- This topic has 24 replies, 6 voices, and was last updated 15 years, 4 months ago by
SHILOH.
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AuthorPosts
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November 6, 2007 at 9:28 PM #10833
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November 6, 2007 at 9:47 PM #96502
kev374
ParticipantIf they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…
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November 6, 2007 at 10:16 PM #96514
Raybyrnes
ParticipantPhrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.
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November 6, 2007 at 10:16 PM #96575
Raybyrnes
ParticipantPhrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.
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November 6, 2007 at 10:16 PM #96585
Raybyrnes
ParticipantPhrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.
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November 6, 2007 at 10:16 PM #96593
Raybyrnes
ParticipantPhrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.
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November 7, 2007 at 8:28 AM #96626
(former)FormerSanDiegan
ParticipantI think anyone who finances through countrywide is an idiot
I guess I am an idiot.
I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.
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November 7, 2007 at 8:28 AM #96689
(former)FormerSanDiegan
ParticipantI think anyone who finances through countrywide is an idiot
I guess I am an idiot.
I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.
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November 7, 2007 at 8:28 AM #96696
(former)FormerSanDiegan
ParticipantI think anyone who finances through countrywide is an idiot
I guess I am an idiot.
I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.
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November 7, 2007 at 8:28 AM #96705
(former)FormerSanDiegan
ParticipantI think anyone who finances through countrywide is an idiot
I guess I am an idiot.
I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.
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November 6, 2007 at 9:47 PM #96563
kev374
ParticipantIf they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…
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November 6, 2007 at 9:47 PM #96573
kev374
ParticipantIf they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…
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November 6, 2007 at 9:47 PM #96581
kev374
ParticipantIf they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…
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November 7, 2007 at 10:18 AM #96727
CMcG
ParticipantWow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.
I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?
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November 7, 2007 at 11:26 AM #96747
kev374
ParticipantI guess I am an idiot.
I refinanced a rental property…
sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.
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November 7, 2007 at 11:26 AM #96812
kev374
ParticipantI guess I am an idiot.
I refinanced a rental property…
sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.
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November 7, 2007 at 11:26 AM #96821
kev374
ParticipantI guess I am an idiot.
I refinanced a rental property…
sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.
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November 7, 2007 at 11:26 AM #96830
kev374
ParticipantI guess I am an idiot.
I refinanced a rental property…
sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.
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November 7, 2007 at 10:18 AM #96793
CMcG
ParticipantWow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.
I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?
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November 7, 2007 at 10:18 AM #96800
CMcG
ParticipantWow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.
I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?
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November 7, 2007 at 10:18 AM #96807
CMcG
ParticipantWow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.
I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?
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November 7, 2007 at 12:31 PM #96768
SHILOH
ParticipantWhat we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.
And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?
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November 7, 2007 at 12:31 PM #96831
SHILOH
ParticipantWhat we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.
And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?
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November 7, 2007 at 12:31 PM #96842
SHILOH
ParticipantWhat we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.
And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?
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November 7, 2007 at 12:31 PM #96849
SHILOH
ParticipantWhat we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.
And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?
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