0 Countrywide REO goes from 13k to 195k?

A developing story "scandal" started this morning when investors/realtors noticed that Countrywide on it's REO search site noted 180k more properties listed across the country. The new additions state that no broker has been assigned. I checked a few CA listings and they are indeed foreclosed properties. Check it out yourself Countrywide Foreclosure Blog.

Is this the disclosure that breaks the Countrywide balance sheet to have Bank of America come to the rescue?

Detail: Countrywide REO goes from 13k to 195k?

0 Countrywide Buying America?

Countrywide has been doing very well recently in executing their plan to own all the homes in America. As you can see from the chart the growth of their real estate owned portfolio is impressive. I know they must be anxiously awaiting the wave of subprime loans resetting so they can get those keys. A well placed source at Countrywide stated that 70%+ of the subprime folks that are calling in to refinance can't refinance because they are upside down or can't afford the new risk adjusted rates that are between 8-12%+ for a 5/1 ARM. We are running a contest to see where the readers think the Countrywide REO portfolio will end by year end. We will be giving away a copy of Devil Take the Hindmost:A history of financial speculation by Edward Chancellor and a copy of The Black Swan:The impact of the highly improbable by Nassim Taleb. To participate please send your best guess to mrmortgage at thegreatloan.com. If you would like to be added to the Mortgage Market Report include that in your email as well. We will not spam you. Winner will be announced on Jan 1st.

Detail: Countrywide Buying America?

0 Incredible Price Cuts for Countrywide REO

Have you seen the CA Countrywide REO list recently? Wow, some huge price cuts in the last two weeks. I can't even imagine what is going on in some of these neighborhoods with home prices on their REO getting dropped by 15-20% since they were listed just 6-8 weeks ago. On most of these Countrywide is taking a bath. Your thoughts if you know these areas well would be appreciated. National list here.

Detail: Incredible Price Cuts for Countrywide REO