11,453 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: 1,845,595,537
(As of April 6, 2009)


Source: http://www.countrywide.com/purchase/f_reo.asp

Click on state below for detailed listings.

State	Count	Total Asking Price($)	Average Asking Price($)
AK	29	5,376,700	185,403
AL	162	22,914,886	141,450
AR	57	5,687,299	99,777
AZ	658	97,732,200	148,529
CA	2,694	637,381,149	236,593
CO	161	26,520,897	164,726
CT	90	15,674,666	174,163
DC	27	5,769,198	213,674
DE	22	3,490,800	158,673
FL	985	125,282,569	127,190
GA	533	64,780,416	121,539
HI	66	23,392,900	354,438
IA	33	2,595,500	78,652
ID	79	19,587,000	247,937
IL	432	53,450,741	123,729
IN	192	11,592,292	60,377
KS	39	3,943,000	101,103
KY	84	8,095,699	96,377
LA	47	6,065,393	129,051
MA	127	21,500,197	169,293
MD	219	44,804,972	204,589
ME	21	1,374,896	65,471
MI	688	48,810,794	70,946
MN	323	47,278,294	146,372
MO	133	11,883,100	89,347
MS	80	7,761,294	97,016
MT	16	5,410,400	338,150
NC	217	32,126,696	148,049
ND	04	489,600	122,400
NE	26	2,525,300	97,127
NH	34	5,565,599	163,694
NJ	160	32,604,992	203,781
NM	35	4,788,298	136,809
NV	809	120,744,634	149,252
NY	176	36,756,195	208,842
OH	256	16,796,590	65,612
OK	90	10,011,999	111,244
OR	107	21,609,317	201,956
PA	116	11,867,598	102,307
RI	63	6,692,201	106,225
SC	107	20,075,698	187,623
SD	09	947,099	105,233
TN	188	22,213,550	118,157
TX	443	59,721,445	134,811
UT	69	20,980,999	304,072
VA	281	47,952,881	170,651
VT	04	405,600	101,400
WA	159	33,147,199	208,473
WI	80	7,223,100	90,289
WV	19	1,799,095	94,689
WY	04	392,600	98,150
Total	11,453	1,845,595,537	148,537

Note: California Average REO Asking Prices have increased +4.2% from last month, and are down -41% from their peak of $400,000.

.

Bank of America in talks to acquire Countrywide Financial

From the Wall Street Journal:

“Bank of America Corp. is in advanced talks to acquire struggling Countrywide Financial Corp., according to people familiar with the situation.”

“It isn't clear how quickly a deal might be struck, but two people familiar with the matter said it could occur very soon. It also is possible that an agreement could be delayed or fall apart altogether.”

“The market value of Countrywide has plunged to about $3 billion, which represents about two months' profit for Bank of America. The Charlotte, N.C., bank paid ...”

Read full article [WSJ subscription needed]


Countrywide has been struggling with the U.S. housing slump, and on Wednesday said foreclosures and late payments among home loans for which it collects payments rose to the highest levels on record in December.

"‘Somebody is going to have to absorb the massive losses in right-positioning Countrywide,’ said Sean Egan, managing director of credit-rating firm Egan-Jones Ratings Co. ‘It can be done, but the cost is going to be exorbitant. From Countrywide's perspective, it is their best chance for salvation.’"


Shares of Countrywide Financial (CFC) surged 51% to 7.77.

.

20,255 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $3,270,467,911
(As of January 15, 2009)


Source: http://www.countrywide.com/purchase/f_reo.asp

Click on state below for detailed listings.

State	Count	Total Asking Price($)	Average Asking Price($)
AK	29	7,053,100	243,210
AL	222	31,587,987	142,288
AR	81	7,407,299	91,448
AZ	1,194	177,853,550	148,956
CA	5,595	1,258,408,604	224,917
CO	318	57,334,897	180,298
CT	146	26,356,293	180,523
DC	36	7,555,495	209,875
DE	21	3,518,099	167,529
FL	1,764	250,986,059	142,282
GA	1,061	121,468,800	114,485
HI	68	24,009,300	353,078
IA	70	6,349,101	90,701
ID	98	24,770,200	252,757
IL	773	103,479,869	133,868
IN	309	18,962,045	61,366
KS	71	7,417,800	104,476
KY	131	9,830,884	75,045
LA	71	7,410,797	104,377
MA	245	41,349,387	168,773
MD	297	67,720,914	228,017
ME	42	3,597,796	85,662
MI	1,147	75,918,719	66,189
MN	473	65,697,562	138,895
MO	307	28,433,998	92,619
MS	121	12,875,994	106,413
MT	25	5,404,500	216,180
NC	344	46,268,692	134,502
ND	02	137,800	68,900
NE	32	2,523,800	78,869
NH	116	19,004,796	163,834
NJ	250	49,741,987	198,968
NM	53	7,194,500	135,745
NV	1,174	194,092,405	165,326
NY	239	51,102,494	213,818
OH	483	27,411,686	56,753
OK	120	10,545,414	87,878
OR	154	32,842,700	213,264
PA	224	23,134,342	103,278
RI	112	13,282,194	118,591
SC	160	24,699,397	154,371
SD	10	1,094,000	109,400
TN	329	33,137,087	100,721
TX	742	97,021,370	130,757
UT	68	23,757,200	349,371
VA	460	83,483,501	181,486
VT	05	711,500	142,300
WA	240	56,847,300	236,864
WI	172	14,699,700	85,463
WV	40	3,665,097	91,627
WY	11	1,309,900	119,082
Total	20,255	3,270,467,911	148,341

