WOW... What a day it has been in Lender Land! We had dramatic drops in the stock market, last week, the bond market is the lowest since 1985 AND some of the country's biggest lenders are going Down for the Count!
Welcome to the Lending Circus who's ring leader will now be the BANKS! The big BANKS.. Is it all over folks for Countrywide? Greenpoint was just closed down and 1,900 people are looking for new jobs now... and the worst part is that Greenpoint had been on the block for awhile...had some great programs and BOOM.. the rumors started a few weeks ago and now they shut their doors!
500 people in Countrywide's Full Spectrum Lending Division are now... Unemployed.... Where does this end??? OR worst yet... WILL IT END??? Even worse, Who Can Get A Loan On A 600K Home???? Raise your hand if you have 60 Grand, a 710 Mid FICO and no debt!!! OH and can afford a hmmmm.. 4200k a month mortgage payment. Forget your 800 dollar a month Benz Payment, Credit Card Bills, Utilities, and living expenses..and GAS.. Ouch.. . Is this America's worst housing recession since..... hmmmmmm.... well... EVER..
Has anyone seen it this bad?????? Seriously, and be HONEST.. if you were in the biz in the 80's or 90's how does 2007 compare..and once again be HONEST.. we have to be realists here.. Although I know us as professionals can survive this because we are Focused, determined and know how to treat this as a business. I agree it is time to clean house in this business, too many people we trying to be overnight millionaires. To all of the predatory lenders out there.... GOOD NIGHT.. You're done, finished, extinct... Hope you sleep well with your skeletons in bed with your shelf-lives are now expired and you can take a job somewhere else.
What is your opinion on this housing and lending situation.... Will Countrywide FOLD?? Look at their stock fall..
Countrywide Financial on Monday ran advertisements seeking to reassure customers it's safe to do business with the company, while a published report said the largest U.S. mortgage lender has begun layoffs to help cope with a credit crunch.
The company ran full-page ads in Monday editions of The New York Times and other newspapers assuring customers that problems in the mortgage market don't affect the safety of federally-insured deposits at its Countrywide Bank unit. It also said the bank is "well capitalized" and that "the future is bright."
[CFC 19.81 
-1.62 (-7.56%) 
] did not immediately return several requests for comment.
The company ran the ads after customers armed with withdrawal slips descended on branches last Thursday and Friday, worried that their money was not safe even with Federal Deposit Insurance Corp. backing.
Fear about Countrywide's stability grew after the Calabasas, Calif.-based company unexpectedly tapped an entire $11.5 billion credit line to help fund operations.
So once again not to keep sticking the negatives out there, because the people who sat on the sidelines the last few years, waited for this to happen WERE right..they are in good position to BUY...BUY..BUY...(as my man Jim Cramer says on MAD MONEY) They waited for the home prices to begin to drop and are waiting for the homes to come in the affordable range and are no longer the huge balloon full of hot air'ed out free cash. My hat is off to you, and therefore you should BUY away.. Capitalize on the other's misfortunes, it's like the stock market... BUY low... SELL high.
So what are your thoughts my colleagues and friends?
~ Chris ~
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