Summary
1) I have had personal experience where Countrywide turned down a loan but another company accepted it and then transferred it to Countryside. 2) Countryside is accepting more doubtful loans than it should. 3) There are now more foreclosures appearing and Countrywide should be more choosy rather than trying to buy up all other loans, which may not end up profitable.
Analysis
Countrywide will continue to have more problems if it continues in this growth mode in an increasing foreclosure market. Sales are going down, as are new mortgages.
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
