"The fact Countrywide did this shows how disrupted capital markets have become,"
said Christopher Wolfe, managing director at Fitch Ratings, which downgraded
Countrywide's debt ratings. "It may force Countrywide to reduce lending and
migrate toward safer loans, and affect earnings from originations."
There hasn't been a better time to have great credit and a strong down payment. If you are looking to purchase a home you'll need to have your ducks in a row. Get ahold of your agent to see what your situation looks like.