http://www.latimes.com/business/la-fi-countrywide17aug17,1,5048775.story?coll=la-headlines-business&ctrack=1&cset=true
THE MORTGAGE MELTDOWN
A rush to pull out cash
Worried about the stability of mortgage giant Countrywide Financial, depositors crowd branches. In Laguna Niguel, Bill Ashmore drove his Porsche Cayenne to the bank's office and waited half an hour to cash out $500,000. "It's got my wife totally freaked out," he said.
By E. Scott Reckard and Annette HaddadAugust 17, 2007
Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.
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5 comments:
This is begining to get a little scary. Sounds alot like the panic of the 20's.
There are a lot of comparisons out there being posted on the internet. I posted a few on the topix board. Like the fact that the margin buys in the stock market are higher than ever before, except for just before the 1929 crash. The margin accounts were to blame for the biggest problems at that time.
It made me nervous enough a few months ago to pull my money from BofA and go to treasury bills. BofA is one of the banks that Countrywide lenders has a credit line with.
Oh, thats just great, BOA is where i keep my money.Now you tell me :)
I also hear that new numbers will be coming soon about all the pre- & forclosures. I hear the numbers are up there.
Well, actually not all. (BofA is the most convenient bank to have, they have branches every where.) And the treasury bill amounts go in and out since I only do 30 day bills right now. If any bank is safe, BofA would be the one. They are probably too big for the gov. to allow to fail. Even in the 80's when some banks failed, it didn't take long for the people to access their money. As long as you don't have more than the FDIC amount in any one bank, I think you are safe.
This is an interesting site. It shows only Country wide foreclosures. As of the 15th, there were 10,796 homes for sale with a total asking price of $2,213,527,241.
The scary thing is I'm sure that is not all the houses they have because I know of a few in Kingman alone that are now owned by countrywide and they are not listed on the site.
If you click on the individual state links, it lists the properties.
http://countrywide-foreclosures.blogspot.com/
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