1) Angelo has dumped his shares, selling the last load of 'em last week. Now he can finally tell the world what he knew all along
2) They didn't pre-announce to lower expectations (so that Angelo could dump all his shares of course). All the other financials pre-announced, except for CFC. Gee, ya wonder why?
3) They are a public company that you would think has auditors
4) Angelo will likely go to jail for his insider stock trades, but you'd think he'd want to submit correct financial statements to avoid Sarbanes-Oxley jail time too
5) Subprime cancer has now spread to option ARMs and prime mortgages too, just as we predicted. This news will REALLY freak the market out
The only thing that'll keep CFC from shocking the market on Friday is convincing their auditors that they DON'T have to "mark to market" and that "mark to fantasy" is GAAP in the REIC world. But again, with Angelo having sold off his shares as of last week, he should feel free to come clean Friday. REALLY clean.
I'm no longer short CFC, since my October put options closed Friday (god bless 'em). But for those of you that still are, enjoy. You're probably enjoying your FED, IMB and WM puts too eh?
Countryfried is toast. And Angelo needs a pair of cuffs. And note - don't adjust your screen. Dude really is that color.
Staring into Countrywide's abyss
Giant mortgage lender's third-quarter results will offer a view into the depth of the problems facing lenders, housing industry and the economy as a whole.
"For a while, this is going to be a bumpy ride," said Stuart Plesser, an equity analyst for Standard & Poor's. "The expenses they have to pare down are huge, and getting it right will take a quarter or two. They've been operating in just-survival mode. All these margins are going to be way out of whack."
Subprime mortgages aren't the only challenge facing Countrywide Financial Corp., the nation's biggest home-mortgage lender. Some loans classified as prime when they were originated are now going bad at a rapid pace.
October 24, 2007
Countrywide Toxic Mortgage announces earnings (or lack of 'em) on Friday. Can you feel the excitement in the air? Some ENRON-like excitement!!?
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There is more to come. I saw yesterday that Countrywide wants to refinance 16B in loans.
This kind of stuff happened in the stock market in the 90's where companies would buy each other out or merge. This was so they could continue to hide massive losses for another few years (yeah, the going for the top is that good!!)
Now, Countrywide wants to refinance to help the the poor mortgagor? I have seen over the last year that anyone who adveritses that he/she/it wants to "help" someone run as fast as you can.
It isn't humanly possible to be that orange. Keith, did you doctor that picture? If not, that is scary. he won't need a halloween costume I guess. Go as the "Great Pumpkin".
Also, I received a junk mail offer by Countrywide to refinance my home for 40 years. That was thoughtful. Off with their heads! Absolutely no bail outs!
Maybe he likes carrots
I don't think this is going to be the killer report we're expecting. CFC has nothing to lose - i don't see why they wouldn't fib the numbers to give institutions some more time to hand over the bags...
The October Put numbers were fantastic!. Thanks for all the good work. I decided to exercise my options and am now short CFC.
I'm guessing its jail time for the Umpa Lumpa guy. How funny will it be too see him in an orange prison coveralls?
Brenda is right. We all know Angelo o.d.'s at the tanning salon, but this pic is grotesque.
RE: Countrywide Toxic Mortgage announces losses on Friday...
When looking at the official Countrywide website, you would never guess that you were watching a slow motion train wreck:
"Working at Countrywide means more than joining forces with America’s number one home loan lender. It means working with a world-class team of professionals who share a passion to succeed. Build a career where ethics are valued, diversity is respected, and helping more Americans achieve their dreams of home ownership and preservation is our daily goal."
A message from Angelo R. Mozilo: "Our principal subsidiary, Countrywide Home Loans, is experiencing substantial market share growth in home loan originations and the company's loan servicing portfolio now exceeds $1 trillion.
Performance: Countywide has been one of the best performing financial services companies in the past 25 years and is ranked #91 in the Fortune 500.
V.L.
Keith-
how did you make out on the CFC puts? Could you tell us the date nad prices that you went in at and the same at exit?
Perhaps Orange Mozillo has hepatitis? Sufferers however look yellow and not bright orange.
