I'm with you--stick with the companies that didn't 'dip into the nonsense' back in the day!  I've heard nothing but doom and gloom today but, again, I agree with your take on the situation.  I do feel for those heavily invested in Bear, Stearns though.

Debe - Sadly the overall effect is hurting a lot of people thats connected with Bear Stearns though, wish them the best and thanks for stopping by :)

Hi Justin,
Anyone that has not converted to a fixed rate needs to get moving.  What are they waiting for, should be able to get a really good rate now.

Cynthia - Exactly, but still people wait...<sigh>

Justin...  question... you said, "What company are you going to stand behind?"t

As long as I can do the deal, who cares who it is sold to. Even though companies as yourself, Countrywide, and many others who service their own loans, the back end is still divided up and sold in pieces to Wall Street. And I heard several years ago that Countrywide was going to be around forever.  I also worked for Norwest Mortgage in the 90's, who was the largest lender nationally. Whoops... no longer #1 and guess who bought them out.  Wells Fargo.  Just my opinion, but you can never say never and you can't just sell everyone on how strong you are. A company is the strongest when it comes down to that loan officer who can get the deal done. And that is what people should be caring about. Not a big name, because that doesn't always mean something. I have been doing this for 15 1/2 years and I sold my companies name my first 4 years in the business. But learned that doesn't mean much and it really shouldn't mean much. Sure, having a good company behind you is good, but not the end to all.   Just my .02.

Jeff - Great insight and good information to share.  Your exactly right a strong company doesn't mean anything its the outstanding individuals that make up the company!  I am sorry if my post seems to be steering people 1 sided I am just showing my enthusiasm and being proud for the company I work for that time after time shows outstanding results, so please do not take offense in my quote and I appreciate your insight and stopping by :)

Great Post Justin,

You should be proud of the company you work for and speak up for it....or you'd have a hard time selling loans!

Keep on blogging!

I'm glad that WF didn't specialize in the Neg Am Crap.  But on all of the sub prime tallys, they are #3 in the country in terms of total sub-prime holdings.  Maybe they were just servicing them, but it sure sounds like they might be holding some paper that ain't worth all that much.  Am I wrong?

Hey Rich Thanks for your insight - Well Wells Fargo still has some subprime loans in servicing you are correct just like every other lender out there including banks, the key thing is our main business is almost all prime and we don't sell our loans to the secondary market for investors :)

My 2 cents ... Personally, I feel that I was just kicked in the face when I heard that $20 Billion in tax payer backed funds were used to bail-out a Wall Street Investment Banker.  Surely this money could have been better spent if it had gone to pay the refinance fees to get everyone with an ARM, no matter what their current credit rating or how far they may be behind in their current ARM mortgage payment, out of their ARM and into a 30 year, FHA fixed rate mortgage!

Steve - Yeah sad isn't it!, thanks for stopping by always appreciated!