Countrywide investor fears: Still simmering

Can the federal reserve “begging bowl” also be made available to all “hard working” consumers, small banks and small businesses? Although, they may not like the taste of the food.

How embarassing is it that you can not spell correctly? Additionally, Mozillo is not going to head up the mortgage division of Bank of America after the merger. Dave Sambol will head that division. As for youand your husband not getting a loan because the rates would change…Subprime mortgages offered fixed rate loans as well. It is absolutely insane to suggest that the president had any hand in the mortgage crisis. People need to accept the fact they should have paid their bills. Now, just like in the 1990’s with the tech boom, we’ve learned a valuable lesson, no money to people who don’t pay their bills to begin with.

How embarassing it is to work for Countrywide….
When the housing market started to grow and subprime was all the rage, my husband and I decided to NOT do a loan because we new the payment would rise after XX number of years. How could these lenders not foresee this?
What is even more stupid, no verification of income and employment? One of the fist things I learned is that real estate is great way to hide bad money.
What is even more stupid than that, brining in the same management that did not have the “gumpsion” to tell Angelo Mozzilo “NO”, to run BOA mortage lending
There are allot of great people who work in CFC, with morales and ethics, but the many at the top unfortunately only saw one thing, green.
Oh by the way, why not blame Bush for comments made in 2002 for blaming predatory lenders for not having more divdersified products so that all Americans can enjoy homeownership. I believe he had a goal of generating 5 million in new homeownership. Just another way that Bush has made being an American a joke.
Oh, by the way…Those employed at CFC still do not know their fate. You may have to add their homes to the foreclosure list. Many probably have loans with CFC as well…

If the company goes bankrupt they couldn’t touch CFC because the federal goverment would have taken over, FDIC. Oh yes CFC has a quite large bank. BofA wants the bank, the mortgage platform and regardless of what people say the portfolio. Some analysts are saying they are buying the assets @ less than 30cents on the dollar. BofA does not want CFC in bankruptcy. Your statement is absolutely wrong.

The BofA convertible bond investment in CFC at a strike price of $18 and the January acquisition proposal at $7 gives you an idea how unexpected the mortgage debt crisis was even for the most sophisticated financial companies. BofA CEO probably had in mind CFC business value under stable market conditions (which will come back after a few years) and chances that another competitor might grab CFC. I think the BofA-CFC acquisition documents are not public, but in these transactions the acquisition price is normally subject to satisfactory due diligence (which is supposed to be a thorough review of the asset quality of the acquired entity).

The #1 Home Lender in the country belly up? The government won’t let it happen. Just like they bail out GM, all of the airlines and most of the Wall Street Banking Institutions.

I hope that Coutrywide Mortgage doesn’t @go under@ as in the past few years they have aided my family through a fair mortgage debt consolidation. Write me at:RON WERNER —415 CHAPPEL ___CALUMET CITY IL. 60409-2122 for more

So if CNNMoney is going to write critical articles about Countrywide, why are you still accepting advertising money from them? (i.e. sponsored link of the Arkansas bank article elsewhere on this site).

I work for CW, it’s a joke being there.

Countrywide is still a bargain at $7 a share. Their servicing portfolio alone is worth $15 a share. you never hear about how successful CW is at what they do. You only here what will make headlines.

B of A will be counting their hundreds of millions a few years down the road when the housing market stabilizes and they own a 30% market share in home loans.

B of A cast their fate with the initial capital infusion it provided Countrywide. The only CEO that is thinking is Mozillo, thinking it’s time get to get the @#$% off this sinking ship with my sizable life vest.

This is amazing!

Love the new information.

Very well written.

Wish more people would write great articles worth reading.

Thank you and Kudos!!!!!!

Linda
http://www.attentiontodetailgifts.com

Ken Lewis has stated in so many words that the only thing he likes about the mortgage business is working with the consumer. He doesn’t like correspondent lending and closed the BofA channel Oct 2001. They exited Subprime lending at the same time dealing off Equicredit to the Money Store. Dec 31, 2007 they closed their Wholesale Channel stating it was a strategic move. However, Mr. Lewis has been quoted referring to Brokers as Toxic Waste. He was also quoted at saying he doesn’t like the capital market side of the business. Which only leaves origination. Countrywide has significant channels in both Correspondent and Wholesale. They will carry significant losses against their portfolio for several more years. I’m surprised Vegas doesn’t have odds going against this merger. I bet, Deals off or $2 per share will be the new offer.

Shows you how stupid some of these high paid CEO’s are. Bank of America could have scooped this company up for almost nothing if they just waited for it to go belly up. Instead they bid $7 a share. Amazing