January 08, 2008

HP'ers victory is nearly ours as Countrywide Toxic Mortgage teeters on the verge of bankruptcy (AND IF YOU HAVE MONEY IN COUNTRYWIDE GET IT OUT NOW!!)


This corrupt and toxic company is almost toast - and good riddance. They knowingly enabled mortgage fraud, they lent money to liars they knew would never be paid back, and their CEO enriched himself at the expense of shareholders and employees, dumping hundreds of millions in shares as fast and as furious as he could even as he instructed his corrupt suck-up board to buy-back CFC shares on the open market to prop up the price. Sickening. Just sickening.

Angelo Mozilo is now under SEC investigation and in my opinion he's heading for the same fate as Bernie Ebbers, Ken Lay and Dennis Kozlowski. Insider trading and market manipulation can get you only so far - at one point even the monkeys in the government have to at least pretend we're still a nation of laws and come get your ass. That moment is coming soon for Angelo and it will be sweet.

SPECIAL NOTE: IF YOU HAVE ANY MONEY - EVEN FDIC INSURED MONEY - IN COUNTRYWIDE GET IT OUT NOW AND GET IT OUT FAST!!!!

Here's an article on CFC's potential bankruptcy, and then one with Angelo denying the whole thing. Maybe The Fed or the FHLB have told Angelo not to worry - they won't let him fail. Maybe the US government will nationalize CFC like the UK is doing with Northern Rock. Or maybe CFC breaks up. But no matter what it should get interesting, and the CFC death spiral is on. It's not "if", it's "when".

New Worries Crush Countrywide

Countrywide Financial's shares are plummeting to new lows amid rumors that the mortgage lender could be nearing a bankruptcy filing.

The beleaguered company run by CEO Angelo Mozilo has tanked nearly 25% in Tuesday trading, challenging the notion that the nation's largest mortgage lender is too big to fail.

"The rumor was they would file for Chapter 11 this week," Michael Mainwald, head of equity trading at Lek Securities, told Bloomberg during Tuesday afternoon trading.


Countrywide Denies Bankruptcy Imminent

LOS ANGELES (AP) -- Shares of Countrywide Financial Corp., the nation's largest mortgage lender, partially recovered from a midday plunge Tuesday after the company denied rumors that it was planning to file for bankruptcy protection.

In a prepared statement, the company said there was "no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."

37 comments:

Paul E. Math said...

Keith, you're playing favourites now. What about KB Homes? We don't want poor old KB to feel neglected now, do we?

http://tinyurl.com/38z9ys

Anonymous said...

Had to halt trading at the Xchange for CFC amid plunging (25%) stock values after rumours of the company declaring bankruptcy later this week...

Anonymous said...

So what are they going to say if on Thursday or Friday they actually file for bankruptcy. This is getting crazy.

Anonymous said...

Well slap my ass and call me sally, aint that a hoot!

Anonymous said...

Couldn't happen to a better (or more orange) guy! Cheers!

Note to Mr. Mozillo:

Your new wifes' name is JOE.
Keep your back to the wall and do not pick up the soap in the showers...
They don't like baby rapres and cheats in the joint, Ange. Get ready to have your world ROCKED.

It will be a long time b4 this monster hears a wooden door close...

Suicide is your ONLY way out, Orange Turdface...

tangelo mozilo said...

Wow. The DOW just went verticle.

In a DOWnward direction.

Jacob said...

So what bank is a good option to put money in? I have some money on countrywide (under fdic) but if I move it, where do I put it since many other banks are in bad shape.

Thanks

Anonymous said...

Market crashing right now led by REIC

MassBubbleGirl said...

The S&P is at 1397 (Tuesday, 1/18, 3;51 pm ET). Isn't that bad? Someone posted here that we would know things were really bad if the S&P dipped below 1400...please explain why that is and if that is monumental that it sunk below 1400.

thanks!

brokersleaveyoubroke said...

CFC smells worse then Enron. I doubt anybody in DC will get their hands dirty trying to bail out that gang of crooks, Especially during an election year. With all the tales of mortgage fraud at CFC and Orangello cashing out far more stock then Ken Lay, any helping hand will be at the end of a ten foot pole. Or maybe the administration will be forced to bail out CFC to prevent an investigation that might reveal some of Angelos inside political connections.

Anonymous said...

Never fails. KWEEFER goes on a road trip, all hell breaks loose.

Anonymous said...

Market crashing right now led by REIC

Yeah and quite a heavy volume starting at about 2:45 EST. Seems to be gathering momentum.

Anonymous said...

Hey Keith,

I wouldn't bother coming back to the USA if I were you. There's not going to be much left when you get back. Plus, I wouldn't be surprised if they shut down the airports and the borders to stop the debt slaves from fleeing this sinking ship.

brokersleaveyoubroke said...

MassBubbleGirl said...
The S&P is at 1397 (Tuesday, 1/18, 3;51 pm ET). Isn't that bad? Someone posted here that we would know things were really bad if the S&P dipped below 1400...please explain why that is and if that is monumental that it sunk below 1400

1400 is a major support level. If if drops much below 1400 the next big support is around 1200. It's not written in stone that it HAS to drop to 1200 but it's the most likely scenario. If it drops below 1200 then 800 starts looking like a possibility.

I'm the man said...

I just bought a million shares @ 5.50.I'm going to make a million dollars tommorrow folks, it's in the bag.God I love hper's and this panic selling.I'm going to get laid tommorrow for sure.

Edgar said...

1) Tangelo is not going to jail, he done bought himself a CONgreffs.

2) The Northern Rockification of CFC is already complete. FHLB anyone?

Anonymous said...

The photo looks like Angelo is about to perform a magic trick or attempt hypnosis.

