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