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San Antonio Texas: KB Home/Countrywide Risky Loan Business closing doors
Friday, 21 September 2007

Countrywide closes local subprime lending office
Countrywide Financial Corporation has shuttered its San Antonio office that specialized in subprime lending...Also, a joint venture between Countrywide and volume builder KB Home remains intact. Countrywide has an office at the KB Home office off of Fredericksburg Road just north of Loop 410. The partnership also often places Countrywide loan officers in KB model homes in San Antonio and across the country.
..Subprime mortgage loans are made to borrowers with a poor credit history or other factors that make them a high risk for a lender, and typically come with a higher interest rate and bigger fees.

Countrywide closes local subprime lending office

 

Web Posted: 09/20/2007
Jennifer Hiller
Express-New Business Writer

 

Countrywide Financial Corporation has shuttered its San Antonio office that specialized in subprime lending.

The Countrywide Full Spectrum Lending office on Interstate 10 closed Wednesday, and, according to a voice recording, any pending loans will be served by the Austin office.

The Countrywide Full Spectrum Lending office on Interstate 10 closed Wednesday, and, according to a voice recording, any pending loans will be served by the Austin office.

But the Countrywide Home Loans offices, which are the retail offices for the national lender, remain open in San Antonio, according to managers at those offices.

Also, a joint venture between Countrywide and volume builder KB Home remains intact.

Countrywide has an office at the KB Home office off of Fredericksburg Road just north of Loop 410. The partnership also often places Countrywide loan officers in KB model homes in San Antonio and across the country.

“KB Home and Countrywide still have a strong relationship,” said Cathy Teague, spokeswoman with KB Home in San Antonio.

Earlier this month, the Calabasas, Calif.-based Countrywide announced it would cut 10,000 to 12,000 jobs between now and Christmas, or about 20 percent of its workforce.

CEO and Chairman Angelo Mozilo also said this week at a Bank of America investors meeting that Countrywide is “out” of the subprime lending business, Reuters has reported. The only types of subprime loans the company will originate now are those that would be backed by Fannie Mae or Freddie Mac.

Subprime mortgage loans are made to borrowers with a poor credit history or other factors that make them a high risk for a lender, and typically come with a higher interest rate and bigger fees.

Several national lenders have faltered this year after making high-interest loans to subprime borrowers who could not keep up with their monthly payments.

Countrywide recently has borrowed $11.5 billion and sold a $2 billion-stake to Bank of America so it could keep operating its retail banking and mortgage lending businesses.

Home buyers who were using the Countrywide Full Spectrum Lending office at 7550 W Interstate 10 can call the Austin office at (800) 669-6658.

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http://www.mysanantonio.com/business/realestate/stories/MYSA092007.countrywide.en.f2113a8d.html

 
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