Oregon Mortgages

Jinxed or just spoke too soon?

Well,

In a blog I posted just the other day I jokingly said that if Countrywide went under we’d be in for some trouble and us mortgage loan officers might be looking for new employment. Kind of a scary thought, as I was joking, I didn’t really take it seriously but I was reading some news today and found this quote quite interesting “After the markets closed on Thursday Countrywide Mortgage, one of the nation’s largest lenders, admitted it might not be in as good a shape as it had claimed earlier in the week.”

Suddenly my stomach hurts….

by the way here is that list of imploded lenders

meanwhile it appears that Freddie Mac and Fannie Mae are trying to get federal regulators to lift restrictions that stop them from buying up more of the mortgages that are out there. They was rumors about it to help ease the ongoing problem we’re seeing with the little mortgage meltdown we’ve witnessed.

On Thursday the European Central Bank (ECB) and Bank of Canada both stepped in to alleviate fears of a credit crunch. The ECB apparently loaned 95 billion euros (the equivalent of $131 billion USD) to 49 banks and the Bank of Canada said it would “support the stability of the Canadian financial system and the continued functioning of financial markets. That officially tops the amount that was tendered during the post 9/11 period. The Feds also pumped billions of dollars into banks in the last 2 days to help prevent any “seizing up”

There is definitely some interesting news out there with over $323 billion being pumped into the market in the last 48 hours. It is quite interesting to see all of this unfold.