Long Beach Mortgage Report: Countrywide Name Change
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca. There isn't much news today, which is good because Denny's announced, during the 3rd quarter of the Super Bowl, that it will give away a free Grand Slam breakfast to any customer visiting its restaurants today between 6AM and 2PM. The only problem with this is that when I drove by the local Dennys this morning, the line outside was only a half mile long... No wonder the S&P 500 had its worst January ever. The S&P declined 9% for the month, exceeding the 8% record drop in January 1970. From its peak on January 6th, the S&P is down 12%. It feels like Groundhog Day - the version that Bill Murray made popular. The Countrywide name will bow out officially on April 1st. By April 27th, Bank of America hopes to have the merger in full swing. At that time, all new loan applic...