Wow, while other lenders are weathering the storm through this credit-crunch, it looks like heavyweight Countrywide has one foot in the grave and the other foot on a banana peel. I just finished reading where they had to borrow MILLIONS and MILLIONS of dollars just to make ends meet.
It's not looking good for the heavyweight... the bully... the biggest in the industry, and frankly it's their own fault. They've spent millions and millions of dollars advertising, trying to get borderline-qualified homeowners to take out home equity loans, new home purchase deals, and questionable refinance deals.
To top it off, Countrywide apparently has a huge number of dissatisfied customers that have been screwed out of all kinds of money and even their homes. If you Google "Countrywide complaints" you'll be inundated with input from so many, many unhappy people.
Looks like "Karma" has come knocking on Countrywide's door... finally. And if any of you are in the middle of doing a new deal with them, I'd sure suggest that you look elsewhere and leave Countrywide hanging. After all, they couldn't give a rat's ass if the shoe were on the other foot and YOU were the one in serious trouble.
Actually you'll find that almost all mortagage companies are in the same grind. The only reason why Countrywides demise is so apparent is becasue they are the biggest lender in the business. The SEC is also investigating some other large mortgage companies that seem to be hiding their demise in their subprime lending divisions aka. (trying to keep their investors from panicking and selling)
I just think CW is just going to have to restructure...but going into the grave..I doubt it. They are way too big to be affected like that.