America's kingpin of mortgages is on a collision course with bankruptcy.
Its name: Countrywide Financial.
If it goes under, the impact on U.S. financial markets will be immediate; the damage to the U.S. economy, long-lasting.
So don't write this off as just another, fleeting chapter in the housing bust story.
Countrywide is the GM and Ford of the mortgage industry, originating $340 billion in loans in the first nine months of the year — more than the mortgage subsidiaries of Bank of America and Citigroup combined.
http://www.moneyandmarkets.com/Issues.aspx?NewsletterEntryId=1216
Wednesday, November 28, 2007
Tuesday, November 27, 2007
Home Builders' Cat Walk - Remodeling
The decline in the real estate market is having a tremendous impact on contractors also.
"In an effort to curb losses in the stagnant real estate market, many local home builders are diversifying their portfolios to include remodeling. And it's causing a few problems. Davis, an 18-year-old remodeling company, has reported the firm's business has dropped by nearly 25 percent this year since home builders entered the market. So far, the company has already laid off seven employees."
"We are way off," Davis said. "It's really cutting in significantly. I knew this slow down was going to come. But I didn't take into consideration other builders getting into remodeling."1
1http://www.theledger.com/article/20071124/NEWS/711240318/1001/BUSINESS
"In an effort to curb losses in the stagnant real estate market, many local home builders are diversifying their portfolios to include remodeling. And it's causing a few problems. Davis, an 18-year-old remodeling company, has reported the firm's business has dropped by nearly 25 percent this year since home builders entered the market. So far, the company has already laid off seven employees."
"We are way off," Davis said. "It's really cutting in significantly. I knew this slow down was going to come. But I didn't take into consideration other builders getting into remodeling."1
1http://www.theledger.com/article/20071124/NEWS/711240318/1001/BUSINESS
Friday, November 23, 2007
Can't find good help
Great services are tough to find. The bigger they are, the harder they charge. After several bad quotes, it was time to end my search for contractors. How frustrating! Fortunately, word of mouth referrals saved the day. Months later, I walked into a renovated home. Thanks to word of mouth.
"With the recent mortgage crisis, many people are choosing to remodel their home rather than sell. Shawn Bowman of California Dream Builders is helping homeowners create a custom remodel of their homes to make them seem like new."1
1 http://www.prweb.com/pdfdownload/553587/pr.pdf
"With the recent mortgage crisis, many people are choosing to remodel their home rather than sell. Shawn Bowman of California Dream Builders is helping homeowners create a custom remodel of their homes to make them seem like new."1
1 http://www.prweb.com/pdfdownload/553587/pr.pdf
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