An Important Message from Countrywide

By
Mortgage and Lending with Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL

I got the e-mail!

Countrywide denying rumers of filing BK....

:-)

Dear Business Partner:

Yesterday, rumors circulated about Countrywide's financial condition that caused concern among our Business Partners and employees. While our policy is that we typically do not comment on rumors, yesterday's unique circumstances led to Countrywide issuing the below statement that I wanted to share with you right away:

"There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the Company."

In addition, the Company will host a live management discussion of the results for the 2007 fourth quarter and full year on Tuesday, January 29, at 12:00 p.m. (EST).

On behalf of the entire Countrywide®, America's Wholesale Lender® team, I want to extend our appreciation for your ongoing support during these challenging market conditions. As always, thank you for your business.


Todd A. Dal Porto
Senior Managing Director and President
Countrywide, America's Wholesale Lender

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Rainmaker
388,669
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
Looks like Bank of America will be their shining white knight.
Jan 10, 2008 05:57 AM #1
Rainer
168,035
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL

Kris, I got the same one. Now the truth comes out. Do you think this was planned? With BOA canceled in Dec the wholesale division.

Jan 11, 2008 01:28 AM #2
Rainer
68,945
Kris Krajecki
Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL - Huntley, IL
Mortgage Broker Huntley, IL
I think that BOA was planning on buying CW about a year ago....BUT, when BOA lent over a BILLION dollers to CW-I figured that they would NOT buy CW because BOA "had them where they wanted them". BOA was able to cherry pick only the best loans from CW and put those loans into thier portfolios. Countrywide had a good solid name behind them though....I'm thinking that BOA will be A-paper and CW will be thier new "sub-prime"....not true sub-prime.....more like an Alt-A with stated, NOO options and the like.
:-)
Jan 11, 2008 01:58 AM #3
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Rainer
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Kris Krajecki

Mortgage Broker Huntley, IL
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