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post #1 of 27 (permalink) Old 11-20-2007, 04:56 PM Thread Starter
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More mortgage industry issues...

Countrywide is making HUGE reductions. My uncle just lost his job. It looks like a lot of consolidation of offices. Sales offices still closing left-and-right. Texas employees seem to have a break as Countrywide promised a certain amount of jobs in that state in trade for large tax incentives.

The hits just keep on coming...

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post #2 of 27 (permalink) Old 11-20-2007, 05:14 PM
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Countrywide will not exist in its current state 18 months from now. I'm sure they will get bought when they hit rock bottom.

They are offering some killer CD rates due to their liquidity problems but buyer beware, they are not FDIC insured.




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post #3 of 27 (permalink) Old 11-20-2007, 05:59 PM
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But let me guess, we are not in a resession, right? Sure sound like the start of one to me.
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post #4 of 27 (permalink) Old 11-20-2007, 06:00 PM
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Yep I work as a telcom tech at a Countrywide and they just laid off 90 people forn the Rolling Meadows branch yesterday. They have laid off 70% of the people within the last month or 2
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post #5 of 27 (permalink) Old 11-20-2007, 06:01 PM
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Union Pacific just put a stop to hiring conductors. Period.
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post #6 of 27 (permalink) Old 11-20-2007, 06:01 PM
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Quote:
Originally Posted by pcohenchicago View Post
Countrywide is making HUGE reductions. My uncle just lost his job. It looks like a lot of consolidation of offices. Sales offices still closing left-and-right. Texas employees seem to have a break as Countrywide promised a certain amount of jobs in that state in trade for large tax incentives.

The hits just keep on coming...
Which branch did you Uncle work out of??
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post #7 of 27 (permalink) Old 11-20-2007, 06:16 PM
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Quote:
Originally Posted by Dave13 View Post
But let me guess, we are not in a resession, right? Sure sound like the start of one to me.

Fed sees economy slowing in 2008... yada yada

http://money.cnn.com/2007/11/20/news...ex.htm?cnn=yes


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post #8 of 27 (permalink) Old 11-20-2007, 06:40 PM
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post #9 of 27 (permalink) Old 11-20-2007, 06:56 PM
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I was just watching the evening world news during dinner and they just did a special on Countrywide. They were showcasing Countrywide and an organization called NACA on how they are helping out those hurting with mortgage payments by refinancing them. That's unusual.

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post #10 of 27 (permalink) Old 11-20-2007, 06:57 PM
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I was just watching the evening world news during dinner and they just did a special on Countrywide. They were showcasing Countrywide and an organization called NACA on how they are helping out those hurting with mortgage payments by refinancing them. That's unusual.
It keeps the loan from defaulting... The banks need loans that get paid on their books.. not loans in default.

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post #11 of 27 (permalink) Old 11-21-2007, 11:18 AM
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The entire U.S. mortgage industry is a mess right now. It's the worst it's been in a very long time, and possibly, ever.

It's probably going to get worse before it gets better.
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post #12 of 27 (permalink) Old 11-21-2007, 12:25 PM
 
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Originally Posted by CHI1000RR View Post
Countrywide will not exist in its current state 18 months from now. I'm sure they will get bought when they hit rock bottom.

They are offering some killer CD rates due to their liquidity problems but buyer beware, they are not FDIC insured.
Countrywide will not go away. Yes, the company is shrinking but there is no way in hell it will go bankrupt. Its servicing portfolio is alone worth $1.3 Trillion! I am sure there will be more layoffs to come in the future but all its doing is right sizing after years of artificial inflation of the company. If one looks historically at the Countrywide stock, notice that the fair value price is around $10 and not $40….my conclusion, the stock is not crashing but instead going back to the levels that it is suppose to operate at. Capital markets will regain there composure and Countrywide will again sell their loans to Wall Street, just don’t expect another hay ride in the coming years.

Also, where's the info from that they are not FDIC insured? Never heard that.

Last edited by BIGGY; 11-21-2007 at 12:29 PM.
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post #13 of 27 (permalink) Old 11-21-2007, 12:40 PM
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Quote:
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Countrywide will not go away. Yes, the company is shrinking but there is no way in hell it will go bankrupt. Its servicing portfolio is alone worth $1.3 Trillion! I am sure there will be more layoffs to come in the future but all its doing is right sizing after years of artificial inflation of the company. If one looks historically at the Countrywide stock, notice that the fair value price is around $10 and not $40….my conclusion, the stock is not crashing but instead going back to the levels that it is suppose to operate at. Capital markets will regain there composure and Countrywide will again sell their loans to Wall Street, just don’t expect another hay ride in the coming years.

Also, where's the info from that they are not FDIC insured? Never heard that.
I did not say bankrupt, I said purchased. The web says they are FDIC but some recent deposit offerings were not. That is strange..




