T-minus ? until Countrywide goes under.. . .

NEW -> Contingent Buyer Assistance Program
This is great. . .glad to see Countrywide cutting costs to try and help out their employees.

www.cnbc.com/id/23293219

"While many Americans are struggling to pay mortgages they never should have been offered or are staring down the face of foreclosure--and while many Countrywide stockholders are staring at holdings that are worth 1/5th of what they were a year ago--and while 11,400 former Countrywide employees are trolling the want-ads, Countrywide execs are going skiing.

Yep, that’s right. Next week Countrywide will “host about 30 representatives of smaller mortgage banks for three nights at the Ritz-Carlton Bachelor Gulch ski resort in Avon, CO,” according to a report in the Wall Street Journal.

The meeting, billed as the “2008 Advisory Council”, includes dinner at Spago, hotel rooms, ski rentals, lift tickets and of course cocktails. There are two four-hour business meetings, followed by skiing and dinner at “Zach’s Cabin, where diners arrive by sled.”
 
Mortgage Chief Picked by BofA Sparks Worries

http://online.wsj.com/article/SB120372901409887427.html?mod=todays_us_nonsub_money_and_investing
 
Activists bare teeth over foreclosures

CLEVELAND - Folks on Humphrey Hill Drive were still waking up on the icy Saturday morning the shark hunters came to town. They rounded the suburban traffic circle in a pair of rented school buses after a half-hour ride from far more modest neighborhoods, rumbling to a stop at the Garmone family's driveway. Forty-two caffeinated Clevelanders piled out, their leaders carrying bullhorns.

Their quarry, Mike Garmone — a regional vice president at Countrywide Financial Corp., the nation's largest mortgage lender — didn't answer his door. So they deployed, ringing bells at the big homes with three-car garages, handing out accusatory fliers and lambasting Garmone and his company's loans. Before departing, they left their calling card — thousands of 2 1/2-inch plastic sharks — flung across Garmone's frozen flower beds, up into the gutters, littering the doorstep.

MORE...
 
Looks like the end of times for Countryfried. The stock opened just above $ 5.00 and the chart for today for the first 3 hours looks like the Titanic on the way to the bottom. Bank Of America has its own problems at this point. It too is flirting with a new 52 week low. T-Minus just a few more weeks and this thing will vaporize........
 
Cramer just came out in his daily rant about how Bank of America should walk away from CFC.

Looks like the FBI investigation may be the blessing in disquise for them to rationalize walking away.
 
Once CFC officially goes belly-up we will have a full-blown, undeniable depression on our hands. No one will be able to deny that decrepit state of the US banking system any longer. CFC has taken all the heat off all the other players like IMB (countrwide jr) WAMU and Downey Savings. These companies are in dire shape as well but have managed to escape media attacks because they are hiding in CFC's shadow.
 
Maestro

I think your may be right. DSL is taking a nother big hit today. Off 8%. It was $ 70.00 last Summer. Now its below its 52 Week low @ $18.25

And now talk of Bear Sterns having liquidity issues. Its off 10%. This is getting ugly fast. The Fed is going to lower rates and stocks will continue to slide as confidence just does not exist. Sooner or later the system needs that "Come to Jesus Moment" or we will just keep going lower and lower as everyone gets out of equities in the banking and housing sector.
 
Mozilo.jpg


See ya Tan Man. Closed at $ 4.36 off 14% for the day. Cue the music.

"Its the end of the world as I know it and I feel fine"
 
You must log in or register to reply here.
Back
Top