Should Have Listened to You Brian . . . .

By
Mortgage and Lending

So, after my blog last night when I glibly stated I wasn't worried about me, or my job, I got up to read the news about American Brokers Conduit . . . I knew there were "liquidity" problems.

I didn't know the problems were so bad they weren't closing loans today.  And I had two there.

I'm crazy about the people I work with at ABC and wish them the best. 

But I'm haunted by the Countrywide exec's prediction that the big 10 would go to five, which I related yesterday, and today, number ten appears to be down for the count.

I really didn't want him to be right . . . .

Comments (7)

James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
Between AHM and ABC they did not fund about 500 Million yesterday from what I hear.
Jul 31, 2007 10:08 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Ouch, I had been hearing this but nothing substantive.
Jul 31, 2007 11:14 PM
Gary Nelson
RE\MAX Components - Abingdon, MD
REALTOR , CRS, CDPE, e-Pro, GRI

I heard about this yesterday, suprised me some, but in hindsight; it shouldn't have.  All leads back to supply and demand...

Gary

Jul 31, 2007 11:25 PM
┬╗ Bill Burress Nationwide Mortgage Originator
┬╗ Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Traci:

The CW rep may be a statistic soon.  Have you seen their REO?

Aug 01, 2007 12:22 AM
Traci Gregory
Alpharetta, GA

Bill, that brings me to another "Huh?" moment . . . I've had offers in to Countrywide on four properties, cash purchases, full price offers for 6 weeks.  No response, oh except that they pulled three of the listings . . . One would think they could use the money.  Cut their losses and go on with their business. 

No, no explanation, except the agent who represents them says this has happened to them before.  The property could show up in six months, for sale again, as they ignore the offers they have.

 

Aug 01, 2007 12:59 AM
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon
wow - this would be a tough day - best of luck
Aug 01, 2007 05:57 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

 Traci, I appreciate the frank nature of your post regarding CWBC.  I've added you as an associate, and I look forward to your future blogging!

Come visit!

Mike in Tucson

Aug 10, 2007 04:32 PM