A silly question.. How can a home in Arizona appraised a few weeks ago for $2.2 million be listed for sale today at $1.4 million?

Anyone else think we have a major problem with the entire corrupted housing appraisal system in the US? Or maybe Phoenix real estate is simply crashing fast and furious now...

Hmmm...

Why is Countrywide possibly going bankrupt? Well, for starters, they're now have $2.5 BILLION in "Countrywide-Owned Homes" and growing

Here's three ugly charts - Mozilo 2007 stock dumping, CFC stock price last 90 days (I'm short CFC) and "Countrywide-Owned Home" inventory since January. Anyone see any trends?

Oh dear god, does Orangelo have a mess on his hands. Nice move dumping hundreds of millions in CFC shares before he ENRON'ed, eh? Here's the full list at Angelo's "Properties Owned by Countrywide" page.

Anyone wanna guess how many BILLIONS of dollars of taken-back homes Countrywide (and their partners and receivers) will end up with when it's all said and done? And anyone want to guess if CFC had to mark to market what these homes are REALLY worth today? Someone do us a favor and get a hold of Countrywide on one of these and see what % off they're willing to go!

Wow. Nice work Angelo. Great business ya got there. Sucker born every minute.

Hattips to themessthatgreenspanmade and countrywide-foreclosures for the data...

Know anyone who went on a spending spree with a bunch of cash-out mortgage refi loot (aka Housing ATM or HELOC's)?

Tell their stories here.

Oh, what a party it was. Boats. Cars. Trips to Cancun. New furniture. Hookers & cocaine! Free money that never had to be paid back! We're rich! We're rich!

Never again folks. Never again.