Countrywide's Crisis & More!

[S928]

Here's a fantastic website that has a TON of foreclosure data and many uber links.


Countrywide Foreclosures (REO) Blog

 

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[andviv]

wow, impressive to actually see the breakdown by state. Thanks a lot for sharing.

 

[MJ DeMarco]

Bump and moved ... great info ... speed++

 

[NoMoneyDown]

BTW, I've posted this before but thought I'd add here as well ... A link to a big list of lender REO's (several which are included in the OP's link) ...

World's Largest Free Reo Property Directory

 

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[Russ H]

I'd just read that Countrywide is looking at offering 100% financing for a specific scenario:

-If Countrywide has a house that they've foreclosed, and you buy it and finance w/Countrywide, they will extend the greater percentage. Note that getting 90-100% is going to be difficult-- you need to have perfect credit, cash reserves, high income, etc.

I gotta say, I think this is brilliant thinking. What they're doing is taking a loss (bad loan) and instead of having it BK them or having to sell it for pennies on the dollar, they're refinancing it w/someone who has sterling credit and the resources to make the payments (like REIs, yes?!).

A good solution for the situation we are in right now.

Let's see if it happens, and if it works!

-Russ H.

 

[andviv]

I approached Countrywide not so long ago to ask about this... there were no interesting financing options for me as investor. They do looked interesting for primary residence though.

I'll start making more calls to mortgage brokers soon to find out how it is working with countrywide these days.

 

[AroundTheWorld]

I gotta say, I think this is brilliant thinking. What they're doing is taking a loss (bad loan) and instead of having it BK them or having to sell it for pennies on the dollar, they're refinancing it w/someone who has sterling credit and the resources to make the payments (like REIs, yes?!).

Yea - it seems like a no brainer to me.

These banks have over reacted to the situation. At least now, it seems that a few people have put their thinking caps on and realized that they are not going to get out of this mess by pulling back as hard as they have.

It's about time, and I hope more banks will follow suit.. (I think I read on a different thread here that another bank is already???)

 

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[Yankees338]

I'd just read that Countrywide is looking at offering 100% financing for a specific scenario:

-If Countrywide has a house that they've foreclosed, and you buy it and finance w/Countrywide, they will extend the greater percentage. Note that getting 90-100% is going to be difficult-- you need to have perfect credit, cash reserves, high income, etc.

I gotta say, I think this is brilliant thinking. What they're doing is taking a loss (bad loan) and instead of having it BK them or having to sell it for pennies on the dollar, they're refinancing it w/someone who has sterling credit and the resources to make the payments (like REIs, yes?!).

A good solution for the situation we are in right now.

Let's see if it happens, and if it works!

-Russ H.

I've heard about this from another thread. It sounds very interesting. Any links to more information?

Thanks for the info, Andviv.

 

[AroundTheWorld]

It will be interesting - 5 years from now - to look back and see...

Which banks survived - even thrived - during this time and what strategies they put in place.

 

[erikko]

just bumped this thread. the sites/blogs are good just keep them coming

 

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