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

NEW -> Contingent Buyer Assistance Program
<p>I was out in Calabasas yesterday and drove by CFC Headquarters. I thought of taking a pic and posting it, but the ARMED ( ?! ) guards made me think again. I counted 3 at the main gate, and 2 on "roving" patrol. WTF ?</p>

<p>Closed at 8.42, down to 8.31 after hours.</p>
 
<p>Armed guards huh? A prudent move considering how many people send checks to Countrywide every month.</p>

<p>Maybe Mozilo saw too many movies:</p>

<p><img alt="" src="http://thecia.com.au/reviews/l/images/lord-of-the-rings-2-1.jpg" /></p>
 
<p><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_wFWqWIH-WFU/RvotWXiJakI/AAAAAAAACV4/pz5ktVXVBTw/s1600-h/cool-cartoon-45981.png"><img id="BLOGGER_PHOTO_ID_5114450189130230338" alt="" border="0" src="http://bp2.blogger.com/_wFWqWIH-WFU/RvotWXiJakI/AAAAAAAACV4/pz5ktVXVBTw/s400/cool-cartoon-45981.png" /></a></p>

<p>The CFC saga continues. Next stop $ 5.00 and lower. </p>
 
<p>And the house of cards collapses...CFC $6.52</p>

<p> NEW YORK (Dow Jones)--The Countrywide Financial Corp. (CFC) fabricated


documents related to the bankruptcy case of a Pennsylvania homeowner, court


records show, raising new questions about the business practices of the giant


mortgage lender at the center of the subprime mess, The New York Times reported


on its Web site Tuesday.


The documents - three letters from Countrywide addressed to the homeowner -


claimed that the borrower owed the company $4,700 because of discrepancies in


escrow deductions. Countrywide's local counsel described the letters to the


court as "recreated," raising concern from the federal bankruptcy judge


overseeing the case, Thomas P. Agresti.


"These letters are a smoking gun that something is not right in Denmark,"


Judge Agresti said in a Dec. 20 hearing in Pittsburgh, the Times reported.


Judge Agresti said that discovery should proceed so that those involved in the


case, including the Chapter 13 trustee for the western district of Pennsylvania


and the U.S. trustee, could determine how Countrywide's systems might generate


such documents.


</p>
 
<p><a href="http://www.nytimes.com/2008/01/08/business/08lend.html?_r=2&oref=slogin&oref=slogin">Lender Tells Judge It ‘Recreated’ Letters - New York Times</a></p>

<p>Link to the story.</p>
 
<p>Countrywide Loses Most Since 1987 Amid Bankruptcy Speculation </p>

<p>http://www.bloomberg.com/apps/news?pid=20601087&sid=afp5_jiAa35U&refer=home</p>
 
I had a client who had problems with WaMu who force-placed insurance when he had insurance, and charged him late charges every month because he wouldn't pay them for what he'd already paid for. I got copies of their accountings. According to them he was -5000.00 and sometimes -4000 or even -$3000 and then it would go up again. It made no sense. I got them down to his owing 37.00 and told him to pay the $37. Lenders are stupid. (I may have said this before.)
 
Well boys and girls. It looks like the end of the game for the Tan Man. The price of CFC stock is off 18% in heavy trading

for just this morning. Almost 45 Million shares and its just lunch time in NY. Chapter 11 would be the best route. I would expect something at the end of trading one day this week. Lets see if it close above $ 5.00 today. $ 6.16 as I type.

Next stop for Mozilo will be Club Fed.
 
Man I hate those Sarbanes-Oxlley rules. Something about accountability for public statements or some such inconvenient truth like that
 
<p>LL, countrywide also has a strict written policy regarding insider trading</p>

<p><a href="http://about.countrywide.com/CorporateResponsibility/EthicsStatement.aspx">about.countrywide.com/CorporateResponsibility/EthicsStatement.aspx</a></p>

<p>$5.96 for a share of CFC. . . I rather have two happy meals. . .the toys are more fun.</p>
 
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