Another Toll Brothers "get out while the getting's good" situation? Man, could you have made some money on TOL if you had shorted when the insiders were selling (before their nasty 55% fall in share price this year)
I don't think I've even seen an insider sales page longer than the one at Countrywide
Can't fault 'em though, since their bubble-aware CEO Mozilo said the other day:
MOZILO: I would expect a general decline of 5% to 10% throughout the country, some areas 20%. And in areas where you have had heavy speculation, you could have 30%
When nobody's buying and everyone is selling, I think you know what's coming next...
NET SHARE PURCHASE ACTIVITY
Insider Purchases - Last 6 Months
Purchases: 0
Sales: 3,055,950
Total Insider Shares Held: 4.39M
% Net Shares Purchased(Sold)(41.1%)
August 01, 2006
Countrywide execs continue dumping shares as fast as they can (anyone smell a meltdown?)
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25 comments:
See:
http://www.insidercow.com/history/company.jsp?company=CFC
for a clearer picture.
Wow - insiders sold 41% of the company. Not a vote of confidence from a shareholders point of view.
Heck, Toll Brothers is just as stark.
Since I live a dozen miles from Countrywide and in the same city as Pardee (WY component) I've been watching. It isn't the selling 18 months, 1 yr, 6 months ago that worries me. It is the "don't go to jail" cessation of selling these last six months that tells the story.
No, insiders sold 41% of what they had, not 41% of the whole company. Don't worry though -- they'll get more stock options with rock-bottom exercise prices.
Add up how much money Mozilo made!
he and bob toll can buy their own island, while the suckers who took out a countrywide loan and bought a toll brothers house are going bankrupt
and that's the way the world works folks
I saw that last week. The compant seems to be making all their revenue from screwing people who's loans they purchase. Look at their financials. They call what they do to gain revenue "servicing", I call it screwing. You can find blogs out there of people who are looking to start class action lawsuits against CFC for their "servicing" practices.
I think (and I am no expert trader) it would be a good stock to short on the bumps.
Can't see any problems for CountryWide as long as people like me pay 10.5% for a home equity loan. If I could get that return on my cash, I would have retired by now.
Remember, Countrywide is allowed to record teaser rate loans as current revenue at full loan rate prices and any increases in loan balance as current revenue as well. This accounting practice will eventually implode their future and past reported earnings.
Don't short CFC, buy puts instead. There's a lot more leverage and your downside is limited.
I've been burned by this bubble for much longer than I'm proud to admit...
Countrywide Financial and Capital One are two of the biggest lenders in America. Their stocks are falling - down 15% to 20% from their peaks.
The Keynesian economics practiced by governments and central bankers depends on deception. As more money and credit is introduced into the economy - as "stimulus" - it is mistaken for real wealth. Consumers think they have more money to spend; businessmen think they have more customers; investors think they see more profits. Deceived, they happily expand the economy. As time goes on, however, prices catch up to the funny money and the consumer wakes up to the fact that he or she is no better off than before. The businessman finds that though he has more customers, he must also pay his workers more. And his supplies cost more, too. The investor sees that he did not really make any money; profits disappeared as costs rose and the gain on his stock barely equaled the general loss of purchasing power of the dollar.
So, gradually, the old trick stops working. Money and credit may pour in, but no one is fooled. Instead, prices rise, while the economy goes limp.
From the Daily Reckoning
Who is stupid enough to be buying? I bet it is the big investment banks and index funds doing the boy's club thing with OPM. The stock market is a rip off.
devestment - ask 'em how business is and report back
"Can't see any problems for CountryWide as long as people like me pay 10.5% for a home equity loan. If I could get that return on my cash, I would have retired by now."
Um, if you have cash, and you have a 10.5% home equity loan, and you want a 10.5% return on your cash, then... drum roll ... PAY OFF YOUR HOME EQUITY LOAN. Duh.
Shades of Enron! Where's Ken Lay when you need him?....oh yeah
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I work for CHL and I can honestly say everyone is right. CHL is a shit company and they continually screw their employees. I will not be there much longer and would never get a loan from them.
A CFC meltdown is doubtful. As a customer, I have never had a problem with their servicing practices as long as my bill is paid on time. It's in my note how much I will pay and when, so I fail to see how servicing can screw one over. My escrow account always matches my tax and insurance bills. As for beig a crappy company to work for - it's a big company that employs 60k people - what do you expect? I can do without the Indian collection agent calling on the 5th when my auto deduct comes out on the 12th, though...
Alot of CFC employees are worried and it appears that something Big is brewing. We will see how long the bailout keeps the stock floating. It would be nice if CFC were able to ride the wave but in reality the Shit storm is coming soon!!!!! B of A sent a message today!!!! Looks like a take over done the right & legal way. I'll give it 120 days and then Boo YAA!!!!!! Dinosaur days are coming!! Pack Your shit people!!!!! Vacation without pay is on the way!!!!
Word on the street is that 09/052007 & 09/30/2007 are on or about layoff dates. That's the WORD on the STREETS!!!! Let Fun begin =)
Again we are told that a mass layoff will affect many by the mid Nov 2007. From what I hear the WAMU news is threatening to bury CW's progress. Let's hope not. layoffs are happening in small groups as to not alert the media. More to follow..... Protect The House is the new campaign to save A$$ er I mean Face.
CW has really sunk themselves with the Protect Our House BS!! I ordered one of those Green Wristbands and from what I was told it won't save you from getting laid off. I am waiting to see!! In the IT sections Morale is SO LOW its just stressful to be at work for fear of losing their jobs. Many IT Engineers are looking and don't Trust our Managers up to the VP's. At this point, I am moving on from this Keystone Car 54 where are you environment to a more stable one. Good Luck All =(
I finally left the IT department that I was part and found a higher paying less stressful job. Got a $15 pay increase and better peace of mind. CW paid me crap even with several degrees!!! Damn Shame!!! Hope this CuntryTurd sinks as fast as stinks. My advice to anyone else still there...RUN & RUN FAST!!!!!
Now the news on the street is that Countrywide is about to layoff more employess in the 1st part of 2008. Talk about some Bull$hit!!
People look for other opportunities!! Get yours before you Get GOT!!! Ya Digg????
If you want out from under your mortgage and the lender is not communicating with you on a modification, why can't you just deed them the property ( not a deed in lieu). Just fill out a warranty or quit claim, go to the courthouse and record it and mail the lender a copy.
They now own the property with their own loan on it.
How can they foreclose on property they own?
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