Nice to see the stock market recognize the stench coming from America's Toxic Lender too... (yes, I'm short CFC and The Orangeman)...
Sorry Helicopter Ben. Even you can't save Countrywide!
Thanks frothy for the lead
September 26, 2007
Countrywide Mortgage's Orangelo Mozilo gets his very own cartoon!
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7 comments:
Ben looks better as a cartoon, lets see the Orange man as a cartoon too.
Celebrity death match Ben vs. Orange man.
From:
Countrywide
To:
Countryslide!
Then:
Countryfried!!
Keith Do you think CFC will linger between 18-24 for some time due to BOA? What is your target exit price? I'm also short.
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Kinda like the Smurfs!
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I received an email today from a buddy whose girlfriend is an executive at Countrywide (so Cal). It is as follows (name changed to protect the innocent):
FYI - Today CountryWide laid-off Joyce and her entire staff (60 people) and the entire 3rd & 4th floor (300 people). She was sort of expecting it, but not really. Bummer.
Heard Countrywide is no longer going to mail monthly statements..NONE! Customers must get online to print statements and pay their mortgages.......
How convenient Angelo! The less people know about their loans, the better!
My take on Countrywide is that Mozillo is expectingthe government backed loans to buy up his inventory of bad loans and than BOA will buy up Countrywide .Of course right now Countrywide is trying to refinance a bunch of their junk loans that they plan to pass on to FHA/fannie/freddie.
I think Mozillo is going to retire soon (afte his stock dump and when the Company is sold ).
THE CEO of Countrywide is a perfect example of a big lender that took advantage of the sub-prime frenzy and stuck the secondary market with a bunch of bad loans . Countrywide just got stuck holding the bag on a bunch of loans they couldn't sell toward the end as well as decreased demand for loans .
People have to remember that Mozillo goes way back and he knows how loans should be underwritten and how appraisals should be done .For such a big lender to pump up prices nationwide with his contribution to faulty lending is not excuseable .Mozillo knew the game was over when he started dumping his stock .
I would like to know when the front line lenders that sold these junk loans to the secondary market are going to answer for the fraudulent liar loans they passed on .
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