Here's a short list to put a smile on your face. Stock markets worldwide rallied on news from Countrywide Financial that the worst is over for them in the subprime mortgage crisis. Search "Countrywide" on Bloomberg this morning, and the results will touch every corner of the globe.
Among the markets that are up on the news:
- Asia
- Japan
- Australia
- South Korea
- Taiwan
- US futures
Add to that the news that the the risk of buying corporate debt is down in anticipation of the Federal Reserve's Halloween pajama party, and this just might be a good week for those Real Estate agents and loan officers who are hitting the bricks. Go do some business! Rates are LOW!
And that's the real estate opinion of this Tucson, Arizona mortgage lender!
Mike in Tucson
Hey Mike, now that is interesting news from Countrywide. It would be awesome if it were true and not just a PR blitz. Only time will tell.
Howdy Mike
I do hope that it's true about Countrywide. Every one in the business needs some good news.
Have a good one
Mike,
This sounds good. Countrywide has some power left I guess. Lets see where it goes. Right now it's just a press release. I think it's much too little way too late. We'll see how the real estate market does on the news of the latest CW statement.
Mike Lewis
Mike, I don't understand what you mean by "much too little, way too late." Does that mean that your real estate company could have survived had Countrywide been able to qualify more of your buyers, but that absent the qualified buyers you're shutting the doors? That's probably not the case. I'm seeing a fatalistic attitude toward business by real estate agents and loan officers, and it seems by your comment that you're falling into that trap.
I like what I heard this weekend. Someone told me that my business in this market is like a skydiver that has jumped from the plane. Until he takes action, he's as good as dead. Once he takes action, he's in control again. Thanks for commenting.
Dale, ditto my comment to Mike Lewis. Pull the ripcord, and make some good of the news.
Lisa, thanks for visiting and commenting. I'm smiling as I work the phone.
Carmen, the markets are moving on the news. This means that people are buying debt who, up until yesterday, had their hands in their pockets.
Dan, thanks for stopping by to comment! Who are you calling right now? Spread the news!
Mike in Tucson
Mike Jones,
What I mean by "much too little, way too late" has nothing to do with my business - it has to do with the homeowners who lost and are loosing their homes. A company as big and established as Countrywide should have known the disaster they were helping to create or should have taken much quicker action in helping. I believe much of it is now for show. I pulled the rip cord a long time ago - thanks - that's how I live my life and always has been. The attitude you might be seeing is honesty not fatalistic "thats your view". I hope you don't mind that I have an opinion different then yours. Isn't this what makes blogging great! Good post. Look forward to more of them.
Mike Lewis
Mike,
Thanks for sharing your opinion! It's what makes the world go round. I appreciate your honesty and look forward to seeing you again soon.
Mike in Tucson
Thanks for commenting, Bill & Barbara Jo. It's always good to see you.
Mike in Tucson
I'm afraid I have come to the point of questioning all motives. I can't believe they are doing this for altruistic reasons. What's in it for them? They must have more to gain than what it will cost!
This is a greedy,greedy world...
This sounds to good, hope it is true.
Rod, thanks for stopping by to comment! Me, too.
Ann, I expect you're right. The FED is having its pajama party tonight.
Joan, they're a for-profit corporation. The announcement is that they're going to be profitable in this next quarter. If they didn't have "more to gain than what it cost," they would be shutting the doors for good, which would not be good for lenders, buyers, or real estate agents.
Stella, yes we will! I'm waiting for the Federal Reserve to cut the discount rate again tomorrow.
Mike in Tucson
Mike I think that is good news. Yes time will tell, just last night I was told a lender in Detroit Michigan came and locked their doors put my sister out of a job. The talk of a rate cut could make a difference and we all the time in the world to wait and see...
Vicki - Tucson
Vicki, you're a new reader, and you live in Tucson! I'm off to read your blog. Thanks for commenting!
Mike in Tucson
Mike...I understand that. What I take issue with is that they...and many others out there..put themselves out there as being full of social consciousness. It's a bunch of hooey and business as usual!
Maybe I'm just tired of seeing people taken advantage of under the guise of"just business"
Joan, I agree that a lot of the "green/social consciousness/save the whales" is pretentious farce painted across the media by greedy bastards. We can fight back by moving our business away from the faceless corporations back to the person in town in whom we have invested trust--that scarcest and most valuable of commodities. I appreciate you and the way you think. Thanks for commenting!
Mike in Tucson