Real Estate Jobs at Countrywide? - Could Be
Friday October 5, 2007
Foreclosures are rising dramatically, as we're all reading daily. But a viewpoint on the whole issue which I hadn't seen before is presented in this blog about loan modification & workouts. Conspiracy theory, or possibly true? Who knows, but the REO inventory of Countrywide and others bears watching.
The numbers in the chart shown in the blog post are just for California, so one could assume similar increases in other areas that experienced high growth in ARM's. Are Countrywide and other lenders really looking to become real estate brokers? I'm not sure, but they'll not get me as a sales associate for any $10 per hour.
Who knows? Maybe there is some truth to it, but unless Countrywide controls all other homes that are owned by “normal” mortgage paying people, I don’t think we’ll be out of business anytime soon. We do have some foreclosures listed, but no more than 20% of our inventory. Contrary to this whole “subprime collapse” culture today, there are actually some people out there with decent jobs and decent credit who qualified for normal financing.