Countrywide said to start layoffs

I remember that they were actually hiring people just recently. On May 15 in the comments I posted,

“Those in the housing camp would love for this bubble to continue ad nauseum. I can only pause and reflect that Countrywide announced yesterday they will be hiring 2,000 more people and issuing a 50 year subprime mortgage and reverse mortgages. Un-freakin-believable…”

Why Did the Housing Phenomenon Spread? 3 Key Reasons for a Social Epidemic: Housing Connectors; Mavens; and Salespeople. MAY 15 Post Date

So even 3 months ago, Countrywide was still thinking that the subprime game was going to go on forever. They did this posturing of hiring 2,000 people as a sort of chest thumping like, “we are housing, do not get in our way you mortal losers.”

Want to make a guess which department they’ll be making those cuts in? I have a guess that those 2,000 new recruits dishing out 50 year subprime loans may be the first to go.

I was watching Glenn Beck the other day and he was speaking with a “financial expert”.

That was Peter Schiff. He’s been right all along but no one wants to hear what he has to say. You can go to his website: http://www.europac.net
click under resources, then click video interviews and you can watch all his interviews.

For other great real financial news, please check out FinancialSense.com

they are on vacation for two weeks but doe to everything that i going on they wil do a small broadcast this weekend anyway. You can check out their old braodcasts which you can listen to anytime during the week. Great show.

Peter Schiff is a frequent guest on Financial Sense.

There is another guy I read, his website is: OffTwoMinds.com

Hope you get something from this.

Motivated seller.

Dear John,

We at Blah Blah bank have been please to provide you with years of excellent service. Your excellent credit rating and years of only paying interest have been a great boost to our profits. Due to current market conditions we have decided to close our credit card lending division.

Given this, the card you live off of day-to-day and are using right now while on vacation will be disabled on Jan 1st.

Your current balance of $14,512.32 will be due in full by January 31st. If we don’t receive your payment by this date we will turn this over to our collections office.

Thank you,
Mr. Bank President
Blah Blah Bank

Your

Don’t sweat the small stuff. Attend a local real estate investors club and meet and learn from the seasoned pros.

There is a real niche for realtors who understand why an investor is making “low ball” offers. Approach it with a open mind. When you find ethical, professional investors (ie not retail filpers) and work with them; they will drive business your way.