December 10, 2007

Could-go-bankrupt Countrywide Toxic Mortgage puts out "now is a great time to buy" spin piece in desperate attempt to stay alive


Nice to see the NAR and Countrywide both putting out disinformation (aka "FACTS") today. The more these two dens of lies and corruption try to spin the market, the more you know the market is tanking.

Here's HP's list of FACTS to balance against Countrywide's:

FACT: Housing is crashing and will continue to crash for years to come
FACT: If you buy a home today you are a fool, and you will get slaughtered
FACT: Countrywide is facing bankruptcy
FACT: Angelo Mozilo is under SEC investigation for insider stock trading
FACT: You are significantly better off renting today than "buying"
FACT: You shouldn't believe anything Countrywide or the NAR says

Countrywide Wants to Help Dispel Home Buying Myths

It's not hard to have questions about today's real estate market -- especially if you're the one considering purchasing your first home or making a move. With all the recent news reports about mortgage lending options, refinancing and interest rates, there is plenty of information floating around. To help provide some clarity, Countrywide Home Loans offers some tips from its nearly 40 years of experience.

FACT: Now may be a great time to shop.
FACT: Most buyers still have a number of mortgage options available to them.
FACT: You can boost your bargaining power by employing time-tested tactics.
FACT: Owning a home offers advantages v. renting.

34 comments:

smokester said...

"home prices are stabilizing" says Yun

Anonymous said...

Why does he look like a lizard?

marinite2 said...

Here are some equally true "facts":

FACT: Now may not be a great time to shop.
FACT: Many buyers do not have a number of mortgage options available to them.
FACT: You can boost your bargaining power by employing time-tested tactics. [this one is so middle-of-the-road as to be meaningless]
FACT: Renting a home offers advantages v. owning.

Edgar said...

You're killing me with all the close up photos of all the fugly maggots, keith. Could you blur them a little or something?

Anonymous said...

ha ha ha ha

housing pending sales index up

stocks soaring especially housing/financials

bailout is here

I'd sure hate to be a renter with all my money in a savings account these days

sorry HP you lose yet again

nnj said...

"The more these two dens of lies and corruption try to spin the market, the more you know the market is tanking."

I agree. Shouldn't they be busy closing sales instead?

Jordan said...

Q: Why don't I buy a home ?

A: I can't buy because I cannot afford it. Buying a home in the area I live means lining up at the soup kitchen to feed my kids. By renting, I am assured of a decent lifestyle. Once the rent too become unaffordable, I will simply pick my bags and kids up and leave... to a cheaper destination.

Anonymous said...

There are no American infidels in Baghdad. Never!

We have destroyed 2 tanks, fighter planes, 2 helicopters and their shovels - We have driven them back.

Now even the American command is under siege. We are hitting it from the north, east, south and west. We chase them here and they chase us there. But at the end we are the people who are laying siege to them. And it is not them who are besieging us!

Eric said...

"FACT: Now may be a great time to shop."

Wow they sure sound confident. MAY be a great time to buy?

Anonymous said...

That guy could not look more like a slimy criminal if he was cast and costumed by Hollywood.

Anonymous said...

Jordan said...

Q: Why don't I buy a home ?

A: I can't buy because I cannot afford it. Buying a home in the area I live means lining up at the soup kitchen to feed my kids. By renting, I am assured of a decent lifestyle. Once the rent too become unaffordable, I will simply pick my bags and kids up and leave... to a cheaper destination.

==================================

Yup typical HPer. Dirt poor and upset life has passed you by. Sorry loser, sometimes life sucks. Enjoy renting your shithole apartment.

michael said...

"housing pending sales index up"

pending what?

borkafatty said...

In the immortal words of the great Rodney Dangerfield

"He's a good looking kid, Ya a good looking kid"

...Now I know why Tigers eat their young.

Anonymous said...

If housing is up it's due to some lowering there prices.

Anonymous said...

Keith

Seriously, first you put the face of Paulson. Now its one of Mozillo. I really dont want to puke and its not Halloween!
Spare us!

