Recession and Countrywide

Well, I've said for weeks that I think we are in a recession.  This morning Goldman Sacks agreed.  They feel that the GDP will continue to fall during the First and Second Quarter of 2008 - forcing the Fed to lower it's rates by 1.75%.

Could COUNTRYWIDE be to blame for this??  Well, according to CNBC:

"Shares at Countrywide Financial [CFC  5.16    -0.31  (-5.67%)   ] , the largest mortgage lender, fell 27.4 percent Tuesday on an rumor the company denied that it was facing bankruptcy. Early today, the company said its mortgage funding was up 1 percent in December and its mortgage loan servicing portfolio rose to 41.48 billion as homeowners prepaid fewer loans. Despite news that was encouraged as positive premarket, Countrywide shares tumbled even further after the market opened today."

That's right - COUNTRYWIDE is trading at 5.16!

I also found it interesting that the THIRD Economic STORY today says

"U.K. markets down 1.5 percent on disappointing results from retailer Marks & Spencer (down 20 percent in the U.K.) and vague concerns that the U.S. slowdown may be spreading to Europe. Yesterday a confluence of events, including comments from AT&T [T  38.59    -0.57  (-1.46%)   ]   about slowing consumer business, and poor commentary from Circuit City [CC  4.11    -0.19  (-4.42%)   ]   and Brinker  [EAT  16.13    -0.02  (-0.12%)   , added to the poor sentiment. "


Well if you know anyone interested in buying, selling or refinancing - now is the time to act!  As quickly as rates are going down - it would only take one or two days of POSITIVE NEWS to wipe out all of the gains we've made - so my advice??? ACT NOW!  The fickle pickle market that thinks THE SKY IS FALLING - could change it's mind tommorrow!

Comment balloon 6 commentsEleanor Thorne • January 09 2008 09:14AM
Recession and Countrywide
Well, I've said for weeks that I think we are in a recession. This morning Goldman Sacks agreed They feel that the GDP will continue to fall during the First and Second Quarter of 2008 - forcing the Fed to lower it's rates by 1. 75%. Could… more
Suzy ORMAN on Real Estate
Thought this was interesting… spoke with a client yesterday who said she wasnted to SELL - but SUZY said DON'T! Tried to explain to the seller that we don't live in one of "those" areas… more
Real Estate Leading Recession??
Apparently the folks in New Hampshire are concerned about the REAL ESTATE MARKET - and this video clip from CNBC concludes that the GRANITE STATE might be jumping on the OBAMA wagon! But here's the real story of the day - I've said it before - but I… more
The Day Before the Labor Report! Yippee!
For over 15 years, I've considered the First Friday of every month a special day… Labor Report Day! (I even went to Washington and WATCHED THEM deliver the numbers one time! It's sad - I have no life. ) ANYWAY - so now the THURSDAY BEFORE THE… more
Time to Refinance?
If you closed on your mortgage loan with National Mortgage in May of 2005 or May of 2003 - you are probably going to get a call from me in the next week. It's time to consider refinancing your home because your mortgage will reset in the next 60… more
Getting Ahead In A Difficult Profession
I love to pass along stories - here's another of my favorites… Dante Gabriel Rossetti, the famous 19th century pet and artist, was once approached by an elderly man. The fellow had oms sketches and drawings that he wanted Rossetti to look at and… more
My Kind Of Snow!
We just had 15 minutes of beautiful Snow in North Raleigh! I guess that's why the "Snow Birds" love living here! It swirled, and danced, and blew around - but never stuck! It's COLD (we were in the 70's last weekend) and in the upper… more
Durable Goods Lower - Rates to Follow
According to the most recent reports - Bill Haber / AP New orders for long-lasting U. S. -made manufactured goods rose by a much less-than-forecast 0. 1 percent during Novembe r and a key gauge of corporate appetite for investment also unexpectedly… more
Home Front - More Year over Year Declines
Have you checked out CNBC's new website devoted to the "mess? ' (I find it interesting that it's moved beyond being the "SubPrime Mess" - with good reason - it's now just the "Mess") Well - here's today's headliner… The… more
New Law Allows More Brokers To Close FHA Loans
Per conversations with members of Dole's staff - understand the following is accurate. H. R. 1852 cleared House of Representatives mid-September. This legislation, loosely referred to as FHA Reform, is included in Dodd's Bill S. 2338. Now that both… more