Posted by justin_lee in Uncategorized
By now, I’m sure that most of you have heard about what’s going on with Countrywide, the country’s largest originator of home mortgages. On Thursday Countrywide announced that it had to tap into ALL of an $11.5 billion line of credit.
I was shocked when I heard it myself, and called the Hany Omar, President of Capital Mortgage Group, whom I used to work for many years ago, to find out how bad it really was.
Hany, a mortgage expert for over 10 years, informed me that the past 2-3 weeks have been unlike anything he’s ever seen in the mortgage industry. This was confirmed to me when a few hours after our conversation this morning, he sent me an email stating that “…Countrywide just cancelled all 2nd mortgage biz….”
I couldn’t believe it, so I went Countrywide’s homepage and clicked on the home equity link. The page was still up, so I called the number: 1-866-227-4114
Not very promising for Countrywide.
What does this mean for you, as an investor? Stay tuned, I’ll be writing another post on that tomorrow.
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