Then I saw online tonight about the "rumor" that CW was filing for bankrupcy I thought I would run right over here and see what everyone was saying....I didn't see a thread so I thought I would start one.

Does this worry anyone? It scares me as they owe me alot of money right now. Actually I was going to call them tomorrow anyway just to see where my checks are as I have not gotten one in some time now.

Well, it doesn't surprise me. I do alot of they make it so difficult in my market to sell their REO's and pick an agent because they "send them buyers" is what I heard from 2 CW LO's just this week...well guess what guys...if I had buyers I wouldn't be trying to be your REO agent!!! HELLO, like that is a qualification.

Then, I do a lot of short sales and CW though easy to get a hold of pays way too much for appraisal on a short and then takes around 3 months to approve after that. Buyer has walked and they won't do another $350 appraisal. What a joke. It's gotten to the point where I don't count on a CW short to happen at all. That's really sad...cause there is a lot of them out there.

They are sinking like an anchor.None of their properties by me are moving.

I'm not surprised by this at all, in fact, I have been prediciting their demise for just under a year now. They've acquired too much bad paper over the years. They should have known that the gravy train would not last forever.

GREAT -right when they owe me $3300 and are my bread and butter company right now.

Diversification is the name of the game ......

I guess every cw market is different. Cw properties around here are always really cheap, and the only thing the broker does is a bpo and sell the house. They dont handle anything else.

Is anyone having a problem with checks arriving?

Checks arriving as usual, new listings still forthcoming and pending, and reimbursement time for reo expenses hasn't changed for me. A little further West of the SW Burbs of Chicago.

Wasn't the conversion number at $18 a share for BoA on their loan? Having read countryfried went thru the 1st billion in only a month before holiday...the new low set today on the stock surely must make them uneasy.

Right here in So Cal, several of the CW properties are getting multiple offers within days/weeks they hit the market. I hope they don't go under. I'm owed a boat load of money from their BPO dept.

cjmj .....thanks for the info....I will be on the phone tomorrow. I was getting a couple of checks a week and not one in the last 3 weeks....very weird.

I don't think it is a matter of "if" but more of a "when". BofA's infusion of cash was futile and they are not pleased with their "investment". Unlikely any of the other financials is either bold (read foolish) enough or capable of action at present. Unless the Gov't intervenes I think it is a done deal. Never know what Uncle Sam will do though!

Oh yeah, my last check from CW was almost a month ago, so I'm expecting something this week...or else. >:D

I seem to be getting a check once a week from them.

Any guesses as to who will pick them up after they go belly up? It's gonna be a boom for investors, maybe they will start getting the prices they want.

You were thinking the same thing I was thinking Susan, If it's CW or someone else it's all good for the REO agent/broker .......

I'm taking my CW contact out to lunch today, guess you know what question I'm asking, will tell you all what I heard later today .......

I never thought of it that way...yes, let me know.

I really home it is an asset management company that knows what they are doing, honestly. Even if investors are buying the property with the volume it would be great if there was an AM on the other end that knew what they were doing.

Christie,

I received 2 checks from them on Christmas Eve and one more the day after Christmas. None since. But then again, we have a new mail carrier who can't seem to deliver mail to the correct address. I receive everyone else's mail so I'm wondering who's receiving mine. Of course, I always take the misdelivered mail to where it should be but I don't know if everyone else is doing that as well.

i dont work for CW, but im interested to hear how this goes.

The only problem we've been running into lately is getting escrows actually opened with Countrywide. 2-3 weeks after the acceptance of an offer, and no opened escrow, is really starting to [censored] off buyer's and buyer's agents. There is no excuse for this.

Wow, I didn't realize that "pizzed" off was a bad word. Hmm... Sorry about that Mr. Moderator.

Is there a number to call for their accounting department? The last check I received was 12/22. And they just sent me a ton of orders.

