stepping_up_IHB
New member
I could be wrong, but I agree that B of A is too smart to make a bad decision. I've been accumulating shares of BAC and day trading CFC this year, but I could be wrong....so far, it's worked out well for me.
T-minus ? until Countrywide goes under.. . .
- Thread starter IrvineCommuter_IHB
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NEW -> Contingent Buyer Assistance Program
It is difficult to value a company with a negative book value, particularly when the value of those assets is declining daily. That is also why BofA may walk from the Countrywide deal.
You are just trying to provoke a rant, aren't you?
Who? Me? :smirk:
All I have to say is...
Dear Gretchen,
Once again you write an article about loan servicing, in which you know absolutely nothing about. Please see Calculated Risk and Tanta's three posts about loan servicing in which she has proven you wrong, every single time.
Another gawd awful piece by the biggest hack at the NY Times. Truly a shame for the NYT.
Hormiguero_IHB
New member
where does indymac fit into this picture? their current value is incredibly dinky, yet they have a decent-sized chunk of the market. if it's all about getting market share, negative value and toxic portolio be damned, why aren't they belles of the ball?
IrvineRenter_IHB
New member
Hormiguero said:
It is difficult to value a company with a negative book value, particularly when the value of those assets is declining daily. That is also why BofA may walk from the Countrywide deal.
morekaos_IHB
New member
Now we are driving on the rims...
Reverse M&A: Beware Collapse of Bank of America-Countywide Deal
Bank of America triggered a storm of speculation last week when it said it might not absorb all of Countrywide's debt. Standard & Poor's quickly followed by downgrading Countrywide's debt to junk analysts; on Monday, sell-side analysts began to speculate that Bank of America would either renegotiate or abandon its bid, sending Countrywide tumbling below the $7-per-share offer price.
Publicly, Bank of America says the deal is still on. But Harrison wonders if the company isn't privately lobbying for the same kind of federal backstop JPMorgan got when it took over Bear Stearns in March
http://finance.yahoo.com/tech-ticker/article/16246/Reverse-M&A-Beware-Collapse-of-Bank-of-America-Countywide-Deal?tickers=BAC,CFC,JPM,BSC,GM,F,TGT
Reverse M&A: Beware Collapse of Bank of America-Countywide Deal
Bank of America triggered a storm of speculation last week when it said it might not absorb all of Countrywide's debt. Standard & Poor's quickly followed by downgrading Countrywide's debt to junk analysts; on Monday, sell-side analysts began to speculate that Bank of America would either renegotiate or abandon its bid, sending Countrywide tumbling below the $7-per-share offer price.
Publicly, Bank of America says the deal is still on. But Harrison wonders if the company isn't privately lobbying for the same kind of federal backstop JPMorgan got when it took over Bear Stearns in March
http://finance.yahoo.com/tech-ticker/article/16246/Reverse-M&A-Beware-Collapse-of-Bank-of-America-Countywide-Deal?tickers=BAC,CFC,JPM,BSC,GM,F,TGT
lendingmaestro_IHB
New member
Indymac, aka Countrywide Jr, hit $1.83 a share today. It's currently hovering at $2.05
morekaos_IHB
New member
Watch Wachovia (WB) ...it will be next
lendingmaestro_IHB
New member
naw, WB will be ok. They'll take hits like any other major bank, but they are the 3rd largest bank in the US behind Citi and BofA. WB has 783 BILLION in assets and 74 BILLION in cash. Even Wells Fargo only has 575 BILLION in assets
IrvineRenter_IHB
New member
Downey or WAMU might be good candidates.
morekaos_IHB
New member
Wachovia has not come to God on their timely aquisitions of World Savings and Golden West. Those two massive portfolios of ARMs HELOC's and Neg Ams have not been fully accounted for and are about ripe to explode. Mark my words WB is next.
lendingmaestro_IHB
New member
Ok I will. CFC, IMB, WAMU, DOWNEY , First Fed, all will go the way of the dodo before Wachovia.
morekaos_IHB
New member
Just can't short them anymore. All the easy money has been made there. WB has not paid the piper yet
morekaos_IHB
New member
I am not sure who is more "disgusted" Angello or me...
In an e-mail inadvertently sent to a distressed homeowner trying to avoid foreclosure, embattled Countrywide Financial Chairman Angelo Mozilo lashed out at an online counseling service for distressed borrowers, calling the website's efforts "unbelievable" and "disgusting."
http://latimesblogs.latimes.com/laland/2008/05/mozilo-on-distr.html
In an e-mail inadvertently sent to a distressed homeowner trying to avoid foreclosure, embattled Countrywide Financial Chairman Angelo Mozilo lashed out at an online counseling service for distressed borrowers, calling the website's efforts "unbelievable" and "disgusting."
http://latimesblogs.latimes.com/laland/2008/05/mozilo-on-distr.html
Daedalus_IHB
New member
I'm sure that little character sampling will sit well in the jurors' minds.
profette_IHB
New member
Bank of America Is Firm on Countrywide Buyout
"IN the six months since Bank of America announced its plans to take over Countrywide Financial, many investors have doubted that the $4 billion deal for the hobbled mortgage lender would get done. Bank of America has been strangely silent about its plans for merging the two operations, with the exception of a cryptic regulatory filing last month warning that investors should not count on it assuming all of Countrywide’s debt."
More from Gretchen
"IN the six months since Bank of America announced its plans to take over Countrywide Financial, many investors have doubted that the $4 billion deal for the hobbled mortgage lender would get done. Bank of America has been strangely silent about its plans for merging the two operations, with the exception of a cryptic regulatory filing last month warning that investors should not count on it assuming all of Countrywide’s debt."
More from Gretchen
lendingmaestro_IHB
New member
In so many ways the name "Bank of America" is so appropriate as the name of the bank buying Countrywide.
graphrix_IHB
New member
profette said:
You are just trying to provoke a rant, aren't you?
profette_IHB
New member
graphrix said:
Who? Me? :smirk:
graphrix_IHB
New member
profette said:
All I have to say is...
Dear Gretchen,
Once again you write an article about loan servicing, in which you know absolutely nothing about. Please see Calculated Risk and Tanta's three posts about loan servicing in which she has proven you wrong, every single time.
Another gawd awful piece by the biggest hack at the NY Times. Truly a shame for the NYT.
graphrix_IHB
New member
UUUGGGGGHHHHH!!!! I knew I should have stopped reading wretched Gretchen's hack piece...
"The problems facing Countrywide’s servicing unit go beyond a weak housing market and the credit crisis. In a number of court cases, judges are halting Countrywide foreclosures because they were based on servicing errors or improprieties."
Two cases, two f*&kingcases! Never mind, don't fire her, just transfer her to some third world country to never hear from her again. That way she can drown in her own of sensational swill, instead of getting pieces like this where I wish I got that 2 minutes of my life back. Thank gawd the NYT is free online, I would need Johnson's razorblades to pay for this crap.
"The problems facing Countrywide’s servicing unit go beyond a weak housing market and the credit crisis. In a number of court cases, judges are halting Countrywide foreclosures because they were based on servicing errors or improprieties."
Two cases, two f*&kingcases! Never mind, don't fire her, just transfer her to some third world country to never hear from her again. That way she can drown in her own of sensational swill, instead of getting pieces like this where I wish I got that 2 minutes of my life back. Thank gawd the NYT is free online, I would need Johnson's razorblades to pay for this crap.