so if countrywide goes out of business
 

Do I get my home for free? :)

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

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

Lol you don't know you might be lucky.

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!!

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

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.

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.

What's up with CountryWide?

....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 :upsidedow

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

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

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

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!

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

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

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

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

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. :2 cents:

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

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.