13,878 Homes Offered For Sale on Countrywide Financial's Website

Total REO Asking Price: $2,469,313,620
(As of July 22, 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	08	1,916,200	239,525
AL	130	14,507,099	111,593
AR	29	2,401,000	82,793
AZ	611	114,579,346	187,528
CA	3,378	832,280,975	246,383
CO	194	39,233,200	202,233
CT	151	26,446,099	175,140
DC	20	5,468,290	273,415
DE	18	2,776,200	154,233
FL	1,741	312,350,100	179,408
GA	662	79,139,438	119,546
HI	29	10,470,400	361,048
IA	31	3,956,850	127,640
ID	42	10,926,400	260,152
IL	604	87,811,655	145,384
IN	283	16,663,586	58,882
KS	49	5,222,450	106,581
KY	91	7,846,850	86,229
LA	37	4,714,300	127,414
MA	275	44,928,405	163,376
MD	271	74,060,549	273,286
ME	17	1,726,300	101,547
MI	1,035	81,133,412	78,390
MN	448	68,998,000	154,013
MO	194	18,355,230	94,615
MS	82	10,376,747	126,546
MT	08	1,878,200	234,775
NC	134	23,730,572	177,094
ND	03	249,700	83,233
NE	11	2,037,900	185,264
NH	77	13,879,850	180,258
NJ	162	37,254,462	229,966
NM	22	3,381,800	153,718
NV	503	104,757,941	208,266
NY	154	35,979,561	233,634
OH	417	25,514,823	61,187
OK	41	4,629,000	112,902
OR	57	14,182,400	248,814
PA	114	14,210,120	124,650
RI	89	15,466,299	173,779
SC	84	10,701,700	127,401
SD	08	922,300	115,288
TN	215	21,245,644	98,817
TX	507	69,923,906	137,917
UT	35	12,732,701	363,791
VA	570	135,546,373	237,801
WA	99	26,501,800	267,695
WI	100	10,051,287	100,513
WV	35	5,621,500	160,614
WY	03	624,700	208,233
Total	13,878	2,469,313,620	169,250

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The Mortgage Lender Implode-O-Meter reaches 100!

100 173 Major U.S. Lenders Have ‘Imploded’

From Implode-O-Meter (A popular web site that tracks failing or "imploded" lenders): “This is our list of lending operations that have ‘imploded’ (see also ailing lenders). ‘Imploded’ 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 ‘firesale’ acquisition. Important: All information here is provisional. If you are planning on doing business with any of these companies you should inquire with them on whether they can still meet your needs. Many are still operating in some capacity.

“The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). The list, with links to stories and whatever details we have available (most recent first) follows:”

Number 100: CIT Home Lending

“CIT Group, a major conglomerate lending and investment shop, is exiting the home lending business entirely, after taking an ‘unexpected’ (hah!) loss of $127 million in the second quarter.” read more >>

Update: 173

Bear Stearns hedge funds worthless

The Telegraph reports: “Two struggling Bear Stearns hedge funds that ran into difficulties after making large bets on the troubled US sub-prime mortgage market now contain ‘very little’ or ‘effectively no value’ for investors, according to the Wall Street firm.”

“In a letter to clients, Bear Stearns, which had to pump $1.6bn (£800m) into the funds last month to stop them collapsing, said that it was seeking ‘an orderly wind-down of the funds over time’.”

“In what it described as ‘a difficult development for investors’, the bank said ‘there is effectively no value left’ for investors in its Enhanced Leverage Fund and ‘very little value left’ for investors in its High-Grade Fund.” read more >>

Letter sent to investors: Dear Client of Bear, Stearns & Co. Inc, ... read letter >>

Bear Stearns shifted the blame from subprime mortgage to “unprecedented declines in the valuations of highly-rated securities.” The two funds have been in the news for weeks after suffering heavy losses. Bear sent the letter to investors yesterday.

Two-Thirds of Americans Believe Mortgage Product Advertising and Marketing Lacks Credibility

A report from Harris Interactive: “Given all the negativity surrounding the sub-prime mortgage marketplace, it is no surprise that consumers have questioned the credibility of the current marketing and advertising for mortgage products. Just one-third of US adults (34%) view the advertising and marketing of mortgage products as credible, with the majority (66%) viewing it as not credible. In fact, one in five adults (22%) report that they view the advertising and marketing of these products as ‘not at all credible.’”

“These numbers have significant implications for the type of trust the American public has in financial institutions. When probed further about their perceptions of the financial institutions that provide mortgages, only one-quarter (27%) of U.S. adults report favorable perceptions, with just three percent saying their perceptions are very favorable. ‘Given the large proportion of consumers who are riding the fence, now more than ever would be a good time for these institutions to examine their mortgage product advertising and marketing messages,’ says Sanford Brumley, Vice President of Client Development for the Harris Interactive Financial Services Group.” read more >>

About:
“Harris Interactive is the 12th largest and fastest-growing market research firm in the world. The company provides innovative research, insights and strategic advice to help its clients make more confident decisions which lead to measurable and enduring improvements in performance. Harris Interactive is widely known for The Harris Poll, one of the longest running, independent opinion polls and for pioneering online market research methods.”

GE bails out of subprime market

GE confirmed today that it is selling WMC Mortgage as the subprime sector is at a near collapse from massive increases in defaults . GE bought WMC just three years ago, and since then has gone from 1,200 to 700 employees.

From Bloomberg: “‘The mortgage industry has greatly changed since the purchase of WMC,’ Laurent Bossard, chief executive officer of the division, said in an e-mail to employees yesterday. ‘The current subprime market environment has made a significant negative impact on the business.’”

“GE's decision to divest WMC comes as more than 60 mortgage companies have halted operations, gone bankrupt or sought buyers since the start of 2006, according to Bloomberg data. The contraction in the subprime industry caused the near- collapse last month of two hedge funds run by Bear Stearns Cos. and the downgrading of almost $12 billion of mortgage securities by ratings companies.”

“‘GE's been in and out of the mortgage business before,’ said Angelo Mozilo, chief executive officer of Countrywide Financial Corp. His Calabasas, California-based company, the country's largest home lender, has said it expects to benefit as weaker rivals or competitors less dedicated to mortgages disappear during a difficult period for the cyclical business.” read more >>

NAACP Sues 14 Subprime Mortgage Lenders

The Lenders: Ameriquest, Wells Fargo, Fremont, Option One, WMC Mortgage, Countrywide, Long Beach Mortgage, CitiGroup, BNC Mortgage, Accredited Home Lenders, Encore, First Franklin, HSBC, Washington Mutual


* This lawsuit is designed to stop these lenders from engaging in systematic, institutionalized racism in making home mortgage loans.
* In a 2006 study, the Center for Responsible Lending found that when creditworthiness and credit risk were equal, African-Americans were still 31 percent to 34 percent more likely to receive higher rate, more expensive subprime loans than Caucasians.
* The National Community Reinvestment Coalition revealed that lenders on average made high-cost subprime loans to higher-qualified African-Americans 54% of the time, compared to 23% of the time for Caucasians, even when the Caucasian applicants were less qualified.
* These and other studies demonstrate that African-American homeowners are paying higher mortgage interest rates than their Caucasian counterparts.

read more >>