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The last day of Countrywide

The Last Day of Countrywide

Today, June 30th, is the last day Countrywide will exist as itself.

Tomorrow it'll be Bank of America.

Did you know Countrywide started in 1969?

No, I wasn't lending back then, I was 10 years old.

Yes, Countrywide has received it share of bad press recently.

Deservedly or not, they've also done some good things.

Was the B of A merger a thinly disguised Fed orchestrated bail out?
Does Countrywide deserve everything they get?
Should Angelo Mozillo spend a little time behind bars?

All interesting and compelling questions. I can't help but think of all the good Countrywide also accomplished.

How many people would have enjoyed home ownership if it wasn't for Countrywide?
What do you think?

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Posted by Mike Mueller on 06/30/2008 01:13 PM

Comments (15)

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Originally posted at: Mike Mueller, Social Media.ist: The last day of Countrywide

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15 Comments on The last day of Countrywide

JUN

2008

Unfortunately for the poor employees of Countrywide it means that most of them will probably be losing their jobs due to redundancy. Boy I hope we can get through this mess soon rather than later.

Mike- While I won't argue they have done good, they still should be punished for the bad they have done. But hey I guess if O.J., Kobe, and any other athelete/ star can walk free after committing crimes so can they right? lol

This is going to prove to be very interesting. I also am wondering about some of the past issues with this lender...who will be footing the bill for these issues? A name change may help Countrywide but at the same time could also hurt Bank of America if this all spills over onto them and their reputation. The future of this transition will prove to be very interesting I am sure.

Mike

Good for you for posting this....I cannot comment further as I'm too close to the transaction in several ways, but it will be a good thing overall. I must say that we should recognize and applaud them for all the good they did over the last 39 years, and shouldnt merely judge them by the excesses of the last few years.

Hope all is well.

I think things will change with CountryWide too. After all it will just be an even larger Bank of America in reality. I have a CountryWide loan now and have directed my clients to CountryWide. We'll see what happens.

Nice video blog. Interesting and to the point. Like the intro. Watching you and learning everyday.

Mike, Great video. I used Countrywide a lot when I first got into the business 3 years ago. The AU system was really easy to use. However, in the last few months I have not recommend my clients avoid Counrtywide.

Mike, I worked for the CWD juggernaut about 7 years ago and even then they were the biggest kid on the block. Here are some of my thoughts.

~Good riddance to a very successful business model that went awry. Greed took over where prudence once prevailed!

~My thoughts go to all those that have and/or will lose their jobs b/c of the takeover

~I think they got too big to fast and the only way they could keep up for the poor lending practices they eventually started doing was to simply heap on the volume....only problem is they never planed for the eventual explosion of the bubble they helped create.

~Thinly veiled bailout?....not sure. However with as much market share as CWD has, it definitely rings of a market stabilizer.....the industry could not have taken a fall that large without it affecting the rest of it......that would have been a huge black hole that potentiall sucked everyone into it. (good article in Bloomberg http://www.bloomberg.com/apps/news?pid=20601087&sid=arYakEWFRtTE&refer=home

So now the biggest question is this: What does B of A do now?......recent discussions have been almost 50/50 across the board~

-Shutter wholesale or

-Shutter retail?

-Keep correspondent? (almost everyone agrees that correspondent is gone, because of BofA's decision to get out a year ago)

I do not think either channels are very profitable right now, and with 9% of a 1.5 trillion servicing portfolio in delinquency or default, it is going to take B of A a while to recoup its investment, even with the taxpayer financied write-offs.....and finally,

-How much of the servicing portfolio will they be selling to help offset some of the acquisition costs?

I very dicey situation for abn of America, indeed!

Your thoughts?

Respectfully,

Bo Hussung

Jerry - Both CFC and BAC will lose jobs. I believe BofA said they'll cut 7,500 jobs.
Chris - The blame game is alive and well. Was it Countrywide's fault that they offered and underwrote some questionable loans, or was it the loan officer's who pushed these loans to blame? Or was it the Agents? Or the public? Is Angelo the patsy? Way back in January 2007 I posed the same questions in Conspirator or Patsy
Sam - The "Mulder" in me thinks there was some kind of Federal involvement. Who foots the bill? Ultimately the public.
Bill - I do wish you could comment. You got some good stuff.
Fred - Things will change with Countrywide - they'll be completely absorbed by BofA - gone!
Vickie - Thanks! I just wing it. But thanks!
Jimmy - I don't think you need to worry about it so much anymore.
Bo - Thanks for the in depth opinions!

Mike, CW has been the preferred lender for builders in my area for years. It is kind of sad that they no longer exist.

By the way, any idea what happens with the short sales negotiations that some of us are in the middle of? I'm I going to call in the morning and get a disconected phone number?

Mike - Personally, I am a big fan of Countrywide Home Loans. I have my personal mortgage with them, and like the online system for info and payments. Professionally, I have a great one-on-one relationship with the loan officers here in Gainesville. They take great care of my clients that I refer to them. In my book, they have an "A+" in my book.

i love your blogs, but never really get to all of it. The constant lagging makes it almost impossible to view. But, yes they have done some good things and yes that snooty stuffy older dude should spend some time inthe can!

Hi Mike: I tell anyone who cares to listen that Countrywide just got caught. They were alsays tooting their own horn about being the biggest and best. Soemtimes it's better to fly under the radar and not get too full of yourself! Take care.

Paul

Unless there is some REAL change in the way we regulate the mortgage indusry, what we are experiencing today with the implosion of the housing industry, will become deja vu all over again, a few or years downwind.

Obviously "self-policing" doesn't work in the lending business.

Myrl

JUL

2008

Thank you so much for your video. Over the past year it has been tough. I am very proud of CW and all the good that we have done. The crisis is multi layered, of many things that went wrong with our economy. Going forward, I look forward to more positive press. Sometimes the tail does wag the dog, and the press can spin the public into a frenzy. thanks again

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Mike Mueller

Walnut Creek, CA

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