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

NEW -> Contingent Buyer Assistance Program
<p>This is great. . .glad to see Countrywide cutting costs to try and help out their employees.</p>

<p><a href="http://www.cnbc.com/id/23293219">www.cnbc.com/id/23293219</a></p>

<p>"While many Americans are struggling to pay mortgages they never should have been offered or are staring down the face of foreclosure--and while many Countrywide stockholders are staring at holdings that are worth 1/5th of what they were a year ago--<em>and</em> while 11,400 former Countrywide employees are trolling the want-ads, Countrywide execs are going skiing. </p>

<p class="textBodyBlack">Yep, that’s right. Next week Countrywide will “host about 30 representatives of smaller mortgage banks for three nights at the Ritz-Carlton Bachelor Gulch ski resort in Avon, CO,” according to a report in the Wall Street Journal. </p>

<p class="textBodyBlack">The meeting, billed as the “2008 Advisory Council”, includes dinner at Spago, hotel rooms, ski rentals, lift tickets and of course cocktails. There are two four-hour business meetings, followed by skiing and dinner at “Zach’s Cabin, where diners arrive by sled.” </p>

<p class="textBodyBlack"> </p>

<p class="textBodyBlack"> </p>
 
<p><a href="http://www.minyanville.com/mvtv/?videoid=49&offset=9">Getting Burned at Countrywide</a></p>

<p> Shareholders aren't the only ones getting burned at Countrywide Financial. Hoofy and Boo give a special report on the troubled lending powerhouse and deliver a personal message to CEO Angelo Mozilo. </p>
 
Mortgage Chief Picked by BofA Sparks Worries



<p>http://online.wsj.com/article/SB120372901409887427.html?mod=todays_us_nonsub_money_and_investing</p>
 
<p><strong>Activists bare teeth over foreclosures </strong></p>

<p>CLEVELAND - Folks on Humphrey Hill Drive were still waking up on the icy Saturday morning the shark hunters came to town. They rounded the suburban traffic circle in a pair of rented school buses after a half-hour ride from far more modest neighborhoods, rumbling to a stop at the Garmone family's driveway. Forty-two caffeinated Clevelanders piled out, their leaders carrying bullhorns. </p>

<p>Their quarry, Mike Garmone — <strong>a regional vice president at Countrywide Financial Corp.,</strong> the nation's largest mortgage lender — didn't answer his door. So they deployed, ringing bells at the big homes with three-car garages, handing out accusatory fliers and lambasting Garmone and his company's loans. Before departing, they left their calling card — thousands of 2 1/2-inch plastic sharks — flung across Garmone's frozen flower beds, up into the gutters, littering the doorstep.</p>

<p><a href="http://news.yahoo.com/s/ap/20080301/ap_on_bi_ge/the_shark_hunters">MORE...</a></p>
 
<p><a href="http://www.fool.com/investing/dividends-income/2008/03/04/clouds-gather-over-countrywide.aspx">http://www.fool.com/investing/dividends-income/2008/03/04/clouds-gather-over-countrywide.aspx</a>


</p>

<p>With the current situation in the Banking sector and the losses looming larger and larger everyday. I am going to go out on a limb and say the Countrywide deal will die a horrible death. Mozillo tried to get BAC to bail him out. But the latest news is just getting worse and worse. The bell is ringing at the church for this funeral to start soon enough.</p>
 
<p>Looks like another shoe has dropped on Countrywide. </p>

<p><a href="http://www.marketwatch.com/news/story/fbi-probes-countrywide-possible-securities/story.aspx?guid=%7B4145FC3B%2D8CBC%2D4030%2DA8A8%2DFEE8B2C879F7%7D&siteid=yhoof">http://www.marketwatch.com/news/story/fbi-probes-countrywide-possible-securities/story.aspx?guid=%7B4145FC3B%2D8CBC%2D4030%2DA8A8%2DFEE8B2C879F7%7D&siteid=yhoof</a></p>

<p>If I was Mozilo I would start looking for a country without an Extradition Treaty.</p>

<p>I watched his defense of his Stock Sales in front of Henery Waxman the other day. </p>

<p>Classic Mozilo at his best. He could rationalize anything with that Ego of his....</p>
 
FBI Investigating Countrywide




<a href="http://news.aol.com/business/story/_a/reports-fbi-investigating-countrywide/n20080309054609990045">Reports: FBI Investigating Countrywide - AOL News</a>
 
Looks like the end of times for Countryfried. The stock opened just above $ 5.00 and the chart for today for the first 3 hours looks like the Titanic on the way to the bottom. Bank Of America has its own problems at this point. It too is flirting with a new 52 week low. T-Minus just a few more weeks and this thing will vaporize........
 
<p>Cramer just came out in his daily rant about how Bank of America should walk away from CFC.</p>

<p>Looks like the FBI investigation may be the blessing in disquise for them to rationalize walking away.</p>
 
Once CFC officially goes belly-up we will have a full-blown, undeniable depression on our hands. No one will be able to deny that decrepit state of the US banking system any longer. CFC has taken all the heat off all the other players like IMB (countrwide jr) WAMU and Downey Savings. These companies are in dire shape as well but have managed to escape media attacks because they are hiding in CFC's shadow.
 
<p>Maestro</p>

<p>I think your may be right. DSL is taking a nother big hit today. Off 8%. It was $ 70.00 last Summer. Now its below its 52 Week low @ $18.25</p>

<p>And now talk of Bear Sterns having liquidity issues. Its off 10%. This is getting ugly fast. The Fed is going to lower rates and stocks will continue to slide as confidence just does not exist. Sooner or later the system needs that "Come to Jesus Moment" or we will just keep going lower and lower as everyone gets out of equities in the banking and housing sector.</p>

<p> </p>
 
<p>Mozilo: 'No one predicted' current housing bust"</p>

<p><a href="http://latimesblogs.latimes.com/laland/2008/03/mozilo-no-one-p.html?ref=patrick.net">http://latimesblogs.latimes.com/laland/2008/03/mozilo-no-one-p.html?ref=patrick.net</a></p>

<p>How many people are on this blog?</p>

<p> </p>
 
<p><img alt="" src="http://www.bltserv.com/images/Mozilo.jpg" /></p>

<p>See ya Tan Man. Closed at $ 4.36 off 14% for the day. Cue the music.</p>

<p>"Its the end of the world as I know it and I feel fine" </p>

<p> </p>
 
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