You can just feel it.
Countrywide is about to go belly up, Angelo Mozilo is about to be indicted, and BofA is about to make a run for it.
No way this deal goes through as announced. No way.
So the question is - is Countrywide "too big to fail"?
I don't think so. We're not talking trillions in counter-party risk like Bear Stearns. And we're talking about a company that everyone pretty much knows is going belly up anyway.
If you have ANY money in Countrywide, GET IT OUT AND GET IT OUT NOW.
Stick a fork in it. This orange pig is toast.
Beware Collapse of Bank of America-Countywide Deal