Countrywide HELOC Freeze Crisis

by: Brian.Brady on January 31, 2008 06:26:39     7 comments »

Yesterday, I posted about the Countrywide HELOC freeze.  Lot's of activity on the Yahoo Message Boards.  This new post from last night:

 

Be aware that Countrywide is freezing HELOCs with letters now arriving stating that the freeze was retroactive to January 25.
 This will of course screw customers who had planned to have the HELOC available and probably push even more into foreclosure.
 Rather than wait for the rebound, Countrywide, and evidently all of the banks, will help push the country into a Depression just like the 30's which was driven by tight credit. The Fed is way way way behind the curve.
Probably time to cash out the 401K and IRA from the stock market.

 

While I agree that the Countrywide freeze seems somewhat insidious, there are options for home owners who aren't overleveraged, have good credit, and can prove thier income.  I offer a reasonable option here.  Don't wait until the middle of February; the mortgage companies will be swamped when this program change is released.  Get your ducks in a row today!

 




Did Countrywide Freeze Home Equity in San Diego?

by: Brian.Brady on January 30, 2008 09:01:35     Leave a comment »

Yesterday, I heard that Countrywide was freezing San Diegans' home equity lines of credit; I thought it was a remote rumor.  I sniffed around the internet and found a lively conversation over on Yahoo Answers:

 

Countrywide just froze my HELOC


     29-Jan-08 05:31 pm    

came home today & in the mail is a letter from CFC saying that my house is worth less now so I can't access my HELOC anymore. NO appraisal, no nothing. They screw up and now it's my fault.

Not to fret, I have a solution if this happened to you.

 




Why Does The Street Love Countrywide?

by: Brian.Brady on January 30, 2008 01:54:30     4 comments »

I don't get it.  Countrywide Financial disappoints and the stock goes up.

 

Sean Purcell doesn't either.  He and I share similar backgrounds (stockbroker) so I guess I'm in pretty good company.  Check out his humorous analogy on A Life That Pops.

 

CONTEST:  Free marketing letter, written by yours truly to the first person who CORRECTLY guesses (with proper spelling) the name of the house band, from the movie Sean cites, in his article.

 

Sean Purcell is not eligible for this prize.