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

NEW -> Contingent Buyer Assistance Program
<p>I would have asked him about this chart. Mr.Mozillo, is this a chart of the increasing pigmentation in your skin through 2007 or the rise in Countrywide REOs?</p>

<p><img alt="" src="http://bp3.blogger.com/_A2btxwmKXXg/RsyCUlW71rI/AAAAAAAAAr0/oqgndAl_mAg/s400/Foreclosure_Chart.gif" /></p>
 
<p>A few details on the <em>cozy</em> relationship between Countrywide and B of A: That $2billion bought preferred shares that carry an interest rate of 7.25 percent and can be converted into common stock at $18 each. For more, see NYT business section today.</p>

<p