Okay, what does the Fed’s cut today mean for Mortgages?

US News and World Report just published this article that ties in nicely with my post from earlier today:
Faced with a weak dollar and rising inflation, the Federal Reserve seems done with its aggressive rate-cutting campaign. Here’s how this shift in monetary policy may affect mortgage rates this year:
How have fixed mortgage rates been moving [...]

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Walk away and you will be singing the Blues for a long time

The country’s two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing “walkaway” trend in which homeowners stop making payments and months later send the house keys back to their lender: You will feel the pain.
“Jingle mail” will most certainly come back to haunt you (”Jingle Mail” is [...]

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Okay, HUD announced the new limits. Now what?!?

As many of you know, the new loan limits were announced by HUD on Wednesday. These market-specific loan limits will provide significant opportunity to us in many markets, and we know you are anxious to begin applying for both FHA and GSE (Fannie Mae and Freddie Mac) loans using these new loan [...]

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What does the mortgage side of the Stimulus Package mean for you?

 
 

For the immediate future, not much. While this is not the answer most of us want to hear, it is the reality we are facing. Higher limits will certainly help both the refinance and purchase areas of real estate but there are still a lot of details to be taken care of.
Below is the best [...]

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Banks tighten lending standards at record pace

More banks tightened standards on residential and commercial real estate loans during the final quarter of 2007 than at any time in the 17-year history of the Federal Reserve’s quarterly survey of loan officers.A record 55 percent of loan officers at domestic banks surveyed in January said they’d tightened standards on prime residential mortgages [...]

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The Countrywide Letter (Part II)

Dear Colleague:
Nearly 40 years ago, when Countrywide was founded, we were primarily an FHA/VA lender. Back then, as today, our mission was to provide the opportunity of homeownership to individuals and families who had historically been shut out. Since our humble beginnings, we have labored year after year to stay true to our mission and [...]

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What Countryside is saying to the Wholesale Broker Community

August 28,2007
 
To Countrywide Brokers,
This is unquestionably one of the most challenging times in the annals of mortgage lending. As such, this communication is the first of a series that will outline how Countrywide , America’s
Wholesale Lender is navigating through this challenging market. Additionally, it is my desire that these ongoing communications will share some [...]

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6 Excellent tips for Countrywide

Here is part of a great story I came across from FORTUNE magazine writer Peter Eavis:
1) What investors want most of all is hard, honest data out of Countrywide. The numbers, if revealed, can be bad (but not nightmarish). After all, the market is already pricing in a massive slowdown in earnings, so dependable clarity [...]

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The Countrywide Letter

Even though Angelo is not talking to me (see earlier post) this IS what he is saying to his employees. I think the B of A investment underscores the strength of the company and the degree to which the market is currently undervaluing their performance and potential.
Here’s the letter:

Subject:
Memorandum from Angelo Mozilo

This memo [...]

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You (not) Talkin’ to Me?

An Open Letter to Angelo Mozilo, CEO of Countrywide
As a full-time REALTOR and as an owner/partner in real estate based businesses, I have a fairly vested interest in what is going on at Countrywide. To date, your silence has been deafening.
Let’s review Corporate Crisis Management 101 for a moment. The best way to handle a [...]

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