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I got an "Important Announcement" from Countrywide today

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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:43 PM
Original message
I got an "Important Announcement" from Countrywide today
Edited on Tue Aug-21-07 02:50 PM by BOSSHOG
Urgently imploring me to refinance. That wacky mortgage company. There is no way in hell they can beat the current interest rate we have on our mortgage but they want me to consolidate my "high interest rate credit car debt." We don't have high interest rate credit card debt. I have until October 7th to mull it over but they urge me to hurry. By then they will have sent me about 10 more important announcements.
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MissB Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:44 PM
Response to Original message
1. Isn't it amazing how much money these companies waste?
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:46 PM
Response to Original message
2. They have all that cash the Feds pumped into their shady company
now they are going crazy trying to figure out how to spend it.
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:48 PM
Response to Reply #2
6. Surely to goodness gracious
they have the resources available to them to know which lenders are not going to be tempted with their current interest rates; instead of wasting paper with mass mailings.
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:06 PM
Response to Reply #6
14. They have so much of that predatory debt they created so now
they are trying to get a little balance by going after good credit homeowners.

I don't see good credit people falling for Countrywide's schick.
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:09 PM
Response to Reply #14
17. I'm just a dumb ole boy
don't know much about nothing, ceptin when it comes to my money and its management and maintenance forthwith and thereof.
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CreekDog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:22 PM
Response to Reply #17
21. Oh come on, that's why you're always trying to steal the Duke Boys' farm
Edited on Tue Aug-21-07 03:23 PM by CreekDog
Of course, you never can quite pull it off, so maybe you have a point.
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:23 PM
Response to Reply #21
22. Steal? I beg you pawdon sah!
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sharp_stick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:32 PM
Response to Reply #6
23. You'd think
I still get mail from American Express imploring me to get an American Express Card. I've had the exact card they're advertising for 15 years and yet I still get that junk.
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CreekDog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:04 PM
Response to Reply #2
13. Not quite
The fed doesn't just give money away, they loan it and it gets paid back in the very short term.

Countrywide borrows money, then they lend it, then investors buy the mortgage from Countrywide.

The problem for Countrywide is when investors stopped touching securities backed by mortgages. Suddenly, they can't sell a lot of loans and that's what they do and a big part of their bottom line.
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:10 PM
Response to Reply #13
18. True, but the Feds increased their loan period
They use to give out loans on an overnight basis. With this decrease in the discount rate, they also increased their loan period to thirty days.
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Drifter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:47 PM
Response to Original message
3. And didn't they just ...
go belly up ?

I thought I heard that CountryWide was a recent victim of the mortgage lender fiasco.

Cheers
Drifter
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:50 PM
Response to Reply #3
7. They are taking on water fast
but still afloat. They have provided us with good service and I do like the way they have done business with us, and their monthly statement is great (detailing escrow stuff and bills due and when.) I hope they hang in there.
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Canuckistanian Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:50 PM
Response to Reply #3
8. If they ever go belly up, you'll hear about it
They're the largest mortgage-only financial institution in the country.

If they go under, it'll be a disaster.
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Parche Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:47 PM
Response to Original message
4. Hey Boss
Isnt Countrywide the one having all of those problems, and laying off people? :hi:
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:52 PM
Response to Reply #4
9. They started laying people off today
Sub-prime mortgages are just another example of conservative values.
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bleedingheart Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:48 PM
Response to Original message
5. We are getting stuff like that every day...but at 5% fixed for 15 years
I am staying put...plus I only have about 10years or less left on mine..
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:53 PM
Response to Reply #5
10. We refinanced
in 2003, got a 30 year note for 4.875%, have pumped bucks into our principal and have paid off 18 years on the mortgage in four years. We are staying put as well.
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flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:54 PM
Response to Original message
11. I got the same thing from MY mortgage company a week or so ago.
Mine isn't one currently in the toilet, thankfully, but it looks like a new tactic...advancing on good accounts to offset the bad ones.
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spanone Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 02:56 PM
Response to Original message
12. boy, if i had the money DiTech.com spent on advertising in the last few years....
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:07 PM
Response to Original message
15. But you should refinance with them.
How else are they going to save themselves from their past mistakes by taking it out of your hide?

Well, true, they'll do it in part by the breaks Washington gives them. But they want ... errr, need so much more -- and some of it's in your wallet.


;-)
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slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:09 PM
Response to Original message
16. They're fishing for suckers
There is no way they are going to offer anyone a competitive rate on a refinance now.
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:10 PM
Response to Reply #16
19. Its hard to imagine
that anyone (not subprime folks) would be in a position to refinance now and get a better deal.
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Riverman Donating Member (759 posts) Send PM | Profile | Ignore Tue Aug-21-07 03:16 PM
Response to Original message
20. Anyone have websites that are helping Countrywide mortgage
clients get help with issues such as pre-payment penalties, upcoming interest rate resets, short sales negotiations, federal investigations, etc?
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classof56 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:38 PM
Response to Original message
24. Boss, I got exactly the same letter in the mail!
Gee--and I felt so special till I read your post! :D I'm gonna wait until October 7 and see what General Petraeus has to say before I make any decisions.

So far I'm happy enough with Countrywide, locked into a pretty low rate on a 15-year loan. I may even outlive it, but I never try to second-guess the future these days.

Tired Old Cynic
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BOSSHOG Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:40 PM
Response to Reply #24
25. Hello My Friend
I do like Countrywide's statements. It makes it easier to keep up with escrow business. I wish them well, but if they would stop dabbling in conservative values like sub-prime mortgages they'd be so much better off.
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classof56 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-22-07 09:58 AM
Response to Reply #25
27. Hi back atcha, friend!
I too like Countrywide's statements, and have been making my payments online for the past coupla years, so that "decomplicates" my life a bit. I agree about the subprime mortgage dabbling, and it's sad that the home ownership option has gone so terribly awry for so many folks. I grew up very poor, and have worked hard to improve my lot in life, constantly count my blessings, but I sure do feel a sense of despair sometimes when I look off into the future. Gotta keep the faith, though, and work to make things better. I have grandkids to think about now!

LOVE your posts!

Blessings.

Tired Old Cynic
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Mz Pip Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-21-07 03:44 PM
Response to Original message
26. These companies are a threat
to old growth forests. Imagine how many tress could be saved if they would just stop sending out all that junk mail. I must get a least a half of a tree's worth of requests to refinance, get a new credit card, home equity loan, mortgage help, blah, blah, blah.

At least I don't get porn in the mail. They save that for my email.

Mz Pip
:dem:
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