How big will the write-down be?
When will it be announced?
Note - Orangelo Mozilo is going to be dumping more shares on the open market this week. So look for the horrific news to be delayed until week after next. And note - similar to Angelo, I'm short on CFC stock - but via Oct puts.
Countrywide's Mozilo Selling More Stock
Countrywide Chairman and CEO Angelo Mozilo will unload an unspecified number of his struggling company's shares next week as part of a pre-arranged trading plan.
Countrywide, the nation's largest lender, has been slammed as a spike in defaults of subprime mortgages left investors scared of buying its loans on the secondary market. Its stock has been cut by more than half since reaching a 52-week high of $45.26 in late January.