Countrywide Home Loans Downgraded to Junk Credit Rating by Wall Street

Countrywide Home Loans Downgraded to Junk Credit Rating by Wall Street

Many experts are asking when the Bank Of America deal to get National Home loans holds up. Bank Of America is ongoing to complete its research on Countrywide, and experts think Bank Of America should lower its cost on Countrywide or leave behind the offer completely. Countrywide has reported a $893 million deficit for that first quarter of 2008, it's third straight quarterly loss. The organization has negative equity, and can certainly modify the earnings of Bank of America upon the finalization from the acquisition. Experts are focusing on an effective cost target of $2 a share versus the $7 a share it's decided.

Previously, as well as now, Countrywide is constantly on the market its core basket of products, and clever attempts at obtaining a consumer to ask their loan officials. No closing cost loans, combo loans, and whatever spin they are able to think about to help someone, for me quite a bit of puffery. If a person known as you against Countrywide throughout the refinance boom, you certainly were of the opinion this company was credible, understood the things they used to do, and also you felt a feeling of security. Now, as things are gradually unraveling, all that you should do is have a look at that time type of occasions monitoring those things of the Boss, Angelo Mozilo, and you'll obtain a obvious picture of the items avarice seem like, what it really does in occasions of crisis, and what it really still does, when it is own clients are around the firing line. If there's a golden parachute that is available for Angelo Mozilo, he's riding high over the clouds at this time, with more than $480 million in buyouts and stock selling money he's acquired within the last 2 yrs. Not bad for an organization that reported an $893 million reduction in Q1 of 2008. Approach to take Countrywide!

Please be aware this isn't an effort to berate Countrywide, yet it's factual, and then any consumer must be aware, particularly in the forex market, all the lending options at hand. Like a mortgage broker, if I don't provide first class plan to my clients on our initial conversation, I'm doing them a injustice.