Comments on: The Future of Countrywide http://raincityguide.com/2008/01/11/the-future-of-countrywide/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Bob Martin http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-320062 Bob Martin Fri, 20 Jun 2008 06:42:31 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-320062 these are really a great man!We pay special attention to new clients who are setting out in business and treading the boards for the first time. these are really a great man!We pay special attention to new clients who are setting out in business and treading the boards for the first time.

]]> By: Bob Martin http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-320059 Bob Martin Fri, 20 Jun 2008 06:10:42 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-320059 Thank you so much for this excellent information. I have used your website often and have told everyone I meet who uses motorways and is unhappy with the services. Thank you again for your existing information and now your exciting news." Visit AT:<a href="http://findhoustonhome.com/houston-condos.html" rel="nofollow">houston condo </a> Thank you so much for this excellent information. I have used your website often and have told everyone I meet who uses motorways and is unhappy with the services. Thank you again for your existing information and now your exciting news.”
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]]> By: wayne helmore http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-319153 wayne helmore Thu, 05 Jun 2008 11:58:52 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-319153 BOA may have even helped push the media buttons to further erode the price to a level they knew would be profitable.I’m surprised to hear about the buyout proposal from BOA, and with $6bil; i thought they worth much more than that, but well, after reveiwing more articles about their current businesses.<a href="http://www.claridges-commercial.co.uk/" rel="nofollow">Offices north London</a> BOA may have even helped push the media buttons to further erode the price to a level they knew would be profitable.I’m surprised to hear about the buyout proposal from BOA, and with $6bil; i thought they worth much more than that, but well, after reveiwing more articles about their current businesses.Offices north London

]]> By: Jillayne Schlicke http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-263455 Jillayne Schlicke Thu, 14 Feb 2008 20:22:56 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-263455 "the book value for Countrywide, as of December, was around $20 a share. In January, Bank of America agreed to pay $4 billion for Countrywide, which equates to an offer of less than $8 a share. "It appears that [Countrywide]'s management engaged in a rushed process to sell itself and failed to conduct that process in a sufficiently considered and diligent manner," the letter reads. "We note with concern the significant spike in the volume and price of the company's shares over the three days preceding the company's announcement of the merger." Full story: http://www.thestreet.com/s/hedge-fund-blasts-bofa-countrywide-deal/newsanalysis/financial-services/10403414.html?puc=_googlen?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA “the book value for Countrywide, as of December, was around $20 a share. In January, Bank of America agreed to pay $4 billion for Countrywide, which equates to an offer of less than $8 a share.

“It appears that [Countrywide]’s management engaged in a rushed process to sell itself and failed to conduct that process in a sufficiently considered and diligent manner,” the letter reads. “We note with concern the significant spike in the volume and price of the company’s shares over the three days preceding the company’s announcement of the merger.”

Full story:

http://www.thestreet.com/s/hedge-fund-blasts-bofa-countrywide-deal/newsanalysis/financial-services/10403414.html?puc=_googlen?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

]]> By: Steve http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-259055 Steve Fri, 08 Feb 2008 23:26:33 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-259055 why has HUD only cleared rebates to buyers by certain buyer's agents? What is HUD's requirements? why has HUD only cleared rebates to buyers by certain buyer’s agents? What is HUD’s requirements?

]]> By: J.Finney http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-258569 J.Finney Fri, 08 Feb 2008 06:05:06 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-258569 I agree with an earlier statement of BofA getting the opportunity to review CW books on the first 2bil injected allowed them to play their hand. I also believe B/A is looking at more then just mortgages regardless how much their paying for the buyout. With that kind of potential client base one has to consider all other aspects of the banking industry and the array of other products and services that B/A will solicit to that $1.48 trillion portfolio. I agree with an earlier statement of BofA getting the opportunity to review CW books on the first 2bil injected allowed them to play their hand. I also believe B/A is looking at more then just mortgages regardless how much their paying for the buyout. With that kind of potential client base one has to consider all other aspects of the banking industry and the array of other products and services that B/A will solicit to that $1.48 trillion portfolio.

