Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Countrywide Crushed Again (Lost another 16% of their stock value to Ditech)
http://www.thestreet.com/s/countrywide-crushed-again/newsanalysis/banking/10373527.html?puc=_dm ^ | 8-10-07

Posted on 08/10/2007 5:53:06 AM PDT by Hydroshock

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 161-172 next last
To: Gabz
What does this mean for those of us with countrywide mortgages?

Not much, they generate mortgages and service them, they don't hold the paper.

41 posted on 08/10/2007 6:50:09 AM PDT by org.whodat (What's the difference between a Democrat and a republican????)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Gabz

one of my investment properties has a 80% fixed and 15% that is a Home Equity line with Countrywide...one of these days I’ll pay off that HELOC...give countrywide a little more cash to play with...


42 posted on 08/10/2007 6:51:08 AM PDT by stefanbatory
[ Post Reply | Private Reply | To 25 | View Replies]

To: Hydroshock

Too bad. Countrywide has always treated me right. Can’t say that for any of the others I’ve used.


43 posted on 08/10/2007 6:53:08 AM PDT by RGSpincich
[ Post Reply | Private Reply | To 1 | View Replies]

To: HereInTheHeartland
The reason I am convinced that we are headed for a major recession is that refinances have generated cash for consumers over the last few years--that economic driver just isn't going to be there in the next couple of years.
44 posted on 08/10/2007 6:53:30 AM PDT by cgbg (Hillary's mob has plans for our liberties--hanging fruit.)
[ Post Reply | Private Reply | To 38 | View Replies]

To: RockinRight
ARM’s still can’t adjust beyond their parameters - i.e., the margin and index. The only way this affects ARM rates is if the indexes like MTA, LIBOR, and COFI go up, and, if anything, they’ll probably go down once all this hubbub calms down.

How many of the ARMs' initial rates were far below their index rates, so that even if the market rates stay the same the mortgages' rates are guaranteed to go up? My first car loan was a variable one like that. The initial interest was 9% (decent for a kid still in college), then it jumped to 14% three months later because it was set to be some percentage above an index which had absolutely nothing to do with the initial 9%.

I have avoided variable rate loans since then.

45 posted on 08/10/2007 6:54:09 AM PDT by KarlInOhio (May the heirs of Charles Martel and Jan Sobieski rise up again to defend Europe.)
[ Post Reply | Private Reply | To 33 | View Replies]

To: Hydroshock

Aren’t they really, really BIG? And respectable? Like Enron? How can Ditech be cleaning their clock? I thought they were just a scam, though since they were bought by GMAC I had to figure they were a playa.


46 posted on 08/10/2007 6:56:11 AM PDT by ichabod1 ("Liberals read Karl Marx. Conservatives UNDERSTAND Karl Marx." Ronald Reagan)
[ Post Reply | Private Reply | To 1 | View Replies]

To: KarlInOhio

Most hybrid (3/1, 5/1, etc) ARMS are like that.

All I meant was what happened the last few days won’t make a 3/1 ARM that wasn’t supposed to adjust till June 2008 suddenly adjust now, nor will it take a margin of 2.25 over LIBOR and suddenly make the margin 3.5. Even ARM mortgages have contractual obligations.


47 posted on 08/10/2007 6:58:38 AM PDT by RockinRight (Fred's Campaign: A hell of an opening, coast for a while, and then have a hell of a close.)
[ Post Reply | Private Reply | To 45 | View Replies]

To: ichabod1

The “Ditech” thing is a joke, I think. I bet their stock isn’t doing that great either.


48 posted on 08/10/2007 6:59:05 AM PDT by RockinRight (Fred's Campaign: A hell of an opening, coast for a while, and then have a hell of a close.)
[ Post Reply | Private Reply | To 46 | View Replies]

To: Strutt9

Still, one reason I like being with them is because I don’t think they’re a here today, gone tomorrow sort of company. Also, a friend from church was my broker and got me a nice 6.25% rate and hooked me up with a wonderful real estate agent. But if they’re shaky it’s going to cost them in their ability to sell new loans.


