March 06, 2007

As subprime lending implodes, Angelo Mozilo is selling Countrywide shares as fast as he can




While putting out reassuring words to the street, false rumors of a pending acquisition by BofA, and holding back any information about what's really going on with CFC's imploding portfolio (Sarbanes-Oxley anyone?), this guy is dumping his shares as fast as possible, while his stock, industry and country's financial system melts down

Ah, only in America folks. Only in America.

Here's his soothing words the other day, from one of the largest subprime lenders in the US:

Chief Executive Officer Angelo Mozilo said last month the company pulled back from subprime loans in 2006.

"If you look at our market share, we lost some for the first time in years, but it's all in the subprime area,'' he said in a Feb. 8 interview, adding the company holds only higher- quality prime loans at its bank. ``We were a dominant player, and now subprime is a pretty small portion of our business.''

And here's his trades just this year (note - I'm still gleefully short CFC)

2-Mar-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
2-Mar-07
46,000
CFC
Automatic Sale at $37.18 per share.(Proceeds of $1,710,280)
1-Mar-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
1-Mar-07
70,000
CFC
Automatic Sale at $37.10 per share.(Proceeds of $2,597,000)
28-Feb-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
28-Feb-07
46,000
CFC
Automatic Sale at $37.91 per share.(Proceeds of $1,743,859)
22-Feb-07
70,000
CFC
Automatic Sale at $40.45 per share.(Proceeds of $2,831,500)
21-Feb-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
21-Feb-07
46,000
CFC
Automatic Sale at $40.77 per share.(Proceeds of $1,875,420)
21-Feb-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
15-Feb-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
15-Feb-07
70,000
CFC
Automatic Sale at $41.88 per share.(Proceeds of $2,931,600)
13-Feb-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
13-Feb-07
46,000
CFC
Automatic Sale at $41.26 per share.(Proceeds of $1,897,960)
13-Feb-07
241,081
CFC
Acquisition (Non Open Market) at $0 per share.
12-Feb-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
12-Feb-07
70,000
CFC
Automatic Sale at $41.19 per share.(Proceeds of $2,883,300)
9-Feb-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
9-Feb-07
46,000
CFC
Automatic Sale at $43.69 per share.(Proceeds of $2,009,740)
8-Feb-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
8-Feb-07
70,000
CFC
Automatic Sale at $43.47 per share.(Proceeds of $3,042,900)
5-Feb-07
46,000
CFC
Option Exercise at $9.60 per share. (Cost of $441,600)
5-Feb-07
46,000
CFC
Automatic Sale at $44.61 per share.(Proceeds of $2,052,060)
2-Feb-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
2-Feb-07
70,000
CFC
Automatic Sale at $44.52 per share.(Proceeds of $3,116,400)
26-Jan-07
23,000
CFC
Option Exercise at $9.60 per share. (Cost of $220,800)
26-Jan-07
23,000
CFC
Automatic Sale at $40.40 per share.(Proceeds of $929,200)
24-Jan-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
24-Jan-07
70,000
CFC
Automatic Sale at $41.65 per share.(Proceeds of $2,915,500)
22-Jan-07
23,000
CFC
Option Exercise at $9.60 per share. (Cost of $220,800)
22-Jan-07
23,000
CFC
Automatic Sale at $41.27 per share.(Proceeds of $949,210)
19-Jan-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
19-Jan-07
70,000
CFC
Automatic Sale at $41.24 per share.(Proceeds of $2,886,800)
18-Jan-07
23,000
CFC
Option Exercise at $9.60 per share. (Cost of $220,800)
18-Jan-07
23,000
CFC
Automatic Sale at $40.35 per share.(Proceeds of $928,050)
11-Jan-07
23,000
CFC
Option Exercise at $9.60 per share. (Cost of $220,800)
11-Jan-07
23,000
CFC
Automatic Sale at $42.18 per share.(Proceeds of $970,140)
10-Jan-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
10-Jan-07
70,000
CFC
Automatic Sale at $42.12 per share.(Proceeds of $2,948,400)
8-Jan-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
8-Jan-07
70,000
CFC
Automatic Sale at $42.05 per share.(Proceeds of $2,943,500)
5-Jan-07
23,000
CFC
Option Exercise at $9.60 per share. (Cost of $220,800)
5-Jan-07
23,000
CFC
Automatic Sale at $42.37 per share.(Proceeds of $974,509)
4-Jan-07
70,000
CFC
Option Exercise at $9.60 per share. (Cost of $672,000)
4-Jan-07
70,000
CFC
Automatic Sale at $42.22 per share.(Proceeds of $2,955,400)

58 comments:

Anonymous said...

