Tucson By Choice!

Countrywide Crisis Could be Your Crisis

Countrywide is in crisis.  My AE, normally johnny-on-the-spot returning calls, didn't return my calls yesterday.

Pay close attention to what happens today--Friday, August 10--as it will affect REALTORS and lenders alike.

The Federal Reserve just a few days ago decided not to ease interest rates.  The Fed target rate is 5.25%, but last night banks were not loaning money to each other at this rate.  It was closer to 6%, reflecting tremendous unease in the banking community.

As I write this, Bloomberg TV is announcing an injection of cash by the Federal Reserve "To Stem Collapse in Credit." 

Countrywide is one of the biggest players in home loan financing, not only from a loan origination point of view, but also as a portfolio lender and a wholesale lender through Mortgage Brokers.  Lenders understand the situation; we're in the middle of it!  REALTORS with pending closings are well advised to call the loan officer for every one of your pending contracts and ask for a frank assessment of the lenders ability to close and fund the loan.

And that's the real estate opinion of this Tucson, Arizona mortgage lender

Comment balloon 22 comments • Mike Jones • August 10 2007 09:07AM
Countrywide Crisis Could be Your Crisis
share
Countrywide is in crisis My AE, normally johnny-on-the-spot returning calls, didn't return my calls yesterday. Pay close attention to what happens today--Friday, August 10--as it will affect REALTORS and lenders alike. The Federal… more
Loan Officer Licensing in Arizona is Non-existent! EDIT: Until Now!
share
EDIT: A BILL REQUIRING LICENSING WAS PASSED THE FIRST WEEK IN JULY, 2008, AND THE GOVERNOR HAS SAID SHE'LL SIGN IT! (Last Summer-2007) I've only been in the mortgage business for four years, all of them here in Tucson, AZ. I'd like… more
Silly Saturday Night Post: Help Me Sell This Lanark County House
share
Lanark County Ontario, 1895 While searching for photographs for my earlier blog post I came across this beauty. It made me grateful for all the resources we have today as homeowners, Realtors and Lenders. Until the era… more
Instant Ancestors for Tucson, Arizona Residents
share
"Clothes make the man. Naked people have little… influence on society. " Mark Twain Sarah Cooper had a spell of writer's block yesterday. Thank God! (You'll have to read her boog to understand this; the best blog posts are… more
6907 E Princeton Dr, Tucson, AZ 85710--SOLD
share
6907 E Princeton Dr, Tucson, AZ 85710 $199, 000. Musicians at Melissa's level are rare. So are Tucson properties like this home at this price. 3 bedrooms, 2 baths Brand new, gleaming wood laminate floors. … more
AZ Account Executive Has a Secret Legacy
share
Rick has a secret life. (If you're just browsing, or if you can't stand the suspense, scroll to the end of the post and leave a comment. ) In real life Rick is my AE for ComUnity Bank. Rick's been in the business for a long time, and he… more
CAEDES. net is FREE
share
CNN doesn't do us justice. Southern Arizona is home to the world's greenest desert. This time of year the Monsoons paint the mountains and lowlands in a hundred different shades of green. We have more than 300 days of sunshine… more
Be Your Town's Biggest Fan!
share
Don't take this as a commercial. It's not. But nearly ten years ago, my company in NJ offered me a position as National Sales Manager. They said if I accepted, I had to move out West--somewhere near a major airport, west of the Mississippi… more
Make Action Your Legacy
share
"A ship in the harbor is safe, but that's not what ships are made for. " Think of your mind as a boatyard, and yourself as a boat builder. Think of your business as the vessel you're creating. Once it's seaworthy, it's going… more
COUNTRYWIDE: SCARE 'EM TO THE TABLE!
share
A survey out this morning says that Mortgage Brokers (and loan officers) are avoiding subprime loan originations That's too bad, because the need will not dry up and blow away, even if the product is in short supply. What the subprime… more