Taking shots at countrywide

By
Real Estate Agent with Frank Rubi Real Estate
I overheard a senator from New York today blaming the credit woes on one company, Countrywide.  How do you like that.  Wasn't it the government who wanted to put everyone in a home.  Sounds like a typical politician blame someone else.  I also over heard an executive of a private bank and he was right on.  When you lower lending standards you are asking for trouble.  His bank was sitting pretty because they didn't make any risky loans.  Common sense that is what we need in government.
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Rainer
69,601
Jim Ludes
RE/MAX Top Properties - Coal City, IL
Grundy/Will County, IL REALTOR

That's exactly right....not Countrywide's fault ---though I am, ironically working a short sale on one of their loans.....

Aug 29, 2007 01:44 PM #1
Rainmaker
417,264
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369
Countrywide closed a loan for one of my subprime buyers without a hitch the day before the news broke. She couldn't get an FHA loan....
Aug 29, 2007 05:01 PM #2
Ambassador
938,146
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
John, I agree with the point about lowering the standards. No matter what the interest rates are if you lower the borrowers qualification you could only expect trouble.
Aug 30, 2007 01:42 PM #3
Rainer
34,278
Marie Kletke
iNet Realty - Long Beach, CA
Broker - Long Beach Real Estate

Countrywide has started to pick up the pieces of what used to be a mortgage industry.  Thanks to Countrywide's recent activities, other companies are starting to see a lot of activity as well.  There are still lenders out there lending mortgage money. 

Aug 30, 2007 09:02 PM #4
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Rainmaker
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John Walters

Licensed in Louisiana
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