Can you say Enron..... Oh $h*t! The earth is shaking...........

Anonymous said...

When Toll sold shares as his stock was going up you complained. As this guy sells while his stock is going down you complain.

Man you sure do complain a lot.

Anonymous said...

dude still has the coolest tan out there

Anonymous said...

Toll got the top. This guy missed it, but on a chart five years from now it'll look like he just missed it barely.

By the way had CFC puts last year duh! just a bit too early...

Anonymous said...

Second straight month of drops in foreclosures. Except for Florida, foreclosures are way down everywhere.

SACRAMENTO, Calif.--(BUSINESS WIRE)-- Nationwide, foreclosure filings dropped in February for the second straight month to 106,074, down 3.4 percent from January’s 109,851 filings, and off 6.5 percent from December’s soaring 113,486.

NORTHEAST:
The region reported 10,480 filings last month down 15.7 percent from numbers in January.

SOUTHWEST:
A total 49,368 foreclosures were filed in the region last month, off 4.7 percent from January filings.

MIDWEST:
A total 17,329 foreclosures were filed region-wide in February, down 14.5 percent over January’s 20,272 filings.

SOUTHEAST:
14,560 filings in Florida for February hit a near record, up more than 16 percent over January.

Anonymous said...

Asian markets up, way up tonight.

Anonymous said...

The guy just looks slimey!

Advice; back away slowly from the bronzing foam!

Anonymous said...

Oh jeez.

Just saw on CNBC, Hank Paulson on Asian tour says "the housing market has likely bottomed" and "damage from subprime mortgages is contained".

More suckers being pulled in for the slaughter.

GreedKills said...

Kind of an...interesting...looking fellow.

Anonymous said...

Countrywide Financial Corp. said on Monday that it was granted permission to convert its existing national bank charter to a federal savings bank charter by the Office of Thrift Supervision.

The U.S. mortgage lender said the conversion better aligns the regulatory supervision of the company with its strategic objectives.

It applied for the conversion in November 2006.

Smart move trying to avoid States' Predatory Lending Laws.

http://yahoo.reuters.com/
news/articlehybrid.aspx?
storyID=urn:newsml:reuters.
com:20070306:MTFH38840_2007
-03-06_02-55-
29_WEN5122&type=comktNews&r
pc=44

Anonymous said...

Looks like everything is OK, false alarm - time to roll this blog up and put it away. Nothing to see here anymore.

Anonymous said...

Wells Fargo downgraded by Punk, Ziegel & Co on Monday, March 5, 2007.

http://finance.yahoo.com/
q/ud?s=WFC

Bed Time said...

Looks like he's made of plastic.

Anonymous said...

I'm sure he had a good reason to sell, maybe he's a flipper too.

Anonymous said...

"Second straight month of drops in foreclosures. Except for Florida, foreclosures are way down everywhere.

SACRAMENTO, Calif.--(BUSINESS WIRE)-- Nationwide, foreclosure filings dropped in February for the second straight month to 106,074, down 3.4 percent from January’s 109,851 filings, and off 6.5 percent from December’s soaring 113,486."

Oh Boy!!! A drop from 113,486 to 106,074 over a two-month period is WAY WAY WAY DOWN!!! This means that the bust is over and that prices are going to skyrocket again. We can now start flipping houses for $1,000,000 a flip.

Such great advice from ANON 6:38 who realy knows what he is talking about.

Anonymous said...

is he human?

Anonymous said...

"Nip and Tuck" gone bad........

a.creampuff said...

Pump and dump, tan and scam.

borkafatty said...

