 On August 18th, I wrote "It's my opinion that Countrywide's troubles aren't over yet, but I hope they are able to hang in the mortgage business as foreclosure continue to rise in many areas of the country. The loss of jobs and stability in the market would be huge , should Countrywide fail."
Unfortunately, Business Week reports an announced bloodbath, as predicited. According to Business Week "Countrywide, the nation's largest and recently most-embattled mortgage lender, announced it was laying off as many as 12,000 people today, roughly one-fifth of its 61,000-strong workforce. In a letter to employees company founder and ceo Angelo Mozilo called the current slump "the most severe in the contemporary history of our industry." He said home price appreciation had "stopped dead in its tracks," that there had been increased delinquencies in "far too many borrowers" and that the secondary market for jumbo loans and those that don't qualify for government-sponsored insurance "has become nearly illiquid." In a Countrywide internal letter, it is predicted that 2008 origination volume will decrease by 25% for 2008 versus 2007. It is another sad day in the industry with the loss of this many jobs, which further destabilizes the economy. Athens, GA and the surrounding area has received a great deal of recent, national attention: For relocation and general information (including school information, crime statistics and more)about Athens, Georgia and the surrounding area including Madison County, Jackson County, Barrow County, Oconee County and Oglethorpe County, Georgia, see the other post on our community blog at All About Athens GA. For more information about homes for sale and real estate in Athens, GA or to request a Relocation Package for Athens, GA and the surrounding areas, please visit our website at Success Realty or email Michelle DeRepentigny at Michelle@SuccessRealtyGa.com to find out the date for our next HomeBuyer Seminar or English as Second Language Homeybuyer Seminar! Space is limited at both of these seminars, please contact us today to reserve your seat! 
706-207-2502 cell 706-543-1553 office Michelle@SuccessRealtyGa.com Success Realty website |
;)
Links;)
Tags (Tag Cloud);)
Archives
Michelle, I saw the news yesterday afternoon. Your post is very eloquent and well stated. My heart goes out to those people that lost their jobs.
We all need to remember that there is still opportunity in this market. Now, more than ever before, is the time to market, market, market. If you haven't been seen in your local community people might think that you've gone out of business.