Got a check today from them, went on thier site to see what was paid and i noticed I had an order~from yesterday! no email, phone call nothing! Wierd huh? I will contact them tomorrow to see what is up, anyone else having this problem?

I spoke to CW today and they said their email notification system was not working properly and that I should log in a couple of times a day.

Thank you!! I was wondering.

I've not received an e-mail notification from them in weeks. I check daily for new orders. They've really been loading me up lately!

I too just got a check from them this afternoon.

Serves them right! They keep trying to play favorites by giving REO listings to non-REO agents. They can't sell them or take care of them properly. When they changed their REO agent policy last year, I swore I'd never take one from them. Too silly..

I couldn't agree with you more Ohsay

SLO..did you get any answers?

He said he hoped their stock price would stay low until the end o the month so he could buy a bunch, hope that answers the question .......

I got a small check yesterday but they still owe me for 11 completed in December. Already completed 18 this month...hopefully they will work it out!!

[quote=SLO Broker]He said he hoped their stock price would stay low until the end o the month so he could buy a bunch, hope that answers the question .......

What did you think he was going to say... "Uh, look, I can't really tell anyone but we're shutting the doors next friday at 2:00 PM."

The rank and file never see it coming with a mortgage company until they try to go to the office one day and the doors are shut. I'm not saying CW will go down quick and I am not saying it is an absolutely foregon conclusion (given the gov't possible interest in propping them up) but to feel reassured because someone at CW says everything is going to be okey dokey is ridiculous. They are being fed the good ole company line from their superiors. The execs will say anything to prop up sagging morale and to sustain for as long as they can. That is Mega Company, Inc 101.

From our perspective it though it really doesn't matter... we should keep on accepting orders and fulfilling them, acccepting listings, etc. Make hay while you can!

Nom...that's what happened with American Home Mortgage!

And many many others!

Being in OC, CA gives a little insight into the mortgage world. Thousands of people have been dramatically affected. The owners of mortgage companies (from tiny broker shops all the way up to the giants) have a vested interest in prolonging things for as long as possible. They will say whatever they have to in order to keep people going as long as possible. Heck... they might even believe some of the B.S. they are spewing out.

All I am saying is... just because they are the biggest do not assume they will make it out of this. It will take some extraordinary measures for them to emerge out of their mess.

The assets will still be there regardless... get shuffled around but there will still be work for us!

Hey guys. First time poster. I talked to our countrywide LO today as well and he said the same thing. He said he wouldn't be suprised if COuntrywide posted a profit next quarter. Like it was said earlier, who knows how accurate the info he is getting is.

Headline over at cbs.marketwatch.com:

"Bank of America is in advanced talks to buy Countrywide, according to a Wall Street Journal report"

It is all over CNBC and Bloomberg as well. I think I heard WAMU mentioned as a backup.....can't be sure on that though as I was on the phone.

It was just a matter of time.

I'm assuming that Countrywide would still operate as CW, and all other CW entities.

Good point, could be. Everything is so crazy right now, for someone like me who is just learning the economy.

B of A didn't put all that money into CW for nothing! I wouldn't be surprised if they put a tickler in their loan that they could buy when the stock got to a certain point or some such language as that (Have I been watching too much TV??).

Anyway, you guys are the best. This is the most up to date market knowledge out there posted on this forum.

This is all a little complicated to me, but I'm really trying to understand and learn. This site is really helpful. I have a bunch of BPO payments still out with CW also, but got a check for 1 of them today. I do orders for several companies, but they are by far, my biggest and most consistant company. I am familar enough with their form that it is my favorite and the one that is easiest and fastest to complete. Guess all any of us can do is; STAY TUNED.

Seems like everyone is receiving checks but me. Arrghh /pirate

received my CW check today ........

"Albert Gore Wins the Presidency!"

Here is what is going to happen:

BofA buys countrywide to get guaranteed tax breaks from the government. The government does NOT want to see CW go down, to many employees too many homes affected. BofA can stretch out the losses over a longer period of time as to not disrupt its own stock price after the acquisition. They will NOT use the CW name anymore!

