What happens to my mortgages if CountryWide goes bust?
 

This is a basic quesiton in all probability, but what happens to my mortgages with Countrywide if they go bust? I currently have 2 rather sizeable mortgages with Countrywide, and figure that if they go bust someone will buy my mortgage from them. My biggest question, I guess, is could their going bust harm me in any way?

James

Re: What happens to my mortgages if CountryWide goes bust?
 

[ QUOTE ]
This is a basic quesiton in all probability, but what happens to my mortgages with Countrywide if they go bust? I currently have 2 rather sizeable mortgages with Countrywide, and figure that if they go bust someone will buy my mortgage from them. My biggest question, I guess, is could their going bust harm me in any way?

James

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Shouldn't have much effect on the borrower.

Re: What happens to my mortgages if CountryWide goes bust?
 

[ QUOTE ]
This is a basic quesiton in all probability, but what happens to my mortgages with Countrywide if they go bust? I currently have 2 rather sizeable mortgages with Countrywide, and figure that if they go bust someone will buy my mortgage from them. My biggest question, I guess, is could their going bust harm me in any way?

James

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You are really lucky here. If they go busto you don't have to pay. It's like when the dealer busts in blackjack and you stand on your twelve. Money!!!!!!!!!!!!

You only wish. If they go busto, some reorganized version of countrywide gets your payments, under your original contract terms.

Re: What happens to my mortgages if CountryWide goes bust?
 

[ QUOTE ]
[ QUOTE ]
This is a basic quesiton in all probability, but what happens to my mortgages with Countrywide if they go bust? I currently have 2 rather sizeable mortgages with Countrywide, and figure that if they go bust someone will buy my mortgage from them. My biggest question, I guess, is could their going bust harm me in any way?

James

[/ QUOTE ]

You are really lucky here. If they go busto you don't have to pay. It's like when the dealer busts in blackjack and you stand on your twelve. Money!!!!!!!!!!!!

You only wish. If they go busto, some reorganized version of countrywide gets your payments, under your original contract terms.

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lol i figured, thanks. can lock the thread now.

James

Re: What happens to my mortgages if CountryWide goes bust?
 

Countrywide is the largest lender in the country in terms of dollars. They are NOT going bust. They have 5% of their loans in the subprime market. The market as a whole has 15% subprime loans. They are downsizing because the mortgage business is slowing down a lot due to the overall slowdown of the housing market. Dont believe the hype.

Re: What happens to my mortgages if CountryWide goes bust?
 

I have a savings account with CW.......having said that, believe they could go belly up, and soon.

Re: What happens to my mortgages if CountryWide goes bust?
 

[ QUOTE ]
Countrywide is the largest lender in the country in terms of dollars. They are NOT going bust. They have 5% of their loans in the subprime market. The market as a whole has 15% subprime loans. They are downsizing because the mortgage business is slowing down a lot due to the overall slowdown of the housing market. Dont believe the hype.

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Keep the faith buddy, ride it down to 0. Being the largest lender does not make them immune from a collapse. They are the largest lender for a reason. They were giving every Tom, Dick, and Harry a loan. No documentaion, no nothing. All of their mortgages are suspect...subprime, alt-a, prime. You are just kidding yourself if you think they will recover. Their only out is a buyout. 150 mortgage companies have gone bust, soon to be 151.

Re: What happens to my mortgages if CountryWide goes bust?
 

[ QUOTE ]
Countrywide is the largest lender in the country in terms of dollars. They are NOT going bust. They have 5% of their loans in the subprime market. The market as a whole has 15% subprime loans. They are downsizing because the mortgage business is slowing down a lot due to the overall slowdown of the housing market. Dont believe the hype.

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It's actually 7%. When you include alt-a, the percentage of problem loans is much higher.

You're in denial. What difference does it make how big they are? Have you actually read any of the news stories about them the last six months?

Re: What happens to my mortgages if CountryWide goes bust?
 

Countrywide needs more funding. Maybe Fishhead can put his millions over there to keep them afloat for another week or two.

http://money.cnn.com/2007/09/11/news...ce=yahoo_quote

Re: What happens to my mortgages if CountryWide goes bust?
 

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Countrywide needs more funding. Maybe Fishhead can put his millions over there to keep them afloat for another week or two.

http://money.cnn.com/2007/09/11/news...ce=yahoo_quote

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I will not be helping Countrywide, in fact, just the opposite.

Taking a large majority of funds out of my account there and will transfer than to my E-TRADE savings that will earn 5.05%.