Sure subprime was only a small part, sure it was, Full Spectrum Lending A subsidiary of Countrywide has a shit load of Subprime loans...all toxic to boot.

borkafatty said...

A 7000+- difference in foreclosures for 2 months..boy some of the posters here really are in need of a serious Lobotomy.
If you are trying to insinuate that the bottom is near, may I suggest you get your head out of your Arse.

Anonymous said...

Rubber face!!!!

Mort said...

Cramer sez buy CFC from his buddy Mozilo. I thought Cramer didn't have any friends. Booyah!

Anonymous said...

his company collapses, everyone gets laid off, lives are ruined, and he got paid

Anonymous said...

borkafatty said...

A 7000+- difference in foreclosures for 2 months..boy some of the posters here really are in need of a serious Lobotomy.
If you are trying to insinuate that the bottom is near, may I suggest you get your head out of your Arse.


Had foreclosures increased by 7000 you would be saying it's more proof of the crash. A 6.5% change is significant in either direction. If you want to ignore any piece of data that contradicts your view, fine, live in an echo chamber and keep telling yourself a 70% drop in prices is just around the corner.

Anonymous said...

Hello there HPers. What a great day. The sun in shining, the birds are chirping.

CFC up 2%. How are those CFC puts doing for everyone today? Buying opportunity right?

DOW up 75, nasdaq up 30. How about all your shorts, how're they looking? Buying opportunity right?

Asian markets up up up last night. How are all those predictions of the global meltdown doing? Just a one time blip. Buying opportunity on the short side

And how's that 50% drop in housing prices going for everyone? Median Brooklyn, NY prices up 16% in 2006 vs. 2005. Lies lies and more lies from the NAR, I know, I know.

Anonymous said...

What color is that guy?

Mark in San Diego said...

FORECLOSURES ARE UP!!! Februar has only 28 days - January 31!!!!!

Don't those reporters have calculators??? If figured on a daily bases, there were 3800 foreclosures a day in February. . .so add back in 3800 x 3 (if both months had 31 days) and you get 120,400!!!!! I got less money in February than January in my money market, based on the same situation - 3 less days!!!!! Once again LAZY MSM!

Anonymous said...

can't get over that tan.

he better sell shares... to fund his skin cancer treatment

Anonymous said...

Hey what is the status of Full Spectrum anyway? Are they the next ones to go belly up?

Anonymous said...

Please spin the 4% jump in CFC this morning.

Thank you.

Anonymous said...

More foreclosure numbers by state changes from December to February:

Texas down 27%.
Illinois down 26%.
Massachusetts down 25%.
Ohio down 23%
Georgia down 16%.

Yor whole premise is that foreclosures are increasing and that will cause all lenders including Countrywide to hurt even more. The trend has reversed at least for now and foreclsoures in most areas are falling. If South Dakota decreased 27%, I'd say fine, means nothing. But when Texas, Ohio and Illinois are in the 20%+ decline, it means something.

Oh I know the reply will be, but but but but Texas didn't have a bubble, doesn't mean anything. OK. Massachusetts had a bubble. Nevada had a bubble. Mass is down 25%. Nevada is down 18%.

Yea but but but but what about California. I bet they're up 90% so that proves a crash is coming. Well no actually even grand of California managed a 0.8% drop in foreclosures, first time in a looong time the numbers didn't increase by double digits.

Foreclosures are falling. They're still very high, no doubt, but the trend is to the downside. You can stick your head in the sand and pretend it's not happening if you want. In that case you will be the equivalent of David Lereah circa March 2006.

Anonymous said...

CFC up 5% now.

Anonymous said...

JUST STEP AWAY from the tan in a can!

Anonymous said...

Nope, make that up 6%

Anonymous said...

Do i hear 7...anyone 7%...

Anonymous said...

Do you think Angelo wears any kind of suit when he's in the tanning bed and if so, what kind?

For the bonus round, do you think that the tanning bed is a little on the greasy side after he is done?

keith said...

Looks like Angelo had the CFO marched out today with happy talk. Nice pop so he can dump even more shares.

Folks, the game is rigged. But I've gotta hunch jail time eventually will be involved with what's happening today at Countrywide.

keith said...

