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Countrywide begins lay-offs: report

Reuters

Latest comment posted at 5:27 PM EST 20/08/07

Mortgage lender began laying off staff involved in originating loans as it trims costs amid turbulent credit markets, according to Wall Street Journal ...Read the full article

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  1. X. T. from Waterloo, Canada writes: Saw their Re-Fi commercial on TV. I can't tell if that guy is smiling or crying.
  2. george moe from Algeria writes: Yeah me too I saw that add on TV last weekend and wondered if the left hand knew the right hand was broke. A perfect example of the loyal marketing PR rats had left the sinking ship and nobody knows what to do next.
  3. Mark Orr from Toronto, Canada writes: I wonder when the SEC will start raiding some banks and Bond Rating agencies. This scandal will actually be worse then Enron IMHO, as the whole system of rating bonds and securtizing mortgages appears to have broken.
  4. B to the A to the R to the T from from the left coast, Canada writes: "borrowers who do not provide documentation of income." There is your problem.
  5. Marc Proulx from Nepean, Canada writes: Now every Canadian sees what can happen if you have a totally free wheeling lenders' market with no controls in place on who gets credit.
    I am thinking of all those infomercials I have seen on late night TV where the spokesperson promises everyone who joins their plan the chance to get rich quick on "-No money down!" real estate purchases, or "No strings attached" credit for purchases such as automobiles.
    Well, the chickens have come home to roost. It makes me think that Americans did not learn their economic lessons from the Savings & Loan fiasco of the 1980's. Living on credit is living on borrowed time. Are some Americans really that stupid? Makes me wonder...!
  6. Gary Dare from Portland, Oregon, Canada, writes: BART, those NINJA loans (no income, no job or assets) are ridiculous but made sense for the lender ... in an up market. If the mortgagee defaults, the lender gets the house and sells for a profit. Bad news if they're left with a house worth less and/or actively devaluing. With the cost of a repo and resell at about $80,000 (from Your World on Fox News, last Wednesday), in depressed Rust Belt areas like Ohio and Michigan, the lenders are just handing over the keys. A month ago in Chicago, ABC 7 had a piece on NINJA loans and one application had the co-signer listed as "Oprah". Yep, just "Oprah"!
  7. X. T. from Waterloo, Canada writes: Gary Dare:
    Foreclosed houses don't sell at anywhere near market price. Typically the previous owner would take everything they can before handing over the keys. By then you are looking at a house that is barely standing on its own structure. Therefore even in a rising housing market foreclosure won't recover the lending costs.

    Can Oprah co-sign my loans? At least she has the money.
  8. The Middle Finger ..I.. from Canada writes: To Marc Proulx from Nepean, Canada who wrote: Now every Canadian sees what can happen if you have a totally free wheeling lenders' market with no controls in place on who gets credit.

    As this is a mortgage problem, obviously you don't believe that a necessity of life should be made available to all.
  9. Jean-Paul Sartre from Halifax, Canada writes: Marc Proulx says: Living on credit is living on borrowed time. Are some Americans really that stupid?

    They must be. Because the US government is borrowing $2 billion a DAY to stay afloat. That $800 billion a year is financed by foreign lenders who buy Federal T-bills and bonds. That spiraling government debt is another huge credit bubble that is going to burst some day. Americans are living on borrowed time...

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