I hope that you are enjoying your summer so far. I was out of town for a few days on a fishing trip to Canada when a bunch of news reports hit the air this week. The fishing was great and Countrywide is just fine. And that’s no fish story.
News about the current state of the mortgage industry can be unsettling for those of us who make our living in this business. This challenging time has brought about greater than usual media coverage of our sector, including coverage about Countrywide.
With all the information that’s being distributed, I wanted to take a moment to personally update you on what’s going on at Countrywide.
<!We have supplemented our existing liquidity options by infusing an additional $11.5 billion in to our operation through a syndicate of 40 of the world’s largest banks. More than 70 percent of this facility has an existing term or greater than four years.
<!We announced that our strategy to fund a significant portion of loans through Countrywide Bank, which has approximately $107 Billion in assets. Today, we fund approximately 70 percent of our loans through Countrywide Bank, and expect that nearly all of our loan volume will be funded through the bank by the end of September.
WWe expect that approximately 90 percent of the loans we originate will be eligible for funding through Countrywide Bank or the Government Sponsored Entities (Fannie Mae, Freddie Mac).
JuJust this week, we increased our product options for fully documented Jumbo loans.
I want to let you know that while this industry turmoil may continue for some time, Countrywide is here to assist you and meet your home loan needs.
While the current industry news can be unsettling, know that I am here, backed by Countrywide, to meet your mortgage lending needs.
So get back to enjoying your summer, and please feel free to contact me if I can answer any questions.
