T-minus ? until Countrywide goes under.. . .

NEW -> Contingent Buyer Assistance Program
I was just telling my buddy that CFC just hit a new low, and he tells me that his friend and friend's coworkers bought CFC stock hoping they will go back up in the future. These bag holders work for a small time home builder, a home builder that was looking to build in Atlanta back in the spring, and then looked to build somewhere overseas in the summer...



 
Will this put CW over the top or simply push back the countdown? I keep thinking that the end is coming for CW but Orangzillo keeps finding new friend like J.P. Mothra Chase (I know it's a stretch.. . but I'm trying to keep the theme going )





<a href="http://www.cnbc.com/id/20754766">www.cnbc.com/id/20754766</a>
 
IC - Nowhere can I find the name or names of lenders of the $12 bil? Doesn't this strike you as odd? Call me a nut, but is it possible that the orange man is just leaking nonsense to inflate his stock price while he keeps on selling it? Nah, that would be too lousy.
 
Good point awgee. . .I would hope that Mr. Tan will be smarter or have better lawyers than that. If it's true, the comparison between CW and Enron are getting eerily on point (Mozilo would be the next Lay).





I do like this quote from CW:





" The No. 1 U.S. mortgage lender said the additional borrowing capacity came <strong>through new or existing credit lines</strong>"





I know that I'm no financing expert but what are type of borrowing can there be other than new or existing credit lines.
 
<p><em>"I know that I'm no financing expert but what are type of borrowing can there be other than new or existing credit lines."</em></p>

<p>Imaginary?</p>
 
<p>Sounds like another toxic loan. I am going to guess 8% interest rate. Who in the right mind would shell out more cash to a company in its death spiral ? The stock is up for the morning but lets see how it plays out this afternoon. Looks like a short squeeze and then back to the daily down slide every day. It has been down the last 7 days in a row. Bet the terms of the loan or credit come out late after trading so as not to hurt this small rally for the equity. Nice time for the big guys to get out with all the volume. </p>
 
awgee - I saw who the some of lenders for the $12bil were. I will see if I can find it. It was a lot of the bigger Euro banks IIRC like BNP Paribas, Credit Suisse and Deutsche.
 
<p>I wonder why they are making the loan? Countrywide doesn't seem like a good risk to me.</p>

<p>Speaking of Barclays, wait until the off balance sheet items are exposed for Citigroup.</p>
 
Wait till the off balance sheet items are exposed for all the major banks...YIKES!!!!





Bear Sterns is in the middle of the rumor mill of being bought out in the next 18 months.
 
Optimus....but not like this they are way off their highs and with truely knowing, they will even admit this, what the true liability is on their books make it look like a prime candidate.





Plus they are not very well diversified like Lehman and GS.
 
<p>Time to bump this thread. Well the euphoria of the Fed Cut has worn off. And the reality of the RE market persists again today. CFC is down its customary 5% for the afternoon. Mid 18`s. The big losers are the homebuilders again. Bezer and Hovnanian. Both are off 10% for the day. </p>
 
WM and DSL are carrying greater percentages of accrued payments as accounts receivables, and they have farther to fall. The easy money has been made in CFC.
 
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