If you are homeowner contemplating selling your upside down or almost upside down property, is this good news or bad. Countrywide is probably illiquid and who knows how far from being upside down themselves. The question is what are these banks going to get for their cash infusions.
I am know conspiracy theorist but those anti federal reserve bank guys said this was going to happpen. I was wondering how, now we know, they buy the biggest most broke home lender out there. Will they foreclose or will they agree to pre-foreclosure workouts. With one choice we will all be toast. The other probably mean two to three years of short sales and foreclosure before we see a supply demand balance at lower prices.