Anonymous said...

Please somebody do something - I'm choking....

By ALAN ZIBEL, AP Business Writer
WASHINGTON - Bucking conventional wisdom, a trade group for real-estate agents on Monday said the battered housing market is on the verge of stabilizing and inched-up its outlook for 2007 and 2008 home sales.....

Is it really possible that they believe this crap, or haven't they heard we know their a bunch of lying scum!?

NAR representatives rule you peons said...

Guess what guys, I have finally got a f@cking life and bought a house.Now i'm not a loser like most of you.Get off your computers and go make some money.Quit listening to the MSM bullsh@T and bite the bullet.There is no housing bubble like greg swan said all along.

Anonymous said...

I looked up housing and crash in the dictionary... this just proves that keith does not know what he is talking about.

Housing (DEF). Also called bury. the portion of a bowsprit aft of the forward

Crash (DEF). To gain admittance to a party, performance, etc., without an invitation, ticket, or permission.

Fools

Anonymous said...

Anybody know where orange Mozilo has been putting all the money from the sales of his Countrywide stock?

Edgar said...

Anybody know where orange Mozilo has been putting all the money from the sales of his Countrywide stock?

I bet it isn't Bank of America or FHLB. Bwahahaha!!

Eric said...

anonymous D@uche Bag said:

Yup typical HPer. Dirt poor and upset life has passed you by. Sorry loser, sometimes life sucks. Enjoy renting your shithole apartment.

----------------------------------------------------

If by "shithole apartment" you mean 4 bedroom house on an acre in Northern Virginia for a third of the price of buying... then yes.

Oh yeah, thanks for paying for my children's education with your exorbitantly high property tax. I will enjoy renting in a property rich community with
good schools for years to come. My rent went up $0 last year while property taxes close to doubled in Loudoun recently. Not only is my rent cheap, but home owners are subsidizing my standard of living. I've already identified a better house, closer to DC for lower rent. I told my landlord that if he raises my rent I'm leaving. He knows that he won't be able to fill the place for a couple of months and will lose any gain he expected to realize.

But seriously, every individual financial situation is unique. Yes there are a lot of people who if they had purchased at the bottom and sold at the top would be sitting on a nice stack of cash. There are also a lot of people who bought several houses at the top in hopes of a quick flip and who are screwed. There are many of us who could have bought houses and chose not to. We enjoy the convenience of being able to move when we want to. I have moved from GA, to NH, to CA, and then to VA in the last 10 years. Buying a house doesn't make sense. Plus, I simply have no desire to own a home.

Oh yeah and if by "dirt poor" you mean 6 figures, wife stays at home with the kids, saving 20% a year for retirement, and still taking 3 vacations a year.... then yes, guilty as charged.

Jordan said...

anonymous said...
Jordan said...

Q: Why don't I buy a home ?

A: I can't buy because I cannot afford it. Buying a home in the area I live means lining up at the soup kitchen to feed my kids. By renting, I am assured of a decent lifestyle. Once the rent too become unaffordable, I will simply pick my bags and kids up and leave... to a cheaper destination.

==================================

Yup typical HPer. Dirt poor and upset life has passed you by. Sorry loser, sometimes life sucks. Enjoy renting your shithole apartment.


====> My friend, it is the whole country including you who are going to suffer because we are in a dollar panic now. I have had my savings in Euros for years now. If I had bought a home in 2005, I would have been foreclosed and thrown out by now. I am renting the same home at a much lesser price and have $300K in cash/stocks plus another $200K in retirement benefits plus a home and inheritance in another place values at $500K. I still won't buy because it makes leeches and maggots like you rich....
If I can't buy , I will retire to Texas where I am eyeing a mansion in a good neighborhood for $200K. When I talk of affordability, I do no mean squandering my life's earnings, spendthrift. I want to have my cake and eat it too.... and i cannot do that in the current market conditions.

Frank@Scottsdale-Sucks.com said...

Enjoy renting your shithole apartment.

