Bank of America is buying Countrywide. I guess we should have seen this coming considering how Bank of America had been posting “bail” for Countrywide for quite a few months. From MarketWatch: NEW YORK (MarketWatch) — Bank of America Corp. said Friday it’s purchasing Countrywide Financial Corp. for $4 billion, effectively doubling down on a [...]
Posts under ‘Subprime Mortgages’
Mortgage Options Changing for Declining Markets
In the coming months you will hear a lot about “declining markets”. This is because both Fannie Mae and Freddie Mac along with all major mortgage insurance providers have introduced strict rules regarding such markets. Staring January 15, all loans going to Fannie Mae will be subject to the decling markets guideline: “Current home price [...]
Countrywide Facing Possible Cash Crunch
Countrywide seems to be in trouble and the market smells blood. According to The Street: Countrywide Financial’s … shares plummeted to new lows Tuesday amid rumors — later denied — that the mortgage lender could be nearing a bankruptcy filing. The beleaguered company’s stock closed down 28.3% to $5.43, a new 52-week low. Shares dipped as [...]
