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Countrywide plans to add 2,000 sales jobs this year & offer 50 Year sub-prime loans

By Ronald Gillis

Services for Real Estate Pros with Southwest Florida Notaries (Mortgage Notary Signing Agent)

September 27, 2007 02:13 PM

I must say, I just saw the news (Reuters, reporting) about Countrywide CEO Angelo Mozilo stating Countrywide is planning on adding 2000 jobs AND rolling out 50-year sub-prime loans as well as Reverse Mortgage products. The Reverse Mortgage products, I can see somewhat, but it would almost seem that should only be done by a business with plenty of working capital, because it will in most cases be several years before they get their money returned. And 50-year sub-prime products??? Am I missing something here, isn't this the same Countrywide that has been saying they are practically on the verge of bankruptcy & in desperate need of cash (which of course B of A has given them a bit.) I wasn't sure how I felt about a likely bailout by the government of Countrywide, now I am sure, NO WAY!

Your thoughts???

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Sean Allen

International Financing Solutions - Fort Myers, FL

International Financing Solutions

HHHHmmm, that is interesting. After laying thousands off they are talking about hiring.....soundlike they are grasping a straws.

Sean Allen

Sep 27, 2007 02:19 PM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

I am shocked, although I guess I shouldn't be.....

Sep 27, 2007 02:25 PM

Keith Neeley

ReMax New Horizons - Orange, VA

That is troubling news. 50 yr sub prime loans?? Over reaching lenders must be controlled.

Sep 27, 2007 02:30 PM

Vicky Poe

Good Ole Rocky Top - Crossville, TN

Realtor/ Auctioneer

It will be interesting to see what new products the lenders start competing with.

Sep 27, 2007 02:40 PM

Steve Loraus

Twin Cities Real Estate Group - Saint Louis Park, MN

Are you sure you didn't get old information. Seems like something they would be doing 3 years ago and not in the current market as every single subprime lender is folding daily.

Sep 27, 2007 02:42 PM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Keith, Vicky, and Steve, thanks for stopping by. . . Steve, it was reported by Reuters, from Wall Street today, even mentioning the problems Countrywide has been having, especially since May of this year. It makes no sense to me what-so-ever, but at least that is what Mozilo has been reported to be saying. Unless there was a reporter misunderstanding, which of course never happens (yea, right, I know) but while reporters may not always report correctly, I wouldn't put it past CW...

Sep 27, 2007 03:13 PM

Paul Durry

Collateral Specialist Inc - Lawton, OK

Former Broker Associate, CDPE, CIAS, CHMS

The way I see it with a whole truck load of sub-prime lenders going...going..gone. Maybe CW is trying to fill that void. Think about it CW bought/ service most of the sub-primes. Now they will be able to better control over who gets a loan, where as before they inherited a lot of trash..

Sep 29, 2007 06:53 AM

» Bill Burress Nationwide Mortgage Originator

» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Ronald:

This is news. Very interesting. This is also the same countrywide that announced they were going all prime. Much contradiction here.

Oct 02, 2007 06:07 AM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Paul & Bill, thank you for stopping by! Paul - we shall see. Bill, I could not believe it, and even one reader above asked if this was old news. The article I read was 9/27 or 26th, but yes, I was shocked and amazed. If this is the direction they go, then my being on the fence about the government helping them is no longer, if this is how they go about things, then I AM AGAINST IT!!

Oct 02, 2007 06:14 AM

Paul Durry

Collateral Specialist Inc - Lawton, OK

Former Broker Associate, CDPE, CIAS, CHMS

Someone must have thought Countrywide was worth the gamble. They are now a part of BOA, and are going to be the new VA REO property Asset contractor. Goodbye Ocwen!

Sep 06, 2008 06:30 AM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Paul, I was floored when I saw this article. At that point in time, I had heard they were in significant trouble, and I think had already received some cash from B of A, so I could not believe the government was considering handing them cash when they were in obvious trouble. Thanks for stopping by!

Sep 06, 2008 07:20 AM

Thomas Hargreaves

TriStar Financial Services - Eugene, OR

a 50 year loan is a nice concept with home prices the way they are. I have heard in Japan they have 100 year generational loans due to the high cost of housing.

Sep 06, 2008 05:32 PM

Anonymous

Chris Webster The Sold Team

I guess it's time to sign up

Sep 06, 2008 06:07 PM

#13

Lisa Hill

Florida Property Experts - Daytona Beach, FL

Daytona Beach Real Estate

I don't think you want to know my thoughts. That would open a huge can of worms. But the bottom line, IMHO... someone's embezzling at the top, so of course they have money now for new ventures.

Sep 07, 2008 07:07 AM

Paul Durry

Collateral Specialist Inc - Lawton, OK

Former Broker Associate, CDPE, CIAS, CHMS

Come on Lisa, let it out. You will feel much better when you do.

Sep 07, 2008 08:21 AM

Richard Stabile

Re/Max Real Estate Limited - Oradell, NJ

Bergen County New Homes Builder Realtor

Country wide sales people are being fired for tax returns not matching there loan doc.

So, I guess they BOA will need to replace them.

This is what I here.

Richard

Sep 07, 2008 08:59 AM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Thomas, I never heard of 100 year loan. I'm not sure that would be good, but even more-so, I think the 50 Year loan opens up a big enough can or worms like Lisa said. Lisa, I certainly can't disagree with your other statement, that disgusts me as well, and all they get - IF THAT - is a slap on the wrist. But if you or I did that, we would be in jail. Hmmmm... Paul, too funny. Richard, didn't hear that, but again, I wouldn't be surprised.

Sep 07, 2008 05:24 PM

Teresa Harris

Lake Real Estate, LLC - Denver, NC

Denver . Lake Norman . Charlotte

Boarder line insane comes to mind! Didn't Bank of America buyout Countrywide? And BofA headquarters is in my backyard, Yikes!

Sep 07, 2008 05:39 PM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Teresa, Not when I wrote this, but since that time, yes.

Sep 08, 2008 02:54 AM

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I guess it's time to sign up

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