This always amuses me. As a recognized expert on social dynamics, here's what I interpret your statement to mean: "I am a loser who is 3 months behind on my mortgage and 6 months behind on my BMW pre-owned lease payment. I have NOTHING going for me so I have to prop myself up by cutting down people who are smarter than me."

Oh yeah, this "shithole apartment" I live in is a luxury home in Newport Beach, CA. I pay $3,500/month to live in the same house that others in the community are paying $8,000/month to "own." Oh and rents are falling around here.

Instead of pissing away the extra $4,500 to say "I own" (an ego boost which I do not require to make up for a small p*nis like you do), I pump that money back into my business which continues to enjoy explosive growth and soon I will be writing a check for one of these houses making me a REAL HOMEOWNER and not a struggling homedebtor like you.

Anonymous said...

"Housing pending sales index up" is another way of saying inventory.

Anonymous said...

"Anybody know where orange Mozilo has been putting all the money from the sales of his Countrywide stock?"

Judging by his snazzy suit and tie I think he put the money in his wardrobe.

He also donated an athletic center to St. Francis High School in La Canada, CA. I'm sooo proud of my alma mater.

Eric said...

"He also donated an athletic center to St. Francis High School in La Canada, CA. I'm sooo proud of my alma mater."

Is he really from saint Francis. That explains a lot. I have never met children with a greater sense of entitlement than the children of Saint Francis.

Anonymous said...

Oh yeah and if by "dirt poor" you mean 6 figures, wife stays at home with the kids, saving 20% a year for retirement, and still taking 3 vacations a year.... then yes, guilty as charged.

-----

6 figures in NoVa is barely middle class, if that. Don't pat yourself on the back too much there.

Wow 3 vacations a year!! Bestill my beating heart. Let's see so far in 2007 my vacations have included:

- 4 days skiing at Vail
- 5 days skiing at Whistler
- two weekend trips to Las Vegas
- 6 days on a beach in Me-hi-co
- New Year's booked for St. Thomas

plus several one or two night weekend get aways within driving distance
But hey you took 3 vacations with your kids, like I said bestill my beating heart

Anonymous said...

Frankie baby,

You and the rest of your cohorts assume everyone who owns, bought in 2005 or 2006. Newsflash!! Not so.

I bought my house in 1997 2 years out of college for $142K. It's all paid off. Made the last mortgage payment in 2002. My total cost for housing the past 5 years including taxes, maintenance, repairs, you name it has been about $15,000 or about $250 a month.

And no I don't own a BMW. I think BMWs are for pretentious SoCal douches. I drive a 1976 Porsche and a 1992 Volvo wagon when I need room. Last car payment I made was...hell I can't even remember it's been so long.

Oh and I have over $2M in liquid assets.

But yeah you're right renting is much better.

tater said...

quote: "There is no housing bubble like greg swan said all along."


Yeah, and Elvis is still alive and well. Really, I just saw him.

Anonymous said...

RIGHT OUT OF THE BOX YOU HAVE TO INSULT LIZARDS.

Princess Mononoke said...

Anonymous said...
>>Anybody know where orange Mozilo has been putting all the money from the sales of his Countrywide stock?
December 10, 2007 10:24 PM

He owns a Villa in the South of France. That is where he used to spend most of his time with his family until he was called for duty at the end of last year!

My guess... a large portion of his wealth is protected in Swiss accounts!

Princess Mononoke said...

Sorry about the swearing, I'm just a little worked-up writing about China on my blog!

Mr Lizard said...

'Why does he look like a lizard?'

Hey I am a lizard! Real reptiles turn green under a light, not morning-after-poop orange.

hmmmphf!

Anonymous said...

I'm a New England renter and I take a mini-vacation, almost every other weekend.

And yes, when my employer allows me my time off from projects/deadlines, I go away (Caribbean, Australia, Singapore/Thailand, UK, Rio) so that's roughly 6 or so non-drivable distance outings per year.

I'd have to give it all up to pay 2.5 times the rent for an equivalent abode. Sorry, I prefer the freer life but yes, work prevents me from traveling as frequently as I'd like.