Boy, Angelo sure dumped his shares at the right time, eh? Not like he had any inside information or anything. Wonder how the SEC is getting on?
All the HP favorite dogs have now been destroyed HP'ers, on their march toward bankruptcy. Countrywide, IndyMac, First Federal, Washington Mutual, Toll Brothers, KB Home, Fannie Mae, Freddie Mac, the list goes on.
I hope some of you made some $$$ on these dogs. Their downfall was soooooooooo easy to see. Even Angelo could have told you that.
Fannie Mae (NYSE:FNM), the government-sponsored mortgage agency, fell 7.6 per cent to $37.58, its lowest level in 10 years, amid investor doubts about the way it accounts for home loan losses.
Shares in fellow mortgage giant Freddie Mac fell 7.9 per cent to $37.50 after Credit Suisse warned it might take a loss of up to $5bn on its subprime AAA portfolio. Its analysts also forecast a third-quarter loss in excess of $1bn when Freddie reports on Tuesday, and cut their price target from $68 to $45.
Other mortgage-related companies suffered large share price falls. Countrywide Financial (NYSE:CFC), was down 12.4 per cent at $10.57, while Washington Mutual (NYSE:WM) was 7.3 per cent lower at $18.49.
November 19, 2007
Countrywide Toxic Mortgage's stock is now down over 75% for the year. Nice timing on those stock sales Angelo!
Subscribe to:
Post Comments (Atom)
17 comments:
I for one feel like a retard at a mensa convention right now.
Ive got 800k in CD's for the last year. value of US peso down SHARPLY.
I Shoulda shorted all the 'top 25 subprime lenders' and then retired TODAY. oh well. maybe next never-happend-before-like-this-credit-bubble-then-implosion I will be there to short them......
circa 2070 according to historic trends....
HP calls ............. Hells Bells
((((((((BONNNNNNNNNNNGGGGGG))))))
(((((((BONNNNNNNNNNNNGGGGGG))))))
(((((((BONNNNNNNNNNNNNGGGGG))))))
ORANGE GUYS RULE
Cruisen in my 5point-O
Wit da top rolled down so my orange can glow............all the way to the bank HAHAHAHAHA......
laughing my ass off as the stock tanks.look at etrade too.stock is toast.Citi is looking like a dog also.I am going to walmart tonight to stock up on shotgun shells as the desperate homedebtors will soon be looting.What ever happened to casey "toolboy" serin.did the loser get a job?Did you guys pitch in for a blow up doll for him?
.
.
.
.
.
YES!!! Orange Kool-Aid (I.e. fresh meat in an orange jump suit when he takes that perp walk to jail)
"We are in more of a news-driven market right now than I've seen in a very long time,"
Way to bite that hand.
Towjam
"We are in more of a news-driven market right now than I've seen in a very long time,"
Way to bute that hand
"Sell when others are greedy and buy when they are scared."
So when is the time to jump on low stocks. A 10 year low is a 10 year low.
Tangelo warned everyone that he had never seen a soft landing in his 50 years in the mortgage business. Then he started dumping hand over fist for the next 8 months. Who can honestly say they didn't have any warning where the stock price was going?
Angelo.. Do you have any stock picks for me????
3 former Countrywide execs sentenced
By ALEX VEIGA
LOS ANGELES
Three former Countrywide Financial Corp. executives who pleaded guilty to criminal insider trading charges were sentenced Monday to serve three years' probation, the U.S. attorney's office said.
The three men -- Alan Cao of Woodland Hills, Quan Zhu of Santa Monica and Jun Shi of Moorpark -- also must serve several hundred hours of community service and pay fines, said Beong-Soo Kim, an assistant U.S. attorney.
Cao was ordered to pay a fine of $4,000, while Zhu and Shi must each pay a $2,000 fine, Kim said.
The men were all vice presidents working in financial planning or portfolio management for the Calabasas-based mortgage lender.
In their plea agreements earlier this year, the executives admitted they used confidential data showing Countrywide would not meet Wall Street earnings projections for the third quarter of 2004.
They then used the information to sell off their shares, to buy put options and, eventually, to short-sell the stock, in efforts to profit from a fall in the stock's price, prosecutors said. Put options allow an investor to sell shares at a set price within a certain time period.
The scheme generated more than $100,000 in profits combined.
Earlier this year, each of the executives agreed to pay back ill-gotten gains from the scheme and other penalties to settle civil charges brought by the Securities and Exchange Commission
Still waiting here for Angelo to spontaneously combust...
Keith, what have you done with DOPES? Please return him. We need a chuckle.
total coincidence with the sells.
Tangelo,
You didn't think those JUNK loans you have been peddling and continue to do so would sustain YOUR company? You can't be that dumb? or could you?
Princess M
Looks like Countrywide is starting to make deals.
I wish I could have a $24k loan forgiven.
Sen. Schumer then asks Mozilo ten questions. Here they are (the last two appear to be based on actual comments the CEO made to the Senator:
1) What percentage of Countrywide's subprime mortgages came from independent mortgage brokers?
2) Does Countrywide pay independent mortgage brokers more for loans with prepayment penalties? Did it ever do so?
3) How many buybacks did Countrywide do in 2006? What was the value?
4) What percentage of Countrywide's subprime mortgages were refinancings vs. purchases in each year from 2000-06? Please include data from your retail branches as well as your independent mortgage brokers.
5) How much business in piggyback loans did Countrywide do in 2006?
6) "Inside the Countrywide Lending Spree," by Gretchen Morgenson, that appeared in the New York Times on August 26th, stated that a C-minus rated borrower with a 500 credit score could get a $500,000 mortgage from Countrywide. Does Countrywide provide, or has Countrywide ever provided, mortgages on terms similar to this report?
7) The same article stated that Countrywide would lend to borrowers who had been 90 days late on a current mortgage twice in the past 12 months. Does Countrywide lend, or has it ever lent, to such borrowers?
8) That same article also stated that Countrywide had profit margins as high as 15% on some subprime products. Does this article accurately report Countrywide margins for any existing or past products?
9) Please provide the documentation you discussed to support your claim that Countrywide makes the same amount of money on FHA loans as on other types of loans.
10) Please provide the documentation you discussed to support your claim that Countrywide had received accounting advice for not giving independent mortgage brokers 1099 forms.
http://loanworkout.org/2007/11/
21/senator-schumer-has-some-
serious-questions-for-mr-
mozillo.aspx
Post a Comment