]]> By: DAN LE http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-249637 DAN LE Thu, 24 Jan 2008 22:13:36 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-249637 I've heard alot about CW's been not doing well; i didn't pay close attention to what's going on with them. I'm surprised to hear about the buyout proposal from BOA, and with $6bil; i thought they worth much more than that, but well, after reveiwing more articles about their current businesses, I can see why BOA is proposing this deal. I actually like to work with CW because they were good and quick in response when I did loans with them. I’ve heard alot about CW’s been not doing well; i didn’t pay close attention to what’s going on with them. I’m surprised to hear about the buyout proposal from BOA, and with $6bil; i thought they worth much more than that, but well, after reveiwing more articles about their current businesses, I can see why BOA is proposing this deal. I actually like to work with CW because they were good and quick in response when I did loans with them.

]]> By: Rhonda Porter http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245913 Rhonda Porter Fri, 18 Jan 2008 20:34:54 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245913 Roger, Flagstar lost their source for jumbo loans. If they find another buyer...they'll be back in. Roger, Flagstar lost their source for jumbo loans. If they find another buyer…they’ll be back in.

]]> By: Roger Ingalls http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245852 Roger Ingalls Fri, 18 Jan 2008 17:10:09 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245852 Follow up and ancillary info. Flagstar has announced temporary suspension of Jumbo ARMS and fixed. Odd, for them to exit entirely instead of pricing up, or toughening the guidelines. I don't know big they are in this arena, but overall they have been a good wholesale lender. I'll try to find more info. Meanwhile, other lenders seem to have adequate appetite for Jumbos, but only of the risk-free kind (full doc, low LTV, decent credit). Follow up and ancillary info.

Flagstar has announced temporary suspension of Jumbo ARMS and fixed. Odd, for them to exit entirely instead of pricing up, or toughening the guidelines.

I don’t know big they are in this arena, but overall they have been a good wholesale lender. I’ll try to find more info.

Meanwhile, other lenders seem to have adequate appetite for Jumbos, but only of the risk-free kind (full doc, low LTV, decent credit).

]]> By: Roger Ingalls http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245828 Roger Ingalls Fri, 18 Jan 2008 16:11:54 +0000 http://raincityguide.com/2008/01/11/the-future-of-countrywide/#comment-245828 Follow up to that question. Limon indicates that the poorer performance of loans originated in the wholesale channel was NOT new information. If such a statement is true, then the risk has always been priced in (possibly not enough), yet wholesale consistently produces better rates at a lower price than retail. This suggests that IF the risks can be sufficiently reduced in the wholesale channel, the pricing differential should get even better! We have already seen banks doing more due diligence (WAMU), with more likely to come. I know that my broker has been on the leading edge when it comes to providing written disclosures that go well beyond the legal requirements (clear, written terms for the Option ARM, a second hand-written and signed document testifying to the stated income, a giant FBI seal and warning about loan fraud), so I don't worry much about more due diligence. I can state without fear of contradiction that the lenders are tightening guideline standards (and enforcement of such), with changes coming nearly every day. And, unlike WAMU, I have never threatened to withdraw business from an appraiser for simply telling the truth! Follow up to that question.

Limon indicates that the poorer performance of loans originated in the wholesale channel was NOT new information. If such a statement is true, then the risk has always been priced in (possibly not enough), yet wholesale consistently produces better rates at a lower price than retail.

This suggests that IF the risks can be sufficiently reduced in the wholesale channel, the pricing differential should get even better! We have already seen banks doing more due diligence (WAMU), with more likely to come. I know that my broker has been on the leading edge when it comes to providing written disclosures that go well beyond the legal requirements (clear, written terms for the Option ARM, a second hand-written and signed document testifying to the stated income, a giant FBI seal and warning about loan fraud), so I don’t worry much about more due diligence.

I can state without fear of contradiction that the lenders are tightening guideline standards (and enforcement of such), with changes coming nearly every day.

And, unlike WAMU, I have never threatened to withdraw business from an appraiser for simply telling the truth!

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