Also, Chase will take over WAMU to get a foothold in the So Cal market where WAMU is prevalent. Chase is waiting out WAMU (which is dying a slow painful death.)

There is your inside information.

JoeBroker....


From your "mouth" to God's ears. I don't want to wish anyone any harm but CW and WAMU going down...oh it does my heart good!

The grass is not always greener. I received my check today for a whopping $55. Payment for one order on 12/17/07. There were other orders completed on 12/17. Not counting all of the other orders for Dec and Jan.

Why would it "do your heart good" if these two companies go down in flames?

What do you know.... a couple posts up I said CHASE WILL BUY WAMU...


CNBC THIS MORNING REPORTING JPMORGAN (CHASE) IS IN TALKS WITH WAMU.....

YOU ALL JUST LISTEN TO ME AND YOU'LL BE FINE....

Is anyone getting emails from CW about the change with either listings or BPOs?

Nope, just more BPO orders

I'm very curious about what will happen to the BPO side too. Will BoA keep plugging along using the former CW system and its agents? I get a lot of work from CW and I'd hate to lose that.

These things take time. Business as usual for a while.

Side note: $7.16/share is less than Thursdays close. Doesn't look like investors are going to make any money on this for now.

Spicoli,

Because I have been negotiating short sales and these 2 paticular companies, which handle most of the bad paper out there, have made it hard to accomplish. They both act like I'm the bad guy and I do a lot of these, believe me. Wamu will transfer your call and you don't even know what state you are in! It's absolutely ridiculous. Countrywide and their policy on giving REO's to agents that use their LO's has kept their assets lingering on the market. Is this good for our market as real estate agents and brokers? No...we are in the business of helping buy and sell real estate, not get loans for the loan company. I know houses...period! Their business models are clearly not working now that the rubber has hit the road.

So yes, I am very happy at this turn of events.

I got a check for $55 yesterday also...very weird as CW usally pays quick. Hope they start rolling in today.

You sound a little vindictive, don't you think. If you find joy in other's demise, knock yourself out.

I think you need to change your handle to "Dr. Evil".

They are talking 3rd quarter, and there is a lot of skepticism that the deal will even go through. I guess it's kind of like the 1st week of an accepted offer in todays market..... Only God konws how it will turn out.

Here is the latest:
http://money.cnn.com/2008/01/11/news/companies/boa_countrywide/index.htm?iref=topnews

I CALLED IT, Look at my past couple posts.... B of A gets huge tax breaks by buying CW:

NEW YORK (Fortune) -- Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.

That's because Bank of America (BAC, Fortune 500), which is solidly profitable, will be able to use some of Countrywide's losses to offset its own taxable income. The tax break could total about half a billion dollars over the first five years,

HERE WAS MY PREVIOUS POST....

Here is what is going to happen: <---- this was before all this came out...-----> I should work at Bloomberg...

BofA buys countrywide to get guaranteed tax breaks from the government. The government does NOT want to see CW go down, to many employees too many homes affected. BofA can stretch out the losses over a longer period of time as to not disrupt its own stock price after the acquisition. They will NOT use the CW name anymore!

Also, Chase will take over WAMU to get a foothold in the So Cal market where WAMU is prevalent. Chase is waiting out WAMU (which is dying a slow painful death.)

There is your inside information.

Top

Vindictive? Dr. Evil??

Just stating my opinion based on my experience. In this market, it pays to work with the vet than work against him/her.

Not a sermon, just a thought.

Btw...check out the other thread on this topic and all the other agents worrying about whether or not they are going to get paid for their BPO's. Wanna call them vindictive? or just reading the writing on the wall.

There is a huge difference between somebody being worried about getting paid and somebody being joyful in another's demise. Anyway, your feelings and motives are clear, and I don't want to beat a dead horse. Good luck with your business.