More trouble ahead for Countrywide
Countrywide Mortgage hasn’t had a particularly good year and now it’s just gotten worse. Today, the states of California and Illinois announced they are suing Countrywide over predatory lending practices. And, Washington state is seeking to revoke Countrywide’s license, impose a $1 million penalty and halt the lender from writing mortgage loans in the state.
It’s about time! Speaking of Seattle, looks like the prices are seeing pretty big drops:
http://www.geldpress.com/2008/07/seattle-condo-pain/
The post seems to over simplify the market place, focusing on one poorly selling project in Bothell. Fortunately, the Seattle area condo market is fairing better than single family homes. Though, many condo projects, especially within Seattle proper, are facing difficulties as well.