Sunday, May 6, 2007

15,007 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $3,051,439,289
(As of February 25, 2008)

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Click on state below for detailed listings.
State Count Total Asking
Average Asking

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Anonymous said...

Suspiciously consistent decline.

Anonymous said...

Interesting. I wonder if the various bills being debated in Congress is causing Countrywide/B of A to slow down the foreclosure process and maybe even re-work some in the hopes that they can convince Congress these bills are not needed.


Bubble Sitter said...

Don't be fooled by the decline in foreclosures on CFC's site. In Sacramento, there are rapidly increasing numbers of homes where the lenders are foregoing foreclosures, trying to effect short sales and string along the FB's. It is the same difference, just another type of process. The lender's are feeling increasing amounts of pain. One foreclosure is the borrowers problem....50,000 foreclosures becomes the lenders' problems.

We need to figure out a way to track the short sale inventory. Then the truth will continue to be told.

radman said...

These numbers are pure bullshit. There must be some regulators somewhere that can come down on this reprehensible lender like a ton of bricks. This amounts to intentional misrepresentation of the greatest magnitude. Not surprising though when you consider the outright lying that has been coming out of our government for the last 7-8 years. Indeed, it is time for a change. History is full of examples where the people have said "Enough is enough." That time has come!!!

We_thepeople said...

Great Blog.
I am an old man and English is my second language, so I feel unconfortable writing or talking on public forum but I can think because thought is not link to any language.We are in big trouble as country, the corporate media is more focus on trivial garbage so the mass of our people are not inform.We can take a cue from 1929
crash and the recession(depression is the samething as recession in technicality).We need to go back to the rule of laws and but the country back together "We the people".
I am interesting in buying those
15 007 homes.The customer service
rep @ country can't help.I am looking REO Bundle to buy.

Thank you!!

admin said...

If you want out from under your mortgage and the lender is not communicating with you on a modification, why can't you just deed them the property ( not a deed in lieu). Just fill out a warranty or quit claim, go to the courthouse and record it and mail the lender a copy.

They now own the property with their own loan on it.

How can they foreclose on property they own?

karen said...

so sad. this crisis is affecting everyone.

Anonymous said...

Bankruptcy Watchdogs Battle Countrywide
Bankruptcy Watchdogs Seek to Sanction Countrywide Financial
February 29, 2008: 05:48 PM EST

NEW YORK (Associated Press) - In a move that escalates the legal trouble faced by Countrywide Financial Corp., federal watchdogs have asked courts to sanction the big mortgage lender for alleged abuses of the bankruptcy system.

U.S. trustees in Georgia, Ohio and Florida on Thursday asked the courts to enjoin "Countrywide's sustained bad faith conduct" in its treatment of distressed consumers trying to save their homes in bankruptcy court, according to a complaint filed by U.S. Trustee Donald F. Walton.

"Countrywide's failure to ensure the accuracy of its claims and pleadings has resulted in an abuse of the bankruptcy process," Walton, the U.S. trustee for the region that includes Atlanta, wrote in papers filed Thursday in the U.S. Bankruptcy Court for the Northern District of Georgia.

Countrywide declined to comment Friday, saying it doesn't comment on pending litigation.

The action by an arm of the U.S. Department of Justice marks a rare concerted effort by the government to rein in Countrywide for behavior that has exasperated consumer attorneys for years: Misapplied mortgage payments, false court filings and unexplained extra fees.

"This is the first case that I know of where the U.S. trustee has actually filed an adversary proceeding in bankruptcy court against a creditor of this type," said O. Max Gardner III, a North Carolina consumer bankruptcy attorney. "The relief that it is asking for is based on a long pattern and practice of behavior that is all too familiar."

In "nine out of 10" Chapter 13 bankruptcy cases, wage earner bankruptcies where people try to catch up on their bills, Countrywide complicates court proceedings with erroneous legal filings, mishandled payments and fees that are not explained, he said.

"The thing that's different now is that we're finally getting people who should be interested, the U.S. trustee, involved in it," Gardner said.

Walton, the U.S. trustee for Georgia, Florida, Puerto Rico and the U.S. Virgin Islands, is seeking sanctions against Countrywide for its behavior in the bankruptcy case of a Georgia couple who filed for Chapter 13 bankruptcy. Walton says Countrywide falsely accused John and Robin Atchley of defaulting on their mortgage, assessed $2,793 in unexplained fees and kept taking money after the home was paid off.

Countrywide returned the extra payments and dropped threats of foreclosure. Walton, however, said Countrywide added "unnecessary delay and expense" to the bankruptcy process and should not go unpunished.

"Countrywide has acted in bad faith in the conduct of litigation before the court in this case for which the rules are not up to the task of adequately sanctioning," Walton wrote.

Courts in Pennsylvania, Texas and North Carolina have sanctioned Countrywide and imposed punitive damages for "aggravated and egregious" misconduct in bankruptcy cases that caused problems for courts and consumers.

Countrywide, based in Calabasas, Calif., also faces an inquiry into the suspected mishandling of payments sent by court officials in nearly 300 Pittsburgh bankruptcy cases. In one such case, Countrywide is suspected of fabricating documents in an effort to foreclose on a woman and of breaking into confidential e-mails sent by Gardner.

Anonymous said...

Karen, I just can't understand why people leave their pets behind like that. I think what's even worse (and not mentioned) is the psychological affect on children who are capable of understanding the reason they are forced to leave their home. Truly a tragedy for our nation.

Stock Picks said...

I have noticed several listings recently where the realtor is talking "short sale" and I check the property at the recorder's office and there isn't even a "notice of trustee's sale" filed. This is greatly skewing the foreclosure numbers. . . Since most importantly these are not in pending foreclosure data.

Jeff said...


Great site. I say no way Bank of America is going to buy Countrywide. My take on the WSJ Countrywide article that came out today if you want to check it out. Ait until the Alt A and prime lenders start crumbling.

Rick McAllister said...

one man's trash is another man's treasure. As the nation dives into the highest foreclosure boom since the great depresion, investors are turning their money to buying foreclosed properties at pennies on the dollar. since no one expects the crisis to last forever, this adjustment may prove to be more lucrative than the last investment wave merely because the investment point is much lower.

smith said...

well this forum has the total giving look which makes it a well informer website or web blog. Thanks for making such a beautiful blog