Ron said...

My boss just told me that it was an awesome time to buy....yes to buy. I think I am going to bail on this ship as well...what a joke.

Anonymous said...

A friend of mine lives quite close to Countrywide headquarters in California. He says he has been unable to sleep the past few days because of a strange humming noise coming from the direction of CFC HQ. Told him it's probably the shredders at CFC working overtime as some people near Enron HQ complained of the same thing in early 2002. Given the news today those shredders must be red hot!

keith said...

Tens of thousands of cases of mortgage fraud were enabled by Countrywide these past few years

Then you have the insider trading and manipulation

Their HQ is a hotbed of crime and incriminating documents and emails

WHEN WILL THE FEDS FINALLY DO THEIR DAMN JOB AND RAID THOSE OFFICES?

Man, this is frustrating. But just goes to show, the US was not a nation of laws 2001 - 2007

What will 2008 hold?

keith said...

Oh, HousingPANIC is no longer showing up on yahoo search

My paranoid theory of course is that their sugar daddy, Countrywide, had yahoo scrub HP from their search engine.

If you'd like to complain, go to

http://help.yahoo.com/l/us/yahoo/search/search_feedback.html

It actually takes some work to make all HP postings disappear from yahoo. I'm amazed they're that corrupt.

Anonymous said...

Even if CFC goes bk, it'll come out of it. CFC ain't going anywhere.

About yahoo...man you are one paranoid person. But then again you are a Ron Paul supporter so ya know.

Andrew Hac said...

Original quote:
#####
This corrupt and toxic company is almost toast - and good riddance...
#####

A must-correction is necessary:

"This corrupt and toxic country and its head-in-the-ass citizen Americano is almost toast - and good riddance..."

Heeeee...Heeeee...Heeeee

Haaaah...Haaaah...Haaaah

watergate said...

In all fairness to Ken Lay ..he did not cash out as much as people think. His wealth was tied to Enron. Lay was nowhere near the crook that people has described him as. In fact he got a horrible raw deal in the first trial he had with Skilling. Now the bench trial he had issues and probably got busted in that one but he did not deserve to be convicted with Skilling

Anonymous said...

Who forced anyone to sign one of these so called "Toxic Mortgages"?

Princess Mononoke said...

My gosh... I feel like Countryslime has become a vampire!

"described as undead beings who feed by draining the blood of humans." ~ wiki

It's much to late to perform an exorcism... Anyone have a stake!

Princess Mononoke said...

I'm the man said...
>>>I'm going to get laid tommorrow for sure.
January 08, 2008 9:27 PM

It's soooo sad that you NEED money to get laid. LOL

Princess Mononoke said...

January 08, 2008 10:54 PM

Keith, I wouldn't worry about HP not showing up on yahoo search. Yes, I totally agree with you that it's wrong for them to do that! They're only making themselves look bad.

Nevertheless, People around the World google searches and also use dogpile. Screw yahoo!

Anonymous said...

It makes me happy that Mozillo, the evil orange pumpkin-head shady businessman will now get to roast over an open fire of public outrage.

He is a scourge upon this land.

I want him to pay!

Punish him!

Punish him now!

only goes up said...

hey Mr Make a million tomorrow...I hope you are right and make the money, but IF you are wrong, OUCH!!!! I can see CFC closing around $3.50 tomorrow and you may lose your ass. Then you wont get laid for a very long time. Good Luck.

Anonymous said...

Jeeeez, to whom should I mail my house key now?

Princess Mononoke said...

Penny stock ~ Tangelo ~ Penny stock

only goes up said...

Hey Mr Make A Million,
How are you feeling about right now?? As of right now, not only have you NOT made a million (that was in the bag), you have lost around $500,000 this morning. You are NOT getting laid anytime soon.
LOL

...and there will be pain said...

What you HP'ers don't seem to get is that if CW goes down, then it will send shockwaves across all markets. Causing a systematic slide towards recession, cause TRILLIONS in equity loss, unemployment over 7%, and make it impossible for those of your renting, waiting out the market (smartly I agree) to buy a home anywhere in the near future. I am in no way defending their practices, but unfortuantely they have become a necessary institution in american finance. Don't think this compares to Enron...Enron didn't have a fraction of the hold on the US economy that CW has.

Anonymous said...

Anonymous ...and there will be pain said...

What you HP'ers don't seem to get is that if CW goes down, then it will send shockwaves across all markets. Causing a systematic slide towards recession, cause TRILLIONS in equity loss, unemployment over 7%, and make it impossible for those of your renting, waiting out the market (smartly I agree) to buy a home anywhere in the near future. I am in no way defending their practices, but unfortuantely they have become a necessary institution in american finance. Don't think this compares to Enron...Enron didn't have a fraction of the hold on the US economy that CW has.

January 09, 2008 5:13 PM

The world will go on without Country Wide Financial. Don't fall for the "Country Wide is too big to fail, the government must bail them out or else it will affect the economy real bad". NONSENSE.

What happens if the government bails out anyone? Well you get more corporations and more individuals acting in a reckless manner because the entire idea of financial risk is taken out of the business process. If I owned a business in which the risk would be burdened by the tax payer then I would try to make as much money as possible and when things go wrong I would just call for Uncle (Uncle Sam that is).

In the end no one should be bailed out. Otherwise, it just encourages more negligent behavior.

Anonymous said...

"make it impossible for those of your renting, waiting out the market (smartly I agree) to buy a home anywhere in the near future."

Unless of course some 15,000 REOs find their way on the auction block from a court ordered bankruptcy sale. Isn't it ironic that one of the main contributers to the housing bubble may end up popping it?

david in norcal said...

Why if the money is insured are we supposed to pull it all out now?