so if countrywide goes out of business - GoFuckYourself.com

tony286 · 08-16-2007, 02:14 PM

Do I get my home for free?

FredIsMe · 08-16-2007, 02:21 PM

I'm sure the banks will take over and still run the company. Assets tony404, assets.

Spudstr · 08-16-2007, 02:25 PM

Just means some other bank will buy your mortgage for pennies on the dollar.

Michaelious · 08-16-2007, 02:27 PM

Lol you don't know you might be lucky.

Peaches · 08-16-2007, 02:45 PM

Mortgage banks have been going out of business for decades. Another bank buys up the debts. If you watch the news you'll see when they are talking about the banks that have already gone out of business and they are saying VERY emphatically: KEEP PAYING YOUR MORTGAGE!!

WebairGerard · 08-16-2007, 02:49 PM

wonder if all this will mean mortgage rate drops again like a few years back?

tony286 · 08-16-2007, 02:50 PM

Quote:

Originally Posted by Peaches

Mortgage banks have been going out of business for decades. Another bank buys up the debts. If you watch the news you'll see when they are talking about the banks that have already gone out of business and they are saying VERY emphatically: KEEP PAYING YOUR MORTGAGE!!

Thank you, im kidding. I might be the problem, I had net bank they are done and just got country wide now they are having problems. lol I only hope the next one has internet payments because I hate writing checks.

Sansa · 08-16-2007, 02:52 PM

What will most likely happen is your account will get lost, you will continue paying your mortgage and in 6 months you'll receive a letter saying: "Yo, motherfucker you haven't paid your mortgage in 6 months! Pay up!" Then you will spend another 6 months of your life trying to hold on to your house while desperately gathering all the paperwork to prove that you in fact paid the mortgage.

BV · 08-16-2007, 02:52 PM

What's up with CountryWide?

KRosh · 08-16-2007, 02:54 PM

Quote:

Originally Posted by tony404

Do I get my home for free?

....Although Calabasas, Calif.-based Countrywide's 30-day delinquencies for subprime have risen to nearly 19% from a range of 12% to 14%, Sieracki pointed out that the subprime business represents only 9% of its loans.

More than 80% of Countrywide's subprime loans are rated A-minus or better, the executive said.

No luck for you

rob34 · 08-16-2007, 02:54 PM

Quote:

Originally Posted by BV

What's up with CountryWide?

Hmmm, My wife works with them sometimes.....Let me ask her if she knows anything.

Big Red Machine · 08-16-2007, 02:55 PM

Quote:

Originally Posted by BV

What's up with CountryWide?

Its tanking the stock market today...risky mortgages plus the liquidity of lending $ is drying up

LaserSpec · 08-16-2007, 02:55 PM

contact countrywide and say you want to buy some debt... buy your own mortgage from them for pennies on the dollar...

Sharky · 08-16-2007, 02:56 PM

When Freemont went under about 7-8 months ago there was a ton of accounts sold off... However I believe 10% or so were reported as "forgiven." Please forgive me if that's not the official term. My brother (who is in the mortgage industry) sent me an article on this. I sold my house in Sept, which had a Freemont loan. He was telling me I could have owned the house outright if I was lucky.. haha. Of course taxes and other fees would have been owed!

woj · 08-16-2007, 02:57 PM

Quote:

Originally Posted by Sansa

What will most likely happen is your account will get lost, you will continue paying your mortgage and in 6 months you'll receive a letter saying: "Yo, motherfucker you haven't paid your mortgage in 6 months! Pay up!" Then you will spend another 6 months of your life trying to hold on to your house while desperately gathering all the paperwork to prove that you in fact paid the mortgage.

good point, I would keep good records of all payments to be safe

Snake Doctor · 08-16-2007, 03:00 PM

The subprime lenders who go out of business deserve it.

The hedge funds who bet big on the subprime lenders deserve what they're getting too.

Bunch of fucking lemmings IMO

Peaches · 08-16-2007, 03:02 PM

Quote:

Originally Posted by tony404

Thank you, im kidding. I might be the problem, I had net bank they are done and just got country wide now they are having problems. lol I only hope the next one has internet payments because I hate writing checks.

Does your bank not offer ebill paying? I went from writing about 50 checks a month to less than 5

gornyhuy · 08-16-2007, 03:04 PM

Why would mortgages just randomly be 'forgiven' that just doesn't make financial sense at all.... ????

tony286 · 08-16-2007, 03:10 PM

Quote:

Originally Posted by LaserSpec

contact countrywide and say you want to buy some debt... buy your own mortgage from them for pennies on the dollar...

Can you do that? That would be too cool.

Snake Doctor · 08-16-2007, 03:17 PM

Quote:

Originally Posted by tony404

Can you do that? That would be too cool.

No, neither can the major investment brokerages.

The people who say pennies on the dollar have no idea what they're talking about....unless what they mean by that is 97 or 98 pennies on the dollar.

