Countrywide? KB Home? Washington Mutual? Fannie Mae? Someone's about to go belly up. Someone big. And then after that, someone else will. And someone else will. And someone else will.
Accounting scandal, SEC investigation, bankruptcy filing, massive write-down, share price collapse, big news on CNBC, panicked investors. Who's gonna be first?
It's not a matter of if. It's a matter of when, and who. The table has been set. Who's coming to dinner? The answer(s) may shock you.
Countrywide Financial denies it's bankrupt
Countrywide Financial Corp., the nation's largest mortgage lender, sought to reassure investors Tuesday, declaring it has ample capital, access to cash and is well-positioned to benefit from the financial turmoil rocking the mortgage sector.
The company's statement came amid rumors the company, based in Calabasas, Calif., could be looking to seek bankruptcy protection and as its stock tumbled, at one point down more than 15 percent. Countrywide shares fell 29 cents, or 2.7 percent, to close at $10.28. At one point, the stock had dropped to a low of $8.21. Over the past 52 weeks, the stock price has been as high as $45.26.