49 posted on 08/10/2007 6:59:47 AM PDT by ichabod1 ("Liberals read Karl Marx. Conservatives UNDERSTAND Karl Marx." Ronald Reagan)
[ Post Reply | Private Reply | To 14 | View Replies]

To: ichabod1

Countrywide, Wells Fargo, B of A, Indymac, and Wells Fargo will all be OK. They might take a crunch, but they’ll survive just fine.


50 posted on 08/10/2007 7:02:24 AM PDT by RockinRight (Fred's Campaign: A hell of an opening, coast for a while, and then have a hell of a close.)
[ Post Reply | Private Reply | To 49 | View Replies]

To: cgbg
resetting ARMS (based on higher interest rates which reflect the perceived risk in the mortgage market) in the next few months will affect a lot of middle class folks with decent credit

Making the 5.25% - 30 year fixed I've got look like one of my better financial decisions ...

51 posted on 08/10/2007 7:02:59 AM PDT by tx_eggman (ManBearPig '08)
[ Post Reply | Private Reply | To 26 | View Replies]

To: Moonman62
...the government didn't bail out the S&L's.

You still don't get it, do you? First, Congress had to appropriate over $30 billion to bail out the S&L's. This was because the insurance premiums paid by the S&L's to insure the deposits was inadequate to cover the losses. This means they used MY money to pay off bad loans made by the S&L's. That's a bailout. Second, I'm not sure I even agree with the gov't being in the insurance business. Why am I paying Nagin to rebuild New Orleans? I don't see them coming to Indiana to rebuild here after a tornado. To me, that's a bailout for NO. You can call the payments to the S&L's whatever you want, but when they come into my pocket to seek federal tax money to pay to private companies, that's a bailout.

52 posted on 08/10/2007 7:07:52 AM PDT by econjack
[ Post Reply | Private Reply | To 29 | View Replies]

To: Hydroshock

Gawd just get their incessant commercials off my TV with that obnoxious ugly guy. And quit wearing a button down shirt with a suit jacket and no tie, it looks terrible!


53 posted on 08/10/2007 7:07:56 AM PDT by visualops (artlife.us)
[ Post Reply | Private Reply | To 1 | View Replies]

To: econjack; Moonman62

To me as well this is a bail out. And there will need to be more to feed this beast.


54 posted on 08/10/2007 7:14:41 AM PDT by Hydroshock ("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
[ Post Reply | Private Reply | To 52 | View Replies]

To: ichabod1
"Still, one reason I like being with them is because I don’t think they’re a here today, gone tomorrow sort of company. Also, a friend from church was my broker and got me a nice 6.25% rate and hooked me up with a wonderful real estate agent. But if they’re shaky it’s going to cost them in their ability to sell new loans."

Agreed, they are a pretty good company to deal with. I don't believe they are that shaky... granted they will have to eat some of the subprimes that they wrote via other mortgage/broker but they have enough cash to withstand it.
55 posted on 08/10/2007 7:16:46 AM PDT by Strutt9
[ Post Reply | Private Reply | To 49 | View Replies]

To: Hydroshock

Like your opinion matters to me, though it makes me more confident that I’m right when you disagree. I get really concerned when you agree ;-)


56 posted on 08/10/2007 7:19:59 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
[ Post Reply | Private Reply | To 54 | View Replies]

To: econjack

We all remember. The government bailed out the S & Ls.


57 posted on 08/10/2007 7:22:43 AM PDT by texastoo ((((((USA)))))((((((, USA))))))((((((. USA))))))))
[ Post Reply | Private Reply | To 52 | View Replies]

To: Moonman62

This is another bailout and it will only make it worse.


58 posted on 08/10/2007 7:23:57 AM PDT by Hydroshock ("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
[ Post Reply | Private Reply | To 56 | View Replies]

To: Moonman62

WSJ: “ A crucial date could be Aug. 15. That is 45 days before the end of the third quarter, the date when investors in many hedge funds can give notice that they are pulling out their money. If many give notice, it could spark a rash of selling by funds looking to raise cash to cover withdrawals.”


59 posted on 08/10/2007 7:24:13 AM PDT by Orange1998
[ Post Reply | Private Reply | To 56 | View Replies]

To: Hydroshock

Are you a parrot with computer access?


60 posted on 08/10/2007 7:25:22 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
[ Post Reply | Private Reply | To 58 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 161-172 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson