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November figures for Countrywide

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Lax1

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Countrywide November Figures

Countrywide on Thursday disclosed details of how its mortgage lending business fared in November.

The lender said its home loan production increased last month by 5 percent from October but dropped 40 percent from the same month last year.

The increase from the previous month came despite ongoing turmoil in the mortgage industry caused by falling home prices, rising loan defaults and a chill in demand by Wall Street for mortgage-backed securities.

The company generated $23 billion in mortgage loans last month

It continued to scale back subprime mortgages to people with shaky credit histories. It funded just $17 million in such loans last month, down from $3.06 billion in November 2006.

It also originated fewer adjustable-rate mortgages last month. Funding for those loans totaled $3.3 billion, down from $14.3 billion in the year-ago period.

In all, the lender originated 125,431 mortgage loans in November, compared with 199,929 in the same month last year.

Countrywide said some 6.34 percent of the loans in its servicing portfolio were delinquent last month, up from 4.57 percent in the year-ago period.
 
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Terrel L. Shields

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6.34 percent of the loans in its servicing portfolio were delinquent
which means if everyone else is paying market rates for interest, and that being somewhere close to 6.5%....their net income is zero before servicing expense? Bet they are glad they hosed all those Chinese investors with these loans they service, that way they get to make a little servicing money and the Commies get a rude lesson in "free enterprise"...
 

Atlanta CG

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Wife has a client buying a home - no credit risk, quoted 6%. Week later after signing the P&S changed to 6.5%. Buyer senses bait and switch. Is that where they are heading?
 

murray stroupe

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Re; CFC, a rude lesson in free enterprise

Sounds like a November to remember.
Not to worry, the CEO,Mr Angelo recently told MB [Maria B of CNBC];
his stock was better than MSFT or Berkshire Hathaway.

Whatever the Chinese investors are buying;
not many at all seem to be buying in to Mr. Angelo 's remarks.Not lately anyway. Not sure if this is what Jim Rogers meant telling CBN news , his new book is about-''Bull in China ''LOL

Part of it maybe even the big banks had some tough times;
Morgan Stanley called Citigroup-''short idea of 2008'' Its a wonder Citi went down @ all, as many traders/funds they run & billions of cash infusion.....
 

Apraysr

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Whatever the Chinese investors are buying;
not many at all seem to be buying in to Mr. Angelo 's remarks.Not lately anyway. Not sure if this is what Jim Rogers meant telling CBN news , his new book is about-''Bull in China ''LOL


Now i know why are chrismas toys are tainted with lead based paints. It is called revenge. That must have been some paint that we sold them back in 1978. :rof: :rof:
 

Couch Potato

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Now i know why are chrismas toys are tainted with lead based paints. It is called revenge. That must have been some paint that we sold them back in 1978. :rof: :rof:
That is more true than funny. :new_all_coholic:
 

murray stroupe

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Re; Morgan Stanley & Chinese connection exsposed

Now i know why are chrismas toys are tainted with lead based paints. It is called revenge. That must have been some paint that we sold them back in 1978. :rof: :rof:
==========================
A-pray-sir;
Good thing the Chinese are not ones to hold a grudge, not at Christmas anyway;
they just invested billion$ in Morgan Stanley. Non voting shares-Excellant
Morgan Stanley called Citigroup ''short idea of 2008''

And ,Apraysir, dont think lead is really that dangerous unless you knaw on it as a kid.....
.

Ride hard ,
shoot straight,
speak the truth-T Roosevelt
 
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Caligirl

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Sounds like a November to remember.
Not to worry, the CEO,Mr Angelo recently told MB [Maria B of CNBC];
his stock was better than MSFT or Berkshire Hathaway.

Why is this individual not in jail?
 

murray stroupe

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Re; Mr Angelo of CFC

Why is this individual not in jail?
=================
Don't know Caligirl;
but CFC has an unusual number of class action lawsuits against them, AG investigations against them .Mr Angelo has a SEC investigation against him.

And even though i don't speculate with money i cant afford to lose;
don't know if there is anything to the additional lawsuit against him for selling stock.

It may be a scandal he didn't sell more stock/issue a press release on that, much sooner, as much as he may have known.LOL
 
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