View more charts.



.

Crisis may make 1929 look like a 'walk in the park'

From the UK Telegraph:

“As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control.”

“Twenty billion dollars here, $20bn there, and a lush half-trillion from the European Central Bank at give-away rates for Christmas. Buckets of liquidity are being splashed over the North Atlantic banking system, so far with meagre or fleeting effects.”

“As the credit paralysis stretches through its fifth month, a chorus of economists has begun to warn that the world's central banks are fighting the wrong war, and perhaps risk a policy error of epochal proportions.”

“‘Liquidity doesn't do anything in this situation," says Anna Schwartz, the doyenne of US monetarism and life-time student (with Milton Friedman) of the Great Depression.’”

“‘It cannot deal with the underlying fear that lots of firms are going bankrupt. The banks and the hedge funds have not fully acknowledged who is in trouble. That is the critical issue," she adds.’”

“Lenders are hoarding the cash, shunning peers as if all were sub-prime lepers. Spreads on three-month Euribor and Libor - the interbank rates used to price contracts and Club Med mortgages - are stuck at 80 basis points even after the latest blitz. The monetary screw has tightened by default.”

read full article >>

.

The Mortgage Lender Implode-O-Meter reaches 200!

200 Major U.S. Lenders Have ‘Imploded’

From Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders):

"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.

Click here for the whole list of imploded lenders and for the latest news and commentary on the mortgage industry.

21,397 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $3,588,051,552
(As of November 12, 2008)


Source: http://www.countrywide.com/purchase/f_reo.asp

Click on state below for detailed listings.

State	Count	Total Asking Price($)	Average Asking Price($)
AK	18	4,272,300	237,350
AL	229	28,656,184	125,136
AR	75	6,166,100	82,215
AZ	1,224	192,541,650	157,305
CA	5,965	1,403,126,403	235,227
CO	309	58,667,987	189,864
CT	150	27,248,298	181,655
DC	29	6,985,098	240,865
DE	23	3,613,696	157,117
FL	2,216	319,508,440	144,183
GA	1,086	123,665,956	113,873
HI	55	20,864,000	379,345
IA	65	6,264,500	96,377
ID	91	21,915,900	240,834
IL	781	111,028,162	142,162
IN	335	20,624,593	61,566
KS	69	8,166,100	118,349
KY	140	12,133,897	86,671
LA	68	8,306,998	122,162
MA	282	46,664,052	165,475
MD	284	70,108,452	246,861
ME	47	4,555,897	96,934
MI	1,172	77,242,733	65,907
MN	450	64,222,218	142,716
MO	328	31,248,200	95,269
MS	109	11,495,885	105,467
MT	14	3,148,200	224,871
NC	397	56,862,539	143,231
ND	03	161,700	53,900
NE	35	3,052,500	87,214
NH	120	21,350,494	177,921
NJ	245	52,755,296	215,328
NM	44	5,894,399	133,964
NV	1,161	214,850,790	185,057
NY	225	45,574,830	202,555
OH	495	31,549,878	63,737
OK	112	8,982,098	80,197
OR	123	26,739,001	217,390
PA	207	22,766,595	109,984
RI	112	17,590,881	157,061
SC	165	22,252,495	134,864
SD	10	1,079,000	107,900
TN	375	37,393,261	99,715
TX	892	114,247,717	128,080
UT	63	21,893,400	347,514
VA	560	115,700,181	206,607
VT	03	479,700	159,900
WA	227	54,149,400	238,544
WI	160	14,129,400	88,309
WV	39	4,595,098	117,823
WY	10	1,559,000	155,900
Total	21,397	3,588,051,552	154,283

View more charts.



.