Credit Crisis

FYI

Mortgage Lender's Bankruptcy Would Have Severe Impact on Consumers

"Countrywide is at ground zero of the mortgage crisis," commented Weiss. "It exhausted many of its extraordinary financing options last year and is ill-prepared for the rising mortgage defaults and home foreclosures that are widely expected this year. Already, the credit quality of Countrywide's mortgage servicing portfolio has deteriorated, with 7.2% of the mortgages it's servicing delinquent in December, up sharply from 6.5% in November and 4.6% a year earlier."

Weiss' conclusion: "With the mortgage market and economy continuing to slide, it's likely Countrywide will suffer intolerable losses. Thus, in the absence of extraordinary intervention, we believe it could be difficult for Countrywide to avoid failure, with a potentially severe impact on consumers."

Read the entire article. I hope you're not trying to sell in this market - which is only going to get worse.