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20 August 2007 @ 10:42 am
I love the smell of escrow in the morning.  
Oh my. froggoddess? You bought your house just under the wire, girl. Good job.

It appears Countrywide (a major lender) is going bankrupt, so now first-time homebuyers must have a 700 credit score to get a loan, and everyone in my office has literally been screaming at each other (literal. screaming.) for almost an hour.

Apparently a real estate office with an on-site lender is not the best place to be when this news breaks.

Happy Monday, everyone!

Edit: Hold the panic. After lots of flailing, I finally turned to the internet and learned that they are actually not bankrupt yet, because they just borrowed over eleven billion dollars to stay afloat. Woo! So yeah. Meet me back here for this post in a few weeks. :-/
am: werk
feel: worriedworried
Samin_parentheses on August 20th, 2007 06:39 pm (UTC)
Yeah, I heard about this on NPR. Yikes!

(Of course, I have a 784 and I *still* can't get a good enough loan to buy a condo. )
Little Red: wayside - arithmetic - phibbymylittleredgirl on August 20th, 2007 06:42 pm (UTC)
Well, now you can take comfort in the fact that no one else can either? :-/

I'm trying to figure out what my credit score is now. And I wish my rent didn't go up by more than a hundred bucks a year, eep.
-a.frog/gorf.a-froggoddess on August 20th, 2007 07:37 pm (UTC)
Damn, I hadn't heard! But it's true -- for the past month or so I've been feeling like I was pretty lucky to get a commitment letter from the bank (a good local bank at that) right before the shit hit the fan. Because even with my high credit score (780s or 90s) and the low price of real-estate around here, I doubt I'd have gotten the deal I have now if I had applied yesterday. It all does make me a bit nervous about re-financing in five years -- but I figure that by then I'll have enough equity built up so that it'll be ok.

Sorry your Monday is so stressful! :(
nynyzie on August 20th, 2007 08:16 pm (UTC)
yikes! my BF works for them! good thing he sold his stock back in january.
miera_c: bunny groupmiera_c on August 20th, 2007 09:00 pm (UTC)
I'm starting to wonder if I'd be better off putting my 401K money into an old sock under my bed.
Little Red: wayside - arithmetic - phibbymylittleredgirl on August 20th, 2007 09:34 pm (UTC)
Awww. :( I think the best plan for long-term investments is to leave them where they are and stick the statements under the bed for a few years and not look at them! I figure it will all come out in the wash... but that might be a long time from now!

That said, I totally like to have cash hiding in socks, so...
Sallyslm76 on August 20th, 2007 09:26 pm (UTC)
What amazes me is that, despite the situation, no commercial advertising seems to have been pulled from the tv screens. I heard that Countrywide was in difficulty last week, and yet I saw their commercials over the weekend. I'm also still seeing commercials for sub-prime mortgages. It's absolutely ridiculous to keep attempting to persuade people to go for one of these things.
Lisa Yaeger: shweir home: ethelineshermanlisayaeger on August 20th, 2007 09:44 pm (UTC)
Whoa- Countrywide is a *huge* lender. That's big news.

I don't think we'll be moving any time soon...
surferartchick: HP Mad Mansurferartchick on August 25th, 2007 11:56 pm (UTC)
I know it's crazy. I don't know how the sales people at my company can pull out 14 sold homes a week. I just don't get it. Crazy!