National Mortgage News reports that Countrywide received an additional $12 Billion in secured financing and that mortgage powerhouse, WaMu, is exiting the warehouse biz. In addition, there are rumblings that Countrywide employees may be suing Angelo Mozillo et. al, complaining that the company allegedly cheated them out of millions by concealing the true health of Countrywide. Inman News is reporting that First Horizon Home Loans is shuttering offices and reducing staff.
Lots of shifting, merging, consolidation, BK’s, and movement going on the the real estate business as this slowdown works through different areas of the country. I would like some insiders to comment on how WaMu’s exiting of the warehouse business will affect loan officers and their customers.