Countrywide posts $422M quarterly loss
Dallas Business Journal - by Chad Eric Watt Staff Writer
Countrywide Financial Corp. reported a loss in both its fourth-quarter and fiscal year because of further problems in the mortgage industry, the company said Tuesday.
Calabasas, Calif.-based Countrywide (NYSE: CFC) reported a fourth-quarter loss of $422 million, or 79 cents per diluted share. Total revenue for the latest quarter fell 58 percent to $1.16 billion. In the year-ago period, the mortgage company posted net income of $622 million, or $1.01 per diluted share.
Also, ran across this blog about the Top 5 Most Ridiculous Mortgage Borrower Stories. Everyone blames everyone but, who would buy a house with a payment higher than their monthly income? Ridiculous!
Thursday, January 31, 2008
Tuesday, January 22, 2008
Fed Cuts Prime
Fed slashes key rate to 3.5%
Citing weakening economic outlook, Federal Reserve makes biggest cut in nearly 24 years - three quarters of a point.
January 22 2008: 12:02 PM EST
Fed's Emergency Action
* Key rates cut 75 basis points
* Biggest cuts since Oct. 1984
* More cuts expected Jan. 30
NEW YORK (CNNMoney.com) -- The Federal Reserve slashed two key interest rates by three-quarters of a percentage point Tuesday following an unscheduled meeting, citing continued concerns about a weakening economy and turmoil in the financial markets.
What do you think? Will this balance the market, stop the bleeding in Asia and return stability?
As far as mortgage rates go, there is usually an upward tick - counter to consumer's expectations - followed by a bond climb and a rate reduction.
Stay tuned.
Citing weakening economic outlook, Federal Reserve makes biggest cut in nearly 24 years - three quarters of a point.
January 22 2008: 12:02 PM EST
Fed's Emergency Action
* Key rates cut 75 basis points
* Biggest cuts since Oct. 1984
* More cuts expected Jan. 30
NEW YORK (CNNMoney.com) -- The Federal Reserve slashed two key interest rates by three-quarters of a percentage point Tuesday following an unscheduled meeting, citing continued concerns about a weakening economy and turmoil in the financial markets.
What do you think? Will this balance the market, stop the bleeding in Asia and return stability?
As far as mortgage rates go, there is usually an upward tick - counter to consumer's expectations - followed by a bond climb and a rate reduction.
Stay tuned.
Wednesday, January 16, 2008
Report: Dallas-Fort Worth home prices least likely to drop | Dallas Morning News | News for Dallas, Texas | Dallas Business News
<cite>Report: Dallas-Fort Worth home prices least likely to drop | Dallas Morning News | News for Dallas, Texas | Dallas Business News</cite>: "
DallasNews.comReport: Dallas-Fort Worth home prices least likely to drop10:40 PM CST on Tuesday, January 15, 2008 By STEVE BROWN / The Dallas Morning News stevebrown@dallasnews.com"
Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms.
At the same time, the chances of a house price decline rose in almost four out of five U.S. markets, according to a report released Tuesday by mortgage insurance firm PMI Group.
Monday, January 7, 2008
Another way to make money with your self directed IRA
Was chatting w an investor at church. He's using his self directed IRA to provide second deeds of trust to purchase money buyers that are credit worthy but don't have a full 20% down payment. There's a real need in the market right now - since subprime went away. He's also making a much higher return than your standard savings account without riding the wild fluctuations of the stock market.
Don't have a self directed IRA? Never heard of one? Well, if you're happy with your current 3% return from your money market account, don't call me. If you have a bunch of lazy assets that could be making 8% or more, let's talk.
Hmmm - your first simple money making idea of the year!
Saturday, January 5, 2008
Dallas Leads Nation in Inbound Moves
According to the Atlas Van Lines Migration Study:
"Texas was the top state in the country for the number of inbound moves in 2007, according to the Atlas Van Lines migration study."
"For the first time since 2001, California had more inbound moves than outbound moves, according to Atlas Van Lines."
"Texas was the top state in the country for the number of inbound moves in 2007, according to the Atlas Van Lines migration study."
"For the first time since 2001, California had more inbound moves than outbound moves, according to Atlas Van Lines."
Friday, January 4, 2008
Changes
It's the new year and the shuffle is happening. Agents are jumping to other offices, managers are making promises, the bottom 5% are trying to be invisible. Even the managers are being recruited to new offices. The residential market is struggling, agents are scrambling and the stock market is in the tank. I just love real estate.
Wednesday, January 2, 2008
Happy New Year
New Years in San Jose. It's cold, at 57 degrees, but beautiful out. The sky is bright and clear.
It was a great 2007. Especially good because my girlfriend got married, my family is well and I only gained 7 pounds this holiday.
I am also grateful for you, my reader and my client. It was a year of being flexible, finding value and taking advantage of a correcting market. Business as usual.
Here's to 2008. May it be a year of love, health and wealth.
It was a great 2007. Especially good because my girlfriend got married, my family is well and I only gained 7 pounds this holiday.
I am also grateful for you, my reader and my client. It was a year of being flexible, finding value and taking advantage of a correcting market. Business as usual.
Here's to 2008. May it be a year of love, health and wealth.
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