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So there has finally been some good news on the housing market. July housing sales are up 2.8% as reported today. The problem I have with these figures is that this information is technically old and does not really reflect the recent problems in the housing market. All these reports on TV are somewhat delayed […]
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Filed under: Market Watch
In an interview today Countrywide CEO Angelo Mozilo says that he thinks we are headed for a recession. This statement coming after the announcement of Bank of America deciding to invest 2 billion into the troubled mortgage giant. This will give Bank of America about a 16% stake in Countrywide Mortgage. Mozilo states that their […]
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Filed under: Mortgage News, Market Watch
Major mortgage companies are beginning to falter and effect people on the retail level. CNBC reports that borrowers who have already moved into new homes are finding out that their loans will never close. Since these major mortgage companies are already scrambling to save whats left of their loan portfolio the loans in the […]
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Filed under: Mortgage Industry, Market Watch
