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

NEW -> Contingent Buyer Assistance Program
Honestly it was probably just a computer glitch. You have to take what the people at Broker's Outpost say with a grain of salt. They have been the biggest drama queens in this debacle. They will fix it and all the loans that were supposed to fund today will end up getting wired out as soon as the Fed opens. As much as I would like the chaos to accelerate for CFC this isn't it.
 
"It would be interesting if you were sent to arrest the Tan Man. . ."

OMG you are so lucky I didn't take a sip of water or would have spit it out all over the laptop. Troop would give us the heads up too so we could break the news first. I would get the following message:

"Graph - Tan Man is going down. I repeat Tan Man is going down. Turn on CNBC in 20 mins.

-Troop"
 
Hook Him Up. Sooner or later he will get some criminal complaint against him. He sure has a bunch of civil suites going for the company. Must be at least 8-9 that I can think of. Another down day. Its usual 5% drop.
 
Countrywide stock is acting weird today. . .something happen at 9 a.m.?

b
 
IC, Bill Miller (Legg Mason) put out a letter to his investors that he was establishing a position in CFC and felt that based on fundamental values, it was worth somewhere in the $40s.
 
Except for the fact that Kerkorian made a good move.

I see this as providing an opportunity to re-establish shorts in a few days.
 
Didn't Kerkorian lose money on that deal? And please don't remind me how terrible my memory is. I am already sensitive about it.

It looks like an opportunity for the rest of us to re-establish some shorts.
 
No, he ended up timing things right. If memory serves me correctly, he got in during the middle of '05, and even though GM has a lot of problems, it was oversold. He sold a substantial part of his holdings in December of '05 for tax reasons, re-established the position in January '06, and then got out again.
 
Finance gurus, will this actually work? From Diana Olick's blog...

"According to the agreement with NACA, Countrywide has to take the most favorable (to the borrower) interpretation of the servicing agreement, and modify the loan to suit a certain affordability formula, designed by NACA. This modification includes lowering the interest rate to around a 5-6% fixed rate, and if this is still too much, lowering the actual principal of the loan.

"They did 25 modifications on the first day. How can the investors afford it? Well, it’s still cheaper than foreclosing on the home, apparently, and the investors don’t want to have to tell NACA, and its strong political backers, that they’re denying a borrower a way out of foreclosure.

...now CEO’s are losing their jobs and companies are going out of business, sending hard-working people, not just the loan officers, out into the streets with their boxes of plants and pictures of kids. And this will continue as the lenders and investors “correct” all these loans and keep all the borrowers in their homes.

And the borrowers, who saw all this free money and couldn’t help but jump into all these great products from “reputable” lenders, claiming that none of this could ever go bad, are now staying in their oversized, overpriced, over-amenitized (I made that word up) homes, with their “modified” affordable loans, while those who saw through the too-good-to-be-true offers are sitting in smaller homes with fewer bathrooms. "



http://www.cnbc.com/id/21530514
 
at around 9 am someone paid off Fitch rating service

Fitch Ratings-New York-02 November 2007: Fitch Ratings has taken rating

actions on the following CWMBS (Countrywide Home Loans), Inc. transactions:

CWMBS 2002-19 --Class A affirmed at 'AAA'.

CWMBS 2002-22 --Class A affirmed at 'AAA'; --Class M affirmed at 'AAA';

--Class B-1 affirmed at 'AAA'; --Class B-2 affirmed at 'AA'; --Class B-3

affirmed at 'A'; --Class B-4 affirmed at 'BB'.

CWMBS 2002-25 --Class A affirmed at 'AAA'.

CWMBS 2002-26 --Class A affirmed at 'AAA'.

CWMBS 2002-27 --Class A affirmed at 'AAA'.

CWMBS 2002-31 --Class A affirmed at 'AAA'.

CWMBS 2002-32 --Class A affirmed at 'AAA'.

CWMBS 2002-34 --Class A affirmed at 'AAA'; --Class M affirmed at 'AAA';

--Class B-1 affirmed at 'AA+'; --Class B-2 affirmed at 'AA-'; --Class B-3

affirmed at 'A-'; --Class B-4 affirmed at 'BB+'.

CWMBS 2002-35 --Class A affirmed at 'AAA'.

CWMBS 2002-36 --Class A affirmed at 'AAA'; --Class M affirmed at 'AAA';

--Class B-1 affirmed at 'AA+'; --Class B-2 affirmed at 'AA-'; --Class B-3

affirmed at 'BBB+'; --Class B-4 affirmed at 'BB-'.

CWMBS 2002-38 --Class A affirmed at 'AAA'.

CWMBS 2002-J4 --Class A affirmed at 'AAA'.

The collateral of the above transactions primarily consists of 30- and 15-year

fixed-rate mortgage loans extended to prime borrowers and are secured by first

liens, primarily on one- to four-family residential properties. As of the

October 2007 distribution date, the above transactions are seasoned from 59

(series 2002-38) to 61 (series 2002-19) months. The pool factors (current

mortgage loan principal outstanding as a percentage of the initial pool) range

from 7% (series 2002-J4) to 30% (series 2002-38). The loans are master serviced

by Countrywide Home Loans Servicing, LP (rated 'RMS2+' by Fitch).

The affirmations, affecting approximately $1.08 billion of outstanding

certificates, reflect a stable relationship between credit enhancement (CE) and

future loss expectations.

Fitch will continue to closely monitor the above transactions. Further

information regarding current delinquency, loss, and credit enhancement

statistics is available on the Fitch Ratings web site at

'www.fitchratings.com'.
 
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