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

NEW -> Contingent Buyer Assistance Program
Looks like the the heat is on for the Tan Man. I wonder how many large investors like the State of North Carolina have called the SEC and cried foul. <a href="http://www.thestreet.com/_yahoo/newsanalysis/banking/10383945.html">http://www.thestreet.com/_yahoo/newsanalysis/banking/10383945.html</a> . With business dying and foreclosures continuing. How long before the "Bandini" hits the fan with this company ? The conference call on earnings will be at 9:00 AM Pacific on 10/26. Mozillo has too much pride and ego to step down. If he was smart he would move to a country without an extradition treaty very soon.
 
<p>Considering there are 161 less competitors in the marked place that is a huge drop. </p>

<p>They should be up overall considering they are one of the only survivors. Isn't that what Orange man said when other companies went falling to the way side?</p>
 
<p>Dominoes are beginning to drop:</p>

<p><a href="http://biz.yahoo.com/rb/071011/countrywide_results.html?.v=6">biz.yahoo.com/rb/071011/countrywide_results.html</a></p>

<p>"The largest U.S. mortgage lender also said it eliminated 4,935 jobs last month, leaving it with 55,932. It has said it plans to cut as many as 12,000 jobs, or 20 percent, by December to cope with a deepening U.S. housing slump."</p>

<p> <a href="http://biz.yahoo.com/ap/071011/countrywide_financial_insider_transactions.html?.v=1">biz.yahoo.com/ap/071011/countrywide_financial_insider_transactions.html</a></p>

<p> Apparently, Mozillo does not think the CW stock is worth $18 </p>
 
<p>Stock Sales by Chief of Lender Questioned</p>

<p><a href="http://www.nytimes.com/2007/10/11/business/11land.html?_r=2&ref=business&oref=slogin&oref=slogin">http://www.nytimes.com/2007/10/11/business/11land.html?_r=2&ref=business&oref=slogin&oref=slogin</a></p>

<p>The Securities and Exchange Commission has been asked to investigate stock sales made by Angelo R. Mozilo, chief executive of the mortgage lender <a title="More information about Countrywide Financial Corporation." href="http://topics.nytimes.com/top/news/business/companies/countrywide_financial_corporation/index.html?inline=nyt-org">Countrywide Financial</a>, in the months before its shares plummeted amid the deepening mortgage crisis.</p>
 
<p>Analysis about Mr. Orange's stock sales. Some interesting points about whether someone in Mozillo position should be able to sell his shares. Besides, it contains a portion of Mr. Orange's interview with CNBC and it is always fun to see how tan a human being can be.</p>

<p><a href="http://www.cnbc.com/id/21251609">www.cnbc.com/id/21251609</a></p>
 
The Tan One continues to dump his options. 140,000 Shares a day. Every day since 10/8. Incuding today. Its just amazing how he is getting this by the shareholders. Looks like the stock will go under $ 18.00 today. I just have a feeling that with any more bad news this equity will be trading at $ 10.00. And from there it will just blow away and get delisted from the SP500.
 
I think if people start suing and creating an uproar on these guys walking away RICH, then some ugly things may be exposed. Consumer sentiment and uproar might help push the thing down, complementary to the bad numbers. I have been sitting out on the put options side (except from buying SKF at 81 Doh!) but am thinking that it may be time to get some. Obviously all housing has been hit pretty good recently but still are all above their lows a few weeks back.
 
<p>This just blows my mind. Make sure you check out the link on E-bay for the wristband. Great Diana Olick @ CNBC Link</p>

<p><a href="http://www.cnbc.com/id/21306951">http://www.cnbc.com/id/21306951</a> <a href="http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220159266937">http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220159266937</a></p>

<p> </p>

<p> </p>
 
<p>Best posted question at eBay:</p>

<p><em><strong>Q</strong>: Will you finance the purchase @ 110% of the auctioned value?</em></p>

<p><em><strong>A</strong>: Hahahaha... nope sorry, this is a cash up front deal. </em></p>
 
<p>Countrywide Says Restructuring May Cost $150 Million (Update2) </p>

<p><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aF.tFOaHQV1U&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=aF.tFOaHQV1U&refer=home</a></p>

<p>Oct. 16 (Bloomberg) -- Countrywide Financial Corp., the nation's largest mortgage lender, said it will take a pretax restructuring charge of as much as $150 million to cut operations and as many as 12,000 jobs because of slower lending. </p>

<p>...</p>

<p>Fotheringham raised his estimate for a third-quarter loss at Countrywide to $1 a share, up from 13 cents. The company, which is scheduled to release its results on Oct. 26, may report a loss of $1.02 a share, according to analysts polled by Bloomberg. </p>

<p>In addition to severance costs, Countrywide expects $73 million to $89 million to terminate leases, plus $22 million to $26 million in selling fixed assets, according to the filing. The company said about $65 million to $90 million of the restructuring charge involves future cash outlays. </p>
 
<p>Time to bump the good old Countrywide Thread. This is one to enjoy. </p>

<p> <img title="two-sided tshirt - side two" style="MARGIN: 5px" alt="" src="http://ml-implode.com/img/cfs2.png" /></p>

<p>Thanks to <a href="http://ml-implode.com/">http://ml-implode.com/</a> for the nice artwork. Well CFC stock is down over $ 1.00 and looks to really be having a bad day. As I type its under $ 17.00 Thats over 6% and we have another hour and 1/2 to go. The housing data today is killing the entire sector. Impaq is down over 20% and under $ 1.00 now. That is another Irvine Mortgage company about to bite the dust. Ticker Symbol IMH. </p>

<p> </p>

<p> </p>
 
<p>Regarding his 6 months stock sales amounting to $130 millions. He said, "The reason I'm selling my stocks is that I have a big family. 8 grandkids, 5 children." Hahahaha!! </p>
 
If he's so concern for his "big family" to sell $130 millions worth of stocks. I wonder if he thought about the thousands of families he had laid off. Happy holidays!
 
Well another day another dollar for CFC. Down 6.5% as I go to lunch. So much for BAC and the $ 18.00 deal/loan. I would bet this thing closes at a new sub $ 15.00 low. This thing is just dying a slow and painfull flush down the crapper. Next Friday is the conference call. Should make for some interesting comments from the Tan Man. It will be interesting to watch the stock plummet during the call. Thats what happened last quarter and the news was only a little bad. This time its going to be real bad.
 
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