Discussion on Countrywide Financial Corp.

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46246

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Dud? Joined: 19 Nov 2008 Posts: 2 Location: NE Florida

Would you buy a known troubled asset?

I have let go of property with Greenpoint as the mortgage holder. They were also informed I was filing bankruptcy. Of course they were totally uninterested in working out anything.

Two days ago I received a notice that Countrywide had purchased my paper from Greenpoint.

Since I am letting the property go anyway I really don't care, however one has to wonder if the Bail Out cash is being used to buy "distressed" mortgages and why?

I am sure they got a discount. So why would it be that no one would want to offer home owners a deal yet they will sell out at a discount to another failed mortgage company?

Do I smell rotting fish here? Or did Countrywide just buy out all of Greenpoint's assets in mass? If so does this really mean that BOA bought it? Did they use taxpayer money to do so?

Dud? Joined: 08 Oct 2008 Posts: 4

B of A acquired Countrwide--- I think not.
Not sure who has the tiller at B of A... but they are appointing former senior CW officers to run the new merged company, while shuffling B of A folks out the door. HELLO... did you not know who took CW down... it wasn't only the CEO... but many of the same CW Officers now being appointed to lead B of A to the promised land. As one B of A guy said after a meeting attended by 80% CW and 20% BA people--- "they think that we will adopt their failed way of doing business... they have no interest in trying to book quality assets --- just loans, loans, loans no matter what cheks for quality in order to get bonus"

Cherry Bomb Joined: 19 Nov 2008 Posts: 195

I refinanced my home in Aug. 08' out of a 5/1 to a 30yr with a phone call to CWHL . because that is who my mortgage was with. . (it was hard to do a broker loan thru one of your own lenders even then) however, CWL was never a wholesale channel for me... . and I thought. . oh no, , no one is going to do my loan because #1 I'm self employed (well, I W-2 myself) as I own my own company. #2 I'm a mortgage broker. #3 My income was declining and so were my liquid assets . . . but they did the loan because I have a 760 mid credit score and have never missed a payment in my life, and had cash reserves.

Here comes the first appraiser from over 100 miles away. . . geographically challenged and drunk when he got out of the car. My daughter stated "Mom. that guy almost fell in our yard!" My husband got a little closer to him and he looked as tho he was either drinking or smoking something. My husband asked him if he had been drinking (now, he never even made it into my home) he stated "No" that he had not had a drink in a long time. (that bright red face and blood shot eyes) and all of the sudden he stated "Well I can't come in at your value of $710,000.00! What????? Who said anything about a value of $710,000.00 and all of the sudden he said I can't appraise your house. . FINE!!! I said. . I called CWHL and asked for another appraiser that was sober and from my area. . .

2nd one they re-ordered the appraisal from a local appraiser and it came in at $665,000.00 . . but they didn't like that because I am in the busines and I might know this person (However, I did not)

3rd appraiser again from 100 miles away and he came in at $540,000.00, , but again this appraiser asked me what I owe and what loan amount am I looking for?? WHAT?????

I wanted you to appraise my home in todays market and no fluff!!! I had a very low loan to value. . . but in case I want to sell. . what is it worth??? He came in at $540,000.00 using comps from another town south no where near the area . . I'm am on 10 acres in a very desirable school district and an area of very nice homes. . and my home did not comp out to a old farm house on 20 acres in a less desirable area (or not so good) of our county. So,, 3 appraisers later. . . !!! Sooooo to those of you who don't understand appraiser's . . most of us in the industry know our appraisers and have worked with them for many years (me 17 years) and have trust and relationship with and who are ethical and honest. . but I know what you mean. . . $500.00 could change the whole loan and LTV , MI. cash to close etc. .

so if the big banks want to order there own appraiser then we can have our client pay the lender direct with their phone # attached to the invoice and they can take the calls when the deal is short a couple of hundered dollars. . !!!