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Is Countrywide subprime no longer in business?
I´ve heard similar rumors
by casio March 12, 2007 12:00 AM
i heard the same thing too
by i need more cowbell March 12, 2007 12:00 AM
hope not just got off the phone with John (AE) and submitted a loan.
by ftwbroker March 12, 2007 12:00 AM
Looks like they are capping everything at 90% from now on, even full doc. <BR><BR>http://money.cnn.com/2007/03/12/news/companies/bc.countrywide.mortgages2.reut/index.htm?postversion=2007031211<;BR><BR>"Countrywide told its brokers Friday to stop offering borrowers the option of taking out a mortgage without a down payment, according to a document obtained by Reuters"<BR><BR>I just looked at the matrix. Max CLTV for any score or doc type subprime is 90%.
by Kyle@CreveCor March 12, 2007 12:00 AM
my rep says they got rid of middle management. and cutting reps from 9 to 4. said a 80/20 the first will have a rate of around 10%. hang on ya´ll
by diva for loans March 12, 2007 12:00 AM
I was an AE with them....I was let go as of this morning. From what I understand, about 70% of the outside sales force was fired today. On top of that a lot of the middle management was fired as well. Next step will of course be Ops staff.<BR><BR>Not sure if they´ll stick around or not...but they will be much smaller than before.<BR>
by MakinDreams March 12, 2007 12:00 AM
I was an AE with them....I was let go as of this morning. From what I understand, about 70% of the outside sales force was fired today. On top of that a lot of the middle management was fired as well. Next step will of course be Ops staff.<BR><BR>Not sure if they´ll stick around or not...but they will be much smaller than before.<BR>
by MakinDreams March 12, 2007 12:00 AM
I was an AE with them....I was let go as of this morning. From what I understand, about 70% of the outside sales force was fired today. On top of that a lot of the middle management was fired as well. Next step will of course be Ops staff.<BR><BR>Not sure if they´ll stick around or not...but they will be much smaller than before.<BR>
by MakinDreams March 12, 2007 12:00 AM
What center did you work out of?
by WholesaleSolutions March 12, 2007 12:00 AM
Richardson, TX was my processing center.
by MakinDreams March 12, 2007 12:00 AM
Can´t get a subprime rate sheet from their site right now.
by Wee Todd Ed March 12, 2007 12:00 AM
CW´s BC was closed 2 days after they started operation; management foregot to tell anyone.<BR>They are an Alt-A only not BC, they have never been able to close doors or loans.<BR>The are slow like everyone else, so you reduce staff. 70% seems to be the number we are working towards every where.<BR>CW had a lot of people leave when they installed GEO restrooms around the counrty...leo<BR>http://www.toilette-humor.com/bathroom.html
by leoknows March 12, 2007 12:00 AM
I just spoke to an AE who works out of the Anaheim center.<BR><BR>His sales manager and all AE´s on his team were fired. He is putting his resume up on Monster.<BR><BR>He was told by the big SVP that the Op´s cuts are already in the works.<BR><BR>Sad times...
by WholesaleSolutions March 12, 2007 12:00 AM
Leo, hate to tell you this, but CW was one of the top 5 purchasers of B\C paper in the market.
by Al Gore March 12, 2007 12:00 AM
I am reading their rates right now on their website;<BR>they are still doing 95% LTV on both full and stated doc.<BR><BR>I dislike CW B/C but I dislike mindless rumour mongering worse; if CW goes down, this industry is toast. Hell we might be crispy fried alreayd in all honesty. <BR><BR>But hey, this is a great CW Sales tool, since you just made me check all of their rates and guidelines...
by Hungry-for-Dollars March 12, 2007 12:00 AM
I have been as positive as I possibly can. I still think the strong will survive.<BR><BR>I can´t stand CW. But seriously, what percent of subprime paper do you think they buy? Maybe 40%?<BR><BR>If they go away, then subprime goes with them.......<BR><BR>
by JJMotgage March 12, 2007 12:00 AM
They are pushing more A and Option ARMS right now.<BR>The company is gonna survive because the don´t do as much B/C and ALT A as they do A.<BR>You have to remember that they have a huge retail franchise that delivers mostly A paper.<BR>This is just going to reduce their profits for several quarters.<BR><BR>Remember, it is the monoline lenders that you must worry about, or those that have significant exposure to subprime and ALT A versus A.
by dw March 12, 2007 12:00 AM
They´re not going away....just making adjustments to products as well as staffing. What did you expect?
by snap-crackle-pop March 12, 2007 12:00 AM
Hey dw-<BR>You are right in all that you said, other then "this is just going to reduce their profits for several quarters".<BR>Dumping the subprime albatross should significantly improve their profits as that is the only segment of their company that is losing money. And maybe the books will look a little better for that annoying little rumor of B of A buying them to come to fruition.
by ajmojo March 13, 2007 12:00 AM
by angi March 17, 2007 12:00 AM
Subprime isn´t going away for CW - it´s simply tightening up. For a company that´s main profit is A paper - they have no reason to get rid of their BC paper. With every MAJOR lender tightening it´s belts on the BC side, why wouldn´t CW follow suit?
by angi March 17, 2007 12:00 AM
