Countrywide Mortgage - Multiple layoffs. In talks with Bank of America about possible merger (CNN). Countrywide has also filed suit against 15 parties alleging that the company may have been tricked into lending as much as $40 million dollars (figures elsewhere say $80 million.) The defendants include eight individuals an appraiser, a property management company, and several mortgage and lending companies. According to The Wall Street Journal, another large lender, Argent Mortgage Company may also have been caught up in the scam. Some of the bad loans also appear to have been acquired by Fannie Mae.
Washington Mutual - Continued layoffs. Wholesale reps offer 1 pt to realtors for referral of loans. (Cutting the throats of their Broker base! Not good for biz!)Not to mention a blatant respa violoation!! WAMU also exited their correspondent business
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