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Countrywide is Alive
and Well
August 17, 2007
The last two days
have been unbelievable. Everything I hear in the news is so
sensationalized by the media and a lot of it is very far
from the truth.
Example: Last night
on CNBC a spokesperson said on national TV that Countrywide
is no longer doing Jumbo loans in California, loans over
$417,000. Our basic guidelines still go to $6 Million. Month
to date Countrywide has originated $1.6 Billion in Jumbo
loans in California alone.
There is not an issue
with our financial stability. The credit markets on Wall
Street have dried up for the purchase of many Jumbo and
Alt-A products for all lenders. Many lenders not associated
with a bank have already closed their doors. Countrywide
Financial owns Countrywide Bank worth $107 Billion. Loans we
fund that are not sold to Fannie Mae or Freddie Mac are put
into the bank's portfolio. This is why I have not lost any
of my loan programs this year except one which is 100%
stated income. Countrywide is the #1 originator of home
loans in the U.S. Countrywide is the #1 servicer of home
loans in the U.S. We service 1 in every 5 loans in the U.S.
Most of you know I
have been in the lending business for 32 years and all in
Orange County. There have been some tough times over the
years but I must admit this has been very challenging. I
hear and see everything you do and from my point of view,
based on the internal discussions with senior management, I
am totally shocked of how out of proportion the incorrect
reporting has become. It is 100% business as usual with the
way we are operating. When you're number one everyone wants
to knock you down. Please believe when I say when this blows
by and the nay sayers have silenced, myself and Countrywide
will still dominate the mortgage market as the #1 players in
town. |