The risky loans will be sold at less than book value, but probably just a few points below to cover for the extra risk.

About 75% or more of mortgages are "sold" anyways, even when the original lender is still in business. Making loans and servicing them are two different businesses.

Countrywide's problems only affect their investors and creditors, they're not gonna have any real impact on the current customers.

Antonio · 08-16-2007, 03:22 PM

Quote:

Originally Posted by gornyhuy

Why would mortgages just randomly be 'forgiven' that just doesn't make financial sense at all.... ????

they aren't ....... ever!!! those are urban legends

dissipate · 08-16-2007, 03:24 PM

Countrywide won't be going out of business anytime soon, they're not a sub-prime lender for the most part. All the sub-prime guys are going out of business right now as well as those idiots who were doing piggybacked first mortgages.

GreyWolf · 08-16-2007, 03:52 PM

Quote:

Originally Posted by dissipate

Countrywide won't be going out of business anytime soon, they're not a sub-prime lender for the most part. All the sub-prime guys are going out of business right now as well as those idiots who were doing piggybacked first mortgages.

Countrywide have lost 50% of their share value this year and also has been having difficulties selling short-term debt, hence harder to run its day-to-day operations. A lack of actual operating cash is enough to bring down any large corp. It's probable Countrywide will file Chapter 11 before this year ends, tho probably sooner since the home market has a long way down to go yet. Tho they won't be alone - plenty more like them.

08-16-2007, 02:14 PM	#1
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	so if countrywide goes out of business Do I get my home for free?

08-16-2007, 02:25 PM	#3
Spudstr Confirmed User Industry Role: Join Date: Jan 2003 Location: In a Tater Patch Posts: 2,321	Just means some other bank will buy your mortgage for pennies on the dollar. __________________ Managed Hosting - Colocation - Network Services Yellow Fiber Networks icq: 19876563

08-16-2007, 02:27 PM	#4
Michaelious Confirmed User Join Date: Jan 2004 Location: Scotland Posts: 6,720	Lol you don't know you might be lucky. __________________

08-16-2007, 02:49 PM	#6
WebairGerard Confirmed User Industry Role: Join Date: Sep 2005 Posts: 8,113	wonder if all this will mean mortgage rate drops again like a few years back? __________________

08-16-2007, 02:55 PM	#13
LaserSpec Confirmed User Join Date: Apr 2007 Posts: 115	contact countrywide and say you want to buy some debt... buy your own mortgage from them for pennies on the dollar... __________________

08-16-2007, 02:21 PM	#2
FredIsMe So Fucking Banned Join Date: Dec 2004 Location: Livin' in America Posts: 2,406	I'm sure the banks will take over and still run the company. Assets tony404, assets.

08-16-2007, 02:45 PM	#5
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	Mortgage banks have been going out of business for decades. Another bank buys up the debts. If you watch the news you'll see when they are talking about the banks that have already gone out of business and they are saying VERY emphatically: KEEP PAYING YOUR MORTGAGE!!

08-16-2007, 02:52 PM	#8
Sansa Confirmed User Join Date: Apr 2007 Posts: 293	What will most likely happen is your account will get lost, you will continue paying your mortgage and in 6 months you'll receive a letter saying: "Yo, motherfucker you haven't paid your mortgage in 6 months! Pay up!" Then you will spend another 6 months of your life trying to hold on to your house while desperately gathering all the paperwork to prove that you in fact paid the mortgage.

08-16-2007, 02:52 PM	#9
BV wtf Industry Role: Join Date: Sep 2001 Location: Bikini State, FL USA Posts: 10,914	What's up with CountryWide?

08-16-2007, 02:56 PM	#14
Sharky Confirmed User Industry Role: Join Date: Mar 2002 Location: Tampa, FL Posts: 4,938	When Freemont went under about 7-8 months ago there was a ton of accounts sold off... However I believe 10% or so were reported as "forgiven." Please forgive me if that's not the official term. My brother (who is in the mortgage industry) sent me an article on this. I sold my house in Sept, which had a Freemont loan. He was telling me I could have owned the house outright if I was lucky.. haha. Of course taxes and other fees would have been owed! __________________ Sharky

08-16-2007, 03:00 PM	#16
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	The subprime lenders who go out of business deserve it. The hedge funds who bet big on the subprime lenders deserve what they're getting too. Bunch of fucking lemmings IMO

08-16-2007, 03:04 PM	#18
gornyhuy Chafed. Join Date: May 2002 Location: Face Down in Pussy Posts: 18,041	Why would mortgages just randomly be 'forgiven' that just doesn't make financial sense at all.... ???? __________________ icq:159548293

08-16-2007, 03:24 PM	#22
dissipate The Dirty Frenchman Industry Role: Join Date: Nov 2005 Location: Lost Angeles Posts: 8,904	Countrywide won't be going out of business anytime soon, they're not a sub-prime lender for the most part. All the sub-prime guys are going out of business right now as well as those idiots who were doing piggybacked first mortgages.