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post #14 of 27 (permalink) Old 11-21-2007, 12:51 PM
 
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I did not say bankrupt, I said purchased. The web says they are FDIC but some recent deposit offerings were not. That is strange..
Where'd you see these offerings?
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post #15 of 27 (permalink) Old 11-21-2007, 12:59 PM
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Quote:
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Where'd you see these offerings?
It was a market deposit shop done a few weeks ago for the banking industry . They were listed under non FDIC deposit offerings with CU's.




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post #16 of 27 (permalink) Old 11-21-2007, 01:07 PM
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I have countrywide for a home loan and have been keeping an ear to the floor.

I would imagine if they did, (which i dont see happening) bankrupt they would sell off the loans.



I do not think that we are in recession, I think that we are in plateau. You can only squeeze so much blood out of america. They keep expanding expanding setting new goals, more profits.

so of course, the millionaires dont make their millions so the lowest man gets screwed over and dropped so they can continue to show an ever growing margin line.

keeping alive and staying content is not the american dream anymore..

its all about supersizing over last years numbers till your fulla sugar and dependent on the govt tax cuts to keep you alive.


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post #17 of 27 (permalink) Old 11-21-2007, 01:24 PM
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Quote:
Originally Posted by FiReBReTHa View Post
I have countrywide for a home loan and have been keeping an ear to the floor.

I would imagine if they did, (which i dont see happening) bankrupt they would sell off the loans.



I do not think that we are in recession, I think that we are in plateau. You can only squeeze so much blood out of america. They keep expanding expanding setting new goals, more profits.

so of course, the millionaires dont make their millions so the lowest man gets screwed over and dropped so they can continue to show an ever growing margin line.

keeping alive and staying content is not the american dream anymore..

its all about supersizing over last years numbers till your fulla sugar and dependent on the govt tax cuts to keep you alive.


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post #18 of 27 (permalink) Old 11-21-2007, 01:27 PM
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as long as my rep keeps his job for one more week i'm good (I close next week). He's a good guy though so I hope he's not one of the layoffs.

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post #19 of 27 (permalink) Old 11-21-2007, 01:34 PM
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The servicing of their existing very large book is a liability in terms of potential losses. Mortgage companies would rather package and sell of their loans for a quick profit and continue lending. The financial markets do not have the appetite for mortgage loans as in years past. Countrywide and other mortgage companies are suffering from liquidity problems and buying deposits on the open market. The spreads on new mortgages are slimmer than ever as Countrywide’s cost of funds increases. It seems like it is a matter of time for some mortgage companies.

Of course that is my opinion on Countrywide, if I could predict it with absolute certaintly I could quit my day job. Rumors have been fairly robust on this one.




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post #20 of 27 (permalink) Old 11-21-2007, 01:40 PM Thread Starter
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Quote:
Originally Posted by G2G View Post
Which branch did you Uncle work out of??
The one near Central and something. I forget the town. It's an 8 story building from what I remember. I think that's Arlington Heights?

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post #21 of 27 (permalink) Old 11-21-2007, 02:38 PM
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The one near Central and something. I forget the town. It's an 8 story building from what I remember. I think that's Arlington Heights?
12 story building across the street from portillos??? 1600 w golf road is where I am at. Countrywide has another division called full sepectrum lending. This group funds higher risks home loans.

Last edited by G2G; 11-21-2007 at 03:23 PM.
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post #22 of 27 (permalink) Old 11-21-2007, 03:17 PM Thread Starter
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Yes, Full Spectrum was the division he worked with. Bummer about them closing it. He was one of 93 that were let go on Monday. He came in and a bunch of folks were in the parking lot. His boss came up to him and told him he was one of the 93. Sucks. They are giving this round 2 months severance as opposed to 2 weeks they were giving other...

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post #23 of 27 (permalink) Old 11-21-2007, 03:22 PM
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Yeah i know all about it Paul. Whats his name?? If you don't want to post it PM me. I am sure I know him as all phone orders go through me.
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post #24 of 27 (permalink) Old 01-11-2008, 11:05 AM
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aw, Bank of America got itself a nice deal on the cheap snapping up Countrywide

http://www.businessweek.com/ap/finan.../D8U3NTSO0.htm

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Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.

The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.
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post #25 of 27 (permalink) Old 01-11-2008, 11:12 AM
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I wonder what BoA will do... Will they keep it separate, let it implode in its own little sandbox and then just pick up the pieces after 2009?

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post #26 of 27 (permalink) Old 01-11-2008, 11:29 AM
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I have a feeling they are gonna let people know they bought them but not take the countrywide name away just because of its impact. Kinda how they are doing with lasalle. But only time will tell since they dont know what the losses and tax loss are gonna be yet.

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post #27 of 27 (permalink) Old 01-11-2008, 11:39 AM
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