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