I will tell you this. I am trimming my positions on a lot of stocks before Friday's meltdown. You can almost feel that there is going to be a death spiral. Merrill came out with their numbers today and the market is down almost 200. Just wait until Orange Man starts opening his mouth, and all the longs don't want to be in over the weekend. I am positioning to buy a lot of good stocks when his gums start flapping and that toxic pile of garbage is finally unleashed on to Wall Street. Run for the hills I tell ya....
Ooooh---Spooky.
I am a Countrywide Employee, and I will tell you that just seconds ago, we got a very ominous-sounding message via email from our fearless-leader, ANGELO.
A suspiciously-short thank you note to everyone that at the end references a "new and different chapter" for our Company....
russdog said...
Keith-
how did you make out on the CFC puts? Could you tell us the date nad prices that you went in at and the same at exit?
October 24, 2007 5:39 PM
I don't know if Keith will, but I will.
I got in kinda late buying OZFMG (expires 1/17/09) at $15.30 on 8/24/07. Today its up to $21.10, over 37% in 2 Months! I can't wait till Friday! LOL!
>> How funny will it be too see him in an orange prison coveralls?
Wouldn't that turn him into the invisible man?
Feels like a movie
This Halloween, I'm going to go as Orangelo. F*cking scary, eh?
Luckily, there's a lot of bright orange material available at this time of year so it should be easy.
He gives new meaning to the word "pumpkinhead" -- usually the term refers to the size of a person's head, not its color
{I am a Countrywide Employee, and I will tell you that just seconds ago, we got a very ominous-sounding message via email from our fearless-leader, ANGELO.
A suspiciously-short thank you note to everyone that at the end references a "new and different chapter" for our Company}
I guess the question is...will it be Chapter 11 or Chapter 7?
I am a Countrywide Employee, and I will tell you that just seconds ago, we got a very ominous-sounding message via email from our fearless-leader, ANGELO.
A suspiciously-short thank you note to everyone that at the end references a "new and different chapter" for our Company....
AOOOGAH! AOOOGAH!
The captain has bailed! The captain has bailed to an extradition-free jurisdiction!
PS: take the laptops and fancy chairs home ASAP.
In the Las Vegas Review Journal A Baptist Church is having a free hamburger dinner this week for those affected by the housing turn down. My brother bought two houses, so makes his burger WELL DONE with a side order of crow.
Charles in Vegas
Here is the CFC Memo that was referenced in a few posts earlier by a Counrtywide employee:
Message from the CEO
Message to all employees from Angelo Mozilo, Chairman and CEO.
There is no question that all of us at Countrywide and all those involved in the financial services industry have been impacted by this unprecedented world wide credit crisis. Over the past 40 years, since the founding of our Company, there have been many global and domestic events that challenged the will, the tenacity, the strength and the character of the Countrywide family. Each and every time we have risen to the occasion and, in fact, we have led not only our Company but also the industry through many periods of crisis.
During this time, I have received many kind messages from employees throughout the country. I want to take this opportunity to thank all of those who have expressed their support for me personally, and to convey my deepest appreciation for all members of the Countrywide family who continue to work very hard and who have made tremendous sacrifices on behalf of our Company. I would also like to recognize Dave Sambol and the entire team who have worked tirelessly for the past several months in managing the many and varied challenges that have arisen as the result of the disruption in the credit markets.
Again, thank you for your continuing dedication to Countrywide. I commit to each and every one of you that I will do everything in my power to make certain that our management team utilizes all of its resources as we migrate through to a new and different chapter in the history of our Company and in our industry.
Loved the comment about the invisible man when he puts on the orange prison garb. Thanks for making my morning!
To All Countrywide Soon-To-Be-Ex-Employees:
1. Take EVERYTHING that isn't bolted down, and do it NOW.
2. Sell it on ebay.
3. Profit!
>> Loved the comment about the invisible man when he puts on the orange prison garb. Thanks for making my morning!
Thanks Brenda, that was my comment. Are you single? :)
"Enron-like excitement!!?"
"Please, Mr. Custer...I don't wanna go!"
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