September 02, 2007

A Special HousingPANIC message to Countrywide Bank depositors







Note - I'm short CFC and can't believe any sane person would allow Orange Mozilo to hold their wallet. I also can't believe the FDIC (taxpayers) insure this mess. They're desperate, they're in trouble, they made loans to liars, and they're Housing Enron.

Countrywide unit tries to lure public with savings rate

As it tries to rebound from the credit crunch that has rocked the home loan industry, Countrywide Financial Corp. said yesterday it was offering the highest interest rate on savings in the nation.
A minimum investment of $10,000 in a 12-month certificate of deposit at Countrywide Bank will earn 5.65 percent interest.

But even Countrywide is telling depositors that anything above the FDIC limit - they're on their own...

"It is important for Countrywide Bank's valued customers to know that the highly publicized issues related to the mortgage market do not impact the safety of FDIC-insured deposits at Countrywide Bank," said Tim Wennes, president of Countrywide Bank, in a statement Friday.


GreedKills said...

I'm starting to think that my mattress would potentially give me a better return on my money.

Anonymous said...

dont forget they took option arm shortfalls to income on their balance sheet

Anonymous said...

A minimum investment of $10,000 in a 12-month certificate of deposit at Countrywide Bank will earn 5.65 percent interest.


A minimum investment of $10,000 in a 12-month certificate of CONFISCATION at Countrywide Bank will earn 5.65 percent interest.

Anonymous said...


You still don't get it do you? The government is not letting anyone this big go down.


Anonymous said...

Hey 5.65 percent! That's worth the risk. BTW I also invest in forever stamps.

Uncle Al said...

Is it cheaper to bail out CFC or bail out its depositors?

SPECTRE of Deflation said...

Just read that in 2005 one of the Bear Funds allowed investors with as little as 250K to invest in the fund. They were that desperate for money to gear. UNF***ING BELIVABLE!

Folks, run and ask questions later. Go to and look at short term yields offered by banks. Why are some banks paying so much more than others? Is it because they wub their depositors, or could it be they are desperate for cash?

As Keith say, get your money out of that F***ING Hell hole just in case it takes a dump on all it's depositors. What, after all, do you have to lose? Don't let it be your savings.

Anonymous said...

I spent part of last week getting my money out of WAMU. While inquiring at several different banks many had the opinion WAMU will be in trouble soon. Just rumors mind you but I sleep a lot better now.

BTW: They now offer a 5.5% online account. Hmmmm...

As for the 100k limit on FDIC insurance, You can get up to 300K if you happen to be married. Simply set up 3 accounts, one for you, one for your spouse, and one jointly.

Paul E. Math said...

I think you should be calling him Orangelo Mozillo. Or even Orangutangelo Mozillo. Same insult, just a little extra tobasco.

But my main point is that Countrwide bank is FDIC insured so there is no risk to the depositor, is there? The risk is born by the FDIC. Orangelo is perhaps thinking that either he'll get more deposits and squeak this one out or countrywide will go tits up and the fdic will bail out depositors.

Which seems okay but let's not forget that so many Savings & Loans became insolvent in the '80s that the Federal Savings and Loan Insurance Corporation became insolvent and had to be merged with the FDIC.

If the FDIC itself gets into trouble it'll be the taxpayer once again who is on the hook.

Anonymous said...

RAte is not hte best out there & w/ such a high minimum they would only be attracting true savers (the exact opposite person they seek when it comes to lending and true savers would know see this and stay away. Only fools would touch this toxic bank). 6.00% APY internet savings no minimum 5.75% APY 9 month CD 1k minimum blog check the various best savings rate threads for various depository pdts 5.25% APY savings 5k minimum & 4.5% APY 1.5k minimum checking

Anonymous said...

He looks more Peach in that photo

keith said...

Unlike the Enron employees who lost everything, Countrywide employees and depositors should have seen this coming a mile away

hootie said...

I remember Fremont General paying 6% on Jumbo CD's right before the FDIC came in and shut them down. since CFC will be the first major to go bankrupt, you'll get your money back.

To the troll, CountryFried is not too big to fail. Enron and WorlCom were not too big to fail either. The government will only try to save the primary banks, not mortgage brokers.

I own you peons said...

Godzillo is hereby nominated for peoples ugliest 100.Lets send him a gift basket of more spray on tanning cream.God help the morons who bought a house in the past two years.

Casey is looking for investors and is paying 8% for bonds in his new company, bonds are convertible once the company goes public.

Anonymous said...


This whole thing is so Enron-esk.

Everything is great, Keep buying!

Everything will be back to normal (whatever that is?) soon!

Prices will be on the increase shortly!

This is only a small temporary blip

Anonymous said...

my local credit union has a higher rate. but I guess that's not a bank.

Anonymous said...

Gosh. Everyone is harping on FDIC coverage. Too bad all the bailouts will be done in dollars. It's the dollar folks which is going down for a beating.

Buy precious metals.

Anonymous said...

Why would an orange man wear orange ties?

Anonymous said...

Casey Serin is back!

