And there goes Countrywide....

[Slew Foot]

CFC, and specifically Mozillo, is one of the slimiest guys out there. A few months ago he was telling everyone that CFC was in tip top shape, all the while he was unloading his shares like a mofo. A couple days later, he started to hint that they were having problems, thats when the big nose dive started. I thought I heard about a shareholder class action lawsuit against the guy, saying he misrepresented the business. That guy is next to Kenneth Lay in terms of sliminess.

 

[Slew Foot]

Update, CFC stock continues to take a dump ending trading today around $6. It's 52 wk high is around 42, I should have kept my puts but sold them at 18, oh well.

A bankruptcy rumor shook them today, which they denied. Can they make it out the year intact? Will Dave McCowen be right? If the largest mortgage company in the US goes down, how will it effect the ret of the market?

 

[senseamp]

Originally posted by: Slew Foot
CFC, and specifically Mozillo, is one of the slimiest guys out there. A few months ago he was telling everyone that CFC was in tip top shape, all the while he was unloading his shares like a mofo. A couple days later, he started to hint that they were having problems, thats when the big nose dive started. I thought I heard about a shareholder class action lawsuit against the guy, saying he misrepresented the business. That guy is next to Kenneth Lay in terms of sliminess.

It's even worse. Mozillo initiated a stock buyback so he could sell his options to his company's shareholders before the whole thing came crashing down.

 

[Slew Foot]

Got bought out by BofA today, who'll keep operating it under the Countrywide label for a couple eyars befor eintegration. Looks like they're trying to cover up for their stupid deal last summer. They just inherited a ton of crappy loans, be interesting to see what happens to BofA here.

 

[heyheybooboo]

Originally posted by: Slew Foot
Got bought out by BofA today, who'll keep operating it under the Countrywide label for a couple eyars befor eintegration. Looks like they're trying to cover up for their stupid deal last summer. They just inherited a ton of crappy loans, be interesting to see what happens to BofA here.

lol

yeah. Poor, poor BOA.

Only have $1.6trl in assets and made a pitiful $15bil last year. Clearly paying fifty cent on the dollar for $200bil in assets and $50bil in deposits was a dumb move - :shocked:

 

[OutHouse]

humm BoA bought countrywide for 4billion. last year country wide was worth 25 billion. hell of a deal!

 

[LegendKiller]

Originally posted by: Citrix
humm BoA bought countrywide for 4billion. last year country wide was worth 25 billion. hell of a deal!

I have some pig shit to sell to you. Last year I charged 2.00, this year I am charging .5.

Wanna buy?

 

[Vic]

Originally posted by: LegendKiller

Originally posted by: Citrix
humm BoA bought countrywide for 4billion. last year country wide was worth 25 billion. hell of a deal!

I have some pig shit to sell to you. Last year I charged 2.00, this year I am charging .5.

Wanna buy?

Even pig shit has some value as manure.

 

[Oceandevi]

Originally posted by: Citrix
humm BoA bought countrywide for 4billion. last year country wide was worth 25 billion. hell of a deal!

no joke!

 

[Pepsei]

Originally posted by: Slew Foot
Got bought out by BofA today, who'll keep operating it under the Countrywide label for a couple eyars befor eintegration. Looks like they're trying to cover up for their stupid deal last summer. They just inherited a ton of crappy loans, be interesting to see what happens to BofA here.

bahahahaha, luckily, i work for their competitor.

 

[Slew Foot]

Countrywide foreclosures, up up and away!!!!!!!!!!!!!!!!!!!!

http://countrywide-foreclosures.blogspot.com/

 

[WHAMPOM]

Originally posted by: Pepsei

Originally posted by: Slew Foot
Got bought out by BofA today, who'll keep operating it under the Countrywide label for a couple eyars befor eintegration. Looks like they're trying to cover up for their stupid deal last summer. They just inherited a ton of crappy loans, be interesting to see what happens to BofA here.

bahahahaha, luckily, i work for their competitor.

Next? Like dominos, when one falls?

 

[jman19]

Originally posted by: Oceandevi

Originally posted by: Citrix
humm BoA bought countrywide for 4billion. last year country wide was worth 25 billion. hell of a deal!

no joke!

No joke, they just bought toxic waste.

It may work out in the end for BoA, but they will bleed on this one.