Hawaii vs. Countrywide

Isles see muted effect of subprime troubles
But foreclosures, although running ahead of last year's level, have a limited footprint in the islands, and buyers and developers are getting loans.

"Speculation was not as prevalent in Hawaii," said Jon Whittington, a senior vice president with Countrywide Home Loans.

Whew! Countrywide Home Loans tells us everything is okay. I'm sure they are objective.

Countrywide offers 'home preservation' deal
Countrywide is Hawaii's and the nation's biggest residential lender.

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"Unprecedented times call for unprecedented remedies. We are determined to assist borrowers who have the willingness and wherewithal to remain in their homes, but need a little help to do it," Countrywide president and chief operating officer David Sambol said in a statement.

Office vacancy in Honolulu rises to 6.9%
Subprime troubles are behind the first increase in four years, a Colliers report says

The report also noted that Topa Financial Center has nearly 10,000 square feet pending vacancy from Countrywide Home Loans Inc., BNC Mortgage LLC and a small brokerage firm.

Maybe Countrywide needs to offer Countrywide an incentive to stay.

Down payments soar for Hawaii mortgages
For one Honolulu homebuyer, loan terms abruptly revised last month demanded the borrower come up with $120,000 cash — double the $60,000 already committed as a down payment to purchase a $600,000 Downtown condominium.

Abe Lee Realty agent Jonathan Ford, representing the buyer, who did not give permission to be named, said his client was in escrow to buy the condo until lender Countrywide Home Loans withdrew terms for a loan the company earlier preapproved.

Ford said Countrywide, the largest residential lender in Hawai’i, needed either the extra $60,000 from his client or a $40,000 price reduction from the seller.

“That wasn’t going to happen,” he said. “I told the lender that’s ridiculous.”

But Countrywide, Ford said, refused to budge only eight days before the sale’s closing deadline. “I thought (my client was) going to lose this home,” he said.

Unprecedented times call for unprecedented remedies. That's what I'm told.