See for yourself:

Anonymous said...

Countrywide is not going under. Sorry to pop your bubble. We are over 61,000 employees strong. Some have been and or will be laid off. But the company will outlast you.

Anonymous said...

How many employees did Enron and Worldcom have?

Anonymous said...

61,000 employees? Good God what do you people do all day now?

ron paul 2008 said...

They must be haveing a lot of circle jerks over at coutrywide these days.Did casey get a job there? Maybe they should be helping all the people they f@cked over the past few years.

Anonymous said...

"You still don't get it do you? The government is not letting anyone this big go down.

Hey dumbass, ever heard the term:

To BIG to BAIL ? (Think derivatives IMPLOSION)

Thanks for being as CLUELESS like 99% of most ignorant americans.

Anonymous said...

While Tangilo is in the back room counting his stock sales his staff has a great solution!

Foreclosures stack up
Frustrated borrowers who lenders to try to work things out say it's a fruitless ordeal
By Jim Wasserman - Bee Staff Writer

Published 12:00 am PDT Sunday, September 2, 2007
Story appeared in BUSINESS section, Page D1

Tracy Trammell sold the boat, the extra vehicles and tried everything to "find a way to refinance, or do what I could not to lose the house for my children."

She is in a bind all too common in Sacramento: a home losing value and an adjustable-rate mortgage with payments that jumped $1,000 a month in June.

Thirty days ago, Trammell, a widow and working mother with two daughters, skipped her first payment to Countrywide Financial Corp., a company deep in its own crisis amid a pileup of hardship cases. This month, Trammell will miss a second payment on a refinance loan her late husband handled at the peak of the housing boom in 2005.

Bottom line: Neither Trammel nor Calabasas-based Countrywide has yet been able to work out a deal to spare her small house in Citrus Heights from foreclosure. There are no loan modifications. No refinance options. No waiving of a pre-payment penalty that stings a borrower for thousands of dollars to get out of trouble.

"I asked, 'What's your solution? Give me some ways I can keep this from happening,' " says Trammell of her dealings with the nation's leading lender. "They said, 'Get a roommate.' That's what she told me. I said, 'OK. Well, I guess we're done talking.' "

mardav said...

How much stock in Countrywide does Mangerine have left to sell??

believer said...

I guessed that the problems with the IRS would eventually show up, cities would start to go bankrupt, credit was out of control, there was a problem with bankruptcies period, construction firms were being foreclosed on and a host of other problems that are just now starting to show up in the news. Took em long enough. I told the world that the beginning of the year (provided folks here represent the world not just backwoods MISSISSIPPI or Tennesee hillbillies, with some of the comments these folks make they sound like that's whur dey com from) I am the mail lady and I see it. People are starting back to buying houses judging the amount of mail from Title Companies. Real Estate agents are desperate judging from the amount of junk mail they send out. There must be a lull in the storm because mail from the IRS is starting to level off or the machines are programmed to read the mail better (dream on) and I am not seeing lots of trays of foreclosure notices. That too is leveling off. For a minute I was checking to make sure my mortgage company got my payment it was terrifying. The bankruptcies have increased, the car repossesions have increased dramaticly. Folks sure love those BMW'S, Porches, and Toyota's. Don't see a lot of repo's of american made cars. Unless they come in a indiscript envelope. Usually they want to embarass you so I think not a lot people default on 1998 Impala's. Except FORD, but then, I would walk away from one of those anyway. But the collection agencies are having a upsurge in deliquent accounts, does anyone pay their credit card bills. I am short any credit cards (LOL). Did anyone buy PROVIDIAN credit card company (WA MU) because that mail is being RTS. All I tell my friends and co workers is pay off those cards, don't buy a car, don't store any household items (that business is seeing a boom that I don't think they thought would ever happen, come to think of it I had better get some stock, they don't even advertise any more they have more than enough business)pay your taxes and most importantly save money. Tough times sure appear to be coming.

FDIC Question..... said...


Not long ago, I transfered some savings to a savings acct. with "ING" It is FDIC-insured up to 100K, but is also a DUTCH company, headquartered in Amsterdam, I believe.
Worse case scenario, if ING ends up having more exposure to Subprime/derivitives, etc, and has problems, does anyone out there think I would have any issues recovering funds with FDIC because the company isn't in the US??
Mannn...I am getting paranoid I think.

Anonymous said...

Nothing is to big to fail ask any Roman. Oops there aren't any never mind

Shakster said...

CFC,yeah right,like I'd be advising anyone to invest in that sh$t,or contracting with them.Sure thing.

Anonymous said...

Im sooooo glad I pulled all my money out of Countrywide !!!!

And I sleep much better at night.

I dont think this company will be around a year from now.

Anonymous said...

Anonymous said...
Countrywide is not going under. Sorry to pop your bubble. We are over 61,000 employees strong. Some have been and or will be laid off. But the company will outlast you.

September 02, 2007 9:33 PM
As you work there, please keep us abrest of a running tally of employees as they get laid off so we can tell when they get close to implosion, unless and until of course you get laid off.