Check out countrywideforeclosures blog, and check out Mozilo's sickening amount of insider transactions.
Wow.
"Hey, Larry, this is a great new house! It wouldn't be a Countrywide ForeclosureTM would it? You lucky gun!"
Note: I'm short CFC now with put options. And for some weird reason, I have a hankering for an orange.
27 comments:
Looks like Mozillo took a few weeks off and is making up for lost time in the last couple weeks. Looks like he's cashing in 3x a week now.
Was he on vacation at the end of June through the beginning of July?
Just how long can a company keep this large a scale of such a diverse/diffused non-performing asset that has significant carrying costs to retain their value? Additionally, under current market conditions and where for the most part the defaulted loan's balance exceeds the value of the depreciating asset. So you'd figure the smart move would be to slash & burn to just dump them for say 75% of the loan balance, otherwise to carry them in the faint/false hope of getting them sold at full loan balance will never result in anything but a longer period of holding a non-performing asset!! But it looks like even those in an informed position are willfully blind ot the writing that is one the wall!!
Keep'em and rot in hell!! HAA!
Mr. Orange's earnings just took a hit. But I bet Mozillo just happened to have finished unloading his shares.
Better get in folks for Washington Mutual, the "pay option" king!
Smush the orange for me!
NEW YORK (Reuters) - Countrywide Financial Corp (NYSE:CFC - News), the largest U.S. mortgage lender, said on Tuesday second-quarter profit fell as mortgage banking pre-tax earnings declined by about half.
Net income for the Calabasas, California-based company fell to $485.1 million, or 81 cents per share, from $722.2 million, or $1.15, a year earlier.
Countrywide also cuts its full-year earnings forecast to a range of $2.70 to $3.30 per share from a previous range of $3.50 to $4.30 per share.
Keep selling those share Mozilo while your still not in prison.
I think his hue is due to gold besides the orange. He must be taking his stock gains and changing them over to gold...
Karl Marx would be proud of HPers. Yes indeed godforbid this man would make money from running a multi billion dollar company. No you are right he should make $6 an hour just like a Wendy's Drive Thru employee. You socilaists make me sick.
Countrywide profit falls 33 pct, slashes outlook
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Countrywide Financial Corporation (CFC) Stock Quote, Chart, News
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NEW YORK (Reuters) - Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday reported a 33 percent decline in second-quarter profit and slashed its full-year earnings forecast, citing a difficult housing market.
Shares of Countrywide fell 8.7 percent in pre-market electronic trading.
Earnings announced today. Total disaster.
CFC is getting tons of airtime on CNBC this am.
That orange dude is turning into a lemon.
Congrats!!! on all who shorted here - right now down 8% and headed for the toilet!!! The new Enron or MCI here!!!
Sunkist brand?
Or did he overdose on Tang?
Keith,
Are you comparing Mozilo to oranges....or Apples to Oranges...or Mozilo to Carrots...or Mozilo to Oompa Loompas? I guess I'll stop now......
He was on vacation during that month. That is the high tanning season in Caymen Islands.
Has it only been a month since I became aware of the insidious mortgage fraud going on in this country....yes, and Countrywide is to thank for it.
I was about to become a proud homeowner thanks to them! It was ok to state whatever income I pleased and all they needed was my SS card!How great was that! a few days before closing, after agreeing to pay all closing and 10% down, my monthly paymentssuddenly increased due to something called a PMI...oh and the interest rate suddenly increased 'for some reason'. Now my monthly payment would be about double that first quoted to me. Chest pains increasing for some reason, despite the happy grins on the faces of the realtor, seller and broker...literally praying for a way out. And then, I googled 'complaints against countrywide mortgage', and to my amazement found page after page after page of people swindeled out of their homes, not so much due to ARM's (I at least knew to ask for a 30 year fixed) but due to fraudulent, deplorably illegal schemes by the lenders themselves.
That saved me. I told them all I was out, and the very next day after I was supposed to sign they made stated income loans illegal. I actually showed the realtor and emailed the website to countrywide, and they all feighned amazement that something like this existed.
I realized I was but a vehicle for them to take the money and run and leave me in foreclosure due to some BS excuse. I felt like I had escaped prison. Was so relieved and happy and grateful for my little apartment.
If you wonder why there isn't rioting in the streets over this, it's because everyone caught in a foreclosure feels like it is their fault.In the situation of losing eveything, they aren't about to get on the internet and find the wealth of info or help. You might as well ask a man tied in chains and being whipped everyday to do that. I will be so very happy when countrywide implodes. That day can't come soon enough for me.
What a fruit!
http://www.countrywidehomeloansucks.com/new_page_2.htm
Quite literally saved my life.
With such a large scale of defaults (and growing) coupled with slowing revenue CFC cannot slash & burn prices and take short sales for all the REO they now and will hold because to do so would wipe out earnings for the entire year!! But to hold onto all the REO and suffer the slow bleed of carrying costs makes them a bag holder who will eventually implode because no one wants these homes for loan balances that exceed their true value!!
THIS IS GOING TO BE SWEET FOR MR TANGERINE!!
The brother of a friend of mine, once an IT specialist,had to find another job due to India/China out-sourcing.
He took a job with CountryWide financial, and they'll be rellocating him to Phoenix Arizona
around September 2007.
Angelo Mozzillo is making sure to cover his butt, while still giving employees the illusion things are going well - what a crook.
And they are losing thier arses on these houses!
Here is one in my subdivision:
YULEE 76035 TIDEVIEW LN,
YULEE FL 32097 PUD TEDRA FEINGOLD 954-4521217 $231,900.00
According to County Records, this home was purchased in May 2006 for $291,883 with 100% financing. The people must have never made a payment because the Lis Pendens was served in October 2006. With attorney fees and court cost the final judgement of forclosure was $308,026 (or $76,126 above Countrywide's asking price - ouch).
By the way, this house is a 4BR 2BA with 2300 Sq Ft. Mine is a 4BR 2.5 Bath with 2800 Sq Ft and I paid less than Countrywide's current asking price for this house. (I bought in Aug 05) These people originally paid WAY to much for this house. I guess that granite and SS Appliances add up.
worst day for CFC stock in 15 years.
I'm up 50% today on my Jan 27.5 puts!!
Wow, he's sold at least 30 million in stock in 2007. I started to count at first, but there is so much I gave up.
I wonder what qualifies as insider trading under SEC rules? Does anyone know? It seems pretty clear the guy knows the company is going under fast.
Mooooooozzzzzzeeeeeeeerrrrrrooooooo!
He may have overdosed on tang, but you can bet it wasn't poon!
Go long Orange Juice,but short Mozilo.When oranges go rotten,the satandard industry procedure is to turn them int OJ.
Any predictions on when it hits the 3 billion mark in inventory?
who says Angelo's inventory is "non-performing"? My guess is he'll renegotiate most of it, for another five years w/a balloon; of course for a fee, a longer term, and a higher interest rate. In the meantime, he's qualified for federal subsidy, loan guarantees, and other assistance precisely because of the scale and diversity of his "assets".
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