Like a junkie that no longer has access to his drug, this Realtor has gotta have his 'credit fix'. In protest, he's calling for a boycott of Countrywide. Yes, boycott the only responsible action that Countywide has undertaken during this bubble. And how financially responsible is Mike? Not very. Read on...
A Fort Myers-based real estate agent is calling on his colleagues to stop doing business with Countrywide Home Loans, saying the company is cutting off home equity credit to solid residents of Lee County because of falling housing prices.
"I have used Countrywide as a borrower and real estate agent for 15 to 20 years and they have decided that the relationship means nothing," he said in an e-mail to The News-Press and other agents. He said he's speaking as an individual, not on behalf of Cypress Realty.
"I'm asking fellow agents to not use them, or the public for that matter," Powell said in an interview. "I look at it as I pay my bills all the time, I have excellent credit, I've given them business for years. Just because they say Lee County is in a really declining market for values, they're just going to cut you off."
He found out the hard way when Countrywide shut down two lines of home equity credit he'd paid off last year with $56,000 in savings, Powell said.
Powell made the decision to pay off the lines "knowing I would probably have to borrow some of the money back in April to pay taxes," he said in the e-mail.
Now he'll have to withdraw money from a retirement account and take a 10 percent penalty or use a credit card with a high interest rate, Powell said.
Mike, please watch this video on credit: Don't buy stuff you cannot afford