on tight.  Countrywide is a rumor.  They have issued statement after statement announcing they are safe.  They may be - only time will tell.

  "HomeBanc, a mortgage lender and servicer in the Southeast, said it is exiting the mortgage origination business since it has been unable to tap its lines of credit in order to fund new originations and had no liquidity. (HomeBanc has reached an agreement with Countrywide to transfer certain assets related to the retail mortgage origination operations, including up to five branches.)"

Susan - We can only accept what is.  we're along for the ride.

Dennis - While I still don't agree with him, I do feel his pain.  Fed Fund futures are suggesting only a 14% chance of a decrease by October.  The accompanying statement mentioned the market volatility and credit tightening but it also gave no hope that it was soon to cut rates.  And even if it did - I'm not sure that's the answer for us - it may be for Jim's friends in Hedge fund land, but how about us?

Jo-Anne - We're all coming up there.  Get ready. I am already a Hockey player so I have that half covered. (don't you just love gross generalizations?)

Brenda, Randy and Nicole - They do.  They have huge staffs of people listening.  One of the problems is that the Fed must move with moderation.  It's the nature of the beast.  They are listening, but they cannot react quickly and abruptly.

Jason - As always Thanks!

Jeanne  - As Countrywide Rep I appreciate your positive outlook.  But I will also very respectfully say, How can you be so sure?  I get all the CW press releases.  I don't get the internal memos you are getting.  I did get one forwarded to me from another lender yesterday that was a fluff piece to all the employees.  "We're strong.  We're solid.  we're different from all the other guys."  They left out the part about "until we regretfully have to close our doors due to unseen circumstances and let you all go."

Like I said, it's only a rumor and Countrywide is different.  But you are a loan officer - not a CFO.  While I support your enthusiasm and certainly hope you are gainfully employed for as long as you wish.  The truth is that the doors to your office are controlled by others and other factors outside your company.

From yesterday: 

Countrywide changed their reduced, no ratio, SISA, NINA, and “Super Streamline Documentation” programs, hitting their piggyback and standalone second-lien transactions (90.01-100% CLTVs are no longer eligible for purchase, single-lien transactions with 90.01-95% LTVs that have MI are still eligible.)