It's a shame the anon trolls don't have the courage to use a user name so we can mock them later on

oh well

Anonymous said...

aww what's the matter keithy, your CFC puts worth nothing and so you're lashing out at the anons?

It's OK you have your gold that you bought at $690 to keep you company.

bite me said...

Ok how's that for a name?

Anonymous said...

That is one ugly sumbitch!

anon troll said...

err Keith, it's not about courage it's about laziness...why type a name when i don't have to? Maximizing productivity here man, so back off

Anonymous said...

nice tan...geeeeezeee

jymkata said...

Can't you just see this guy on some beach in southern Europe...wearing a really tight speedo...maybe some gold chains, sipping on a fruity cocktail and treating the waitstaff like garbage?

I wonder how big his golden parachute will be when he's forced out?

keith said...

CFC fell 5% yesterday, so 5% up today and it's a 24 hour wash

But oh, just wait. Eventually even they have to come clean

scary said...

That is not Mozilo- has any seen Michael Jackson lately? No? Now you can see why. He has been preparing for his Vegas gig, at least he looks better than his court appearance days

Guy Daley said...

The anonymous rube illustrates dramatic drops in foreclosure rates. Here's some stats from foreclosures.com:

SACRAMENTO -- The worst of America’s home foreclosure crisis finally may be over. Nationwide, foreclosure filings dropped in February for the second straight month to 106,074, down 3.4 percent from January’s 109,851 filings, and off 6.5 percent from December’s soaring 113,486.

The latest numbers, however, still are up almost 65 percent from the 64,375 filings for the same time a year ago, according to ForeclosureS.com, a California-based real estate investment advisory firm and publisher of foreclosure and property information. The company has been analyzing housing markets since 1992 (www.ForeclosureS.com).

Oddly enough Mr. Anonymous comes up with these incredible drops in foreclosure rates for the most populous states in the nation and yet it only went down 3.4% nationwide - very peculiar.

Too bad you can't screen out the retards Keith.

Anonymous said...

Actally al-qweefer it's not a wash. Much like most things finance you don't seem to understand basic math either.

A decline of 5% and a gain of 5% does not equal a wash but ends up lower than the starting point.

Anonymous said...

New Century up 10% today, same New Century you all were cheering the demise of yesterday.

By the end of March CFC is positive for 2007 and new century is at $10.

You read it here first.

keith said...

My mistake - down 5%, up 5%, still looking at down 1/4% over the past two sessions.

Hope that helps

I do love math, and especially the up 50%, down 33%, break even equation. That just doesn't seem fair (to most). Then take into account up 50%, tax 28%, yet on the down 33%, you don't get the tax break on the 33%, except to use to offset gains

now THAT'S not fair

Anonymous said...

He better save some of that money. He will need it for a legal defense team. Alot of FBs are fealing like they were swindled by a fast talking, tan, snake oil salesman.

Anonymous said...

Alot of FBs are fealing like they were swindled by a fast talking, tan, snake oil salesman.

For the love of God learn some English man.

alot is not a word

fealing is not a word

Did anyone here go past 4th grade in school?

Anonymous said...

I work at CW, am i gonna be A$$ out of work soon? Personally i hate our subprime..........

Oz said...
This comment has been removed by a blog administrator.
Shakster said...

Let this be a lesson to you FBs,Hpers,and epecially 401kers.DO NOT BUY AND HOLD, BUY AND SELL THE MARKETS.get in touch with your inner wolf,he is good.

cool hand luke said...

“March 6 (Bloomberg) -- General Motors Corp., the world's largest automaker, may take a charge of almost $1 billion to cover bad mortgage loans made by its former home-lending unit, according to a Lehman Brothers Holdings Inc. analyst.
Residential Capital LLC relies on loans to people with poor or limited credit records or high debt burdens, for more than three-quarters, or $57 billion, of its loan portfolio, Lehman analyst Brian Johnson wrote in a research report. Delinquency rates on such subprime loans made last year are at a record high.”
Full Article

Anonymous said...

"For the love of God learn some English man.

alot is not a word

fealing is not a word"

For the love of God, stay on topic, you worthless troll!

Anonymous said...

It's a ginger bread man.