September 02, 2007
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.