Financial stocks, especially those tied to the mortgage industry, helped fuel a 237-point drop in the Dow Jones industrial average on Wednesday.

Freddie Mac’s shares plunged by $3.20, or 24%, on the day, closing at a new 52-week low of $10.26.

Fannie Mae’s shares fell $2.31, or 13%, to close at $15.31.

Bank of America, which recently closed on its acquisition of Countrywide Financial, saw its shares fall $1.48, or 6%, to close at $22.06.

Radian Guaranty’s shares fell by 18 cents, or 11%, to close at $1.53.

Analysts attributed Wednesday’s broad market decline to concern about a slowing economy, more bad debt at banks, and higher oil and commodity prices.

The Federal Reserve Board on Thursday announced its approval of the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Countrywide Financial Corporation ("Countrywide"), Calabasas, California, and thereby indirectly acquire Countrywide Bank, FSB, Alexandria, Virginia, and certain other nonbanking subsidiaries of Countrywide.

Attached is the Board’s Order relating to this action.

Attachment (1.38 MB PDF)

It is not just Bank of America that is reeling from subprime problems, the largest banks in the world have posted $290 billion of credit losses, since the beginning of 2007.

Bordering On Insanity

Bank of America Net Drops 77%

A Worsening Outlook: Bank of America. Rising Credit Losses, Problems in Credit Cards and Home Equity, Writedowns on CDOs “Unknowable”, Charge-Offs Will Rise Next Year; CEO Ken Lewis Will Face More Problems as Consumer Spending Slows; Some Say Bank of America Stock Will Outperform the mortgage industry.

Bank of America, PNC Financial, Wachovia Announce $5+ Billion In Writedowns. Bank of America Says Provision Cost Reflecting Boosted Reserves; PNC Financial 4Q Forecast Below Analyst Estimates, Increases Provision and Revises 2008 Forecast; Wachovia Sees 4Q Provision Expense $1 Billion Higher Than Charge Offs.

www.Mortgage.com Reviewed and Taken Apart!
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www.mortgage.com is an online home loan website that is owned by Citibank and it was formally owned by ABN AMRO. Citibank bought ABN AMRO in 2007.

Within the www.mortgage.com websites “About” section, Citibank claims to have, “the most up-to-date rates” and offers information “from a variety of objective sources”, from this perspective - we respectively disagree…

Yes they do have some helpful information about mortgage products, however, EVERY mortgage website does as well. It is obvious that information alone is not the most important thing to homeowners. Mortgage rates are the most important. Americans realize the interest rate they receive, equals how much of a mortgage payment they can afford.

Therefore we found the best mortgage rates at ConsumerMortgageReports.com
Mortgage Rates. Consumer Mortgage Reports reported on November 23 2007 that the best 30 year fixed interest rate they located, where the homeowner pays zero points was between .250% and .428% lower than www.Mortgage.com best rates!

By using ConsumerMortgageReports.com Mortgage Rates VS www.mortgage.com, the typical consumer, with a home assessed at $250,000 and they receive a mortgage for $200,000 will save between $11,520 and $22,320 dollars over the term of a 30 Year mortgage.

www.mortgage.com does have good information about mortgage products but does not appear to look out for the homeowners’ best interest. Citibank has taken the stance of ’steering’ interest rates with just the Big 5 lenders. With their inflated mortgage rates they have built in more profit.

It is obvious that the Big FIVE mortgage lenders of Citimortgage, Countrywide, Bank of America, Wells Fargo, Washington Mutual have ’set things up’ where a good deed plays out to be just an act of profitability that takes more from consumers.

Being a industry insider for the last 10 years has really opened our eyes to the continual relationships exhibited by the Big 5 of Citimortgage, Countrywide, Bank of America, Wells Fargo, Washington Mutual.

Why are more competitive banks NOT CONSIDERED? The www.mortgage.com website should offer more true value!

Shop for your Best Mortgage Rates by clicking here - fulfill all your purchase and refinance needs!

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