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Thread: The sky is falling...

  1. #1
    CNN just said Country wide may be forced in to bankruptcy.

  2. #2
    Todd and Dana...any inside word on this?

  3. #3
    I heard they had many many millions in reserve. Like 168 million. Not only that i have a loan getting done thru them right now and the loan officer says they are doing extremely well . It everyone else that had loosy goosy guidelines earlier that is in trouble.

  4. #4
    Hey, wait a minute, IndyMac was supposed to go down next.
    Mozillo is going down, Enron style.

  5. #5
    Todd and Dana...any inside word on this?
    Sounds like a nasty rumour to me. I have no further comments

  6. #6
    Big Warlock
    CNN just said Country wide may be forced in to bankruptcy.
    Been in the Wall Street Journal for over a week that this might happen. You can be doing great on paper but still go bankrupt without CASH!!! But this would really, really suck for the industry!!

  7. #7
    WSJ (
    How many folks will be making their house payments to a Federal Receiver?

  8. #8
    So...does that mean if they go belly up I don't owe an more?:idea:

  9. #9
    Sounds like a nasty rumour to me. I have no further comments
    They are slidingbut nothing stated about a bankruptcy.
    NEW YORK ( -- Countrywide Financial shares were off lows but fell more than 8 percent Friday, a day after the nation's largest mortgage lender said disorder in credit and mortgage markets could hurt the company and its financial condition.
    In a filing with the Securities and Exchange Commission, Countrywide said Thursday that "unprecedented" poor conditions in the secondary-mortgage market are causing the lender to keep a larger portion of mortgage loans than it sells and said the fallout could impact future earnings.
    Shares of Countrywide (down $2.45 to $26.21, Charts, Fortune 500) slid 8.7 percent during midday trading on the New York Stock Exchange. Its shares fell as much as 14 percent to $24.71 earlier in the session

  10. #10
    It's in today's busness news:
    Financial stocks were weakened by heavy selling in Countrywide Financial (CFC, news, msgs), the nation's biggest mortgage lender. The stock was down as much as 20% this afternoon after a Merrill Lynch analyst downgraded the stock from "buy" to "sell" and suggested a bankruptcy for the company was possible if liquidity problems for the company worsen.
    Supermodels: 5 strategies for a sinking market
    "If enough financial pressure is placed on Countrywide or if the market loses confidence in its ability to function properly, then the model can break, leading to an effective insolvency," analyst Kenneth Bruce wrote in a note to clients.
    At the same time, there was heavy speculation in put options -- options to sell shares -- that further pressured the stock.
    The stock recovered slightly to close at $21.29, down 13% on the day. In after-hours trading, the stock was down an additional 3.3% to $20.58.

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