With news today of Countrywide being bought by Bank of America the natural question is what does all this mean? We had American Home Mortgage fall last year as well as many others. With the Credit Card companies doing a turn around on projected returns the banking industry as a whole seems to be in the crapper. So what is the forecast going forward? I am not expert but i do like to speculate from time to time. I was watching the debates last night and although i think John McCain is a great american his statement about there not being a recession ahead scared the crap out of me. Lets be real folks whatever political system you support you have to be able to tell me that with oil at an all time high and the dollar at a weak point with the stock market scared of even the smallest changes and projected loss's that a recession is a Big posibility. All this and i have not even talked about the real big coming issue with the baby boomers retiring and wanting to get social security money. I feel they deserve this money and support us paying it but lets also not blow smoke. We don't have the money. Sorry kids but the US goverment didn't plan right and so we don't have money to pay social security. Just wait 5 years for this to blow up. What does all this mean? Not much i am just a small realtor blabbing on about what i see. Someone please buy countrywide so we can avoid the next huge crash.
Confused? welcome to the club.
For some other thoughts check out this link.
Why the Countrywide deal makes sense
http://money.cnn.com/2008/01/11/news/companies/tully_countrywide.fortune/index.htm?postversion=2008011112
or Bank of America's Risky bet?
http://articles.moneycentral.msn.com/Investing/Extra/BankOfAmericasRiskyBet.aspx?
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I kind of figured that something like this was in the wings when BOA lent that 2 Billion to Countrywide a few months ago. My hope in the matter is that the folks who work at Countrywide get a fair shake in the deal.
Bob Mitchell
ValueList Real Estate Services, Inc.
I kind of figured that something like this was in the wings when BOA lent that 2 Billion to Countrywide a few months ago. My hope in the matter is that the folks who work at Countrywide get a fair shake in the deal.
Bob Mitchell
ValueList Real Estate Services, Inc.
Go figure...this has been a long time coming. At least the government isn't bailing them out....otherwise we're paying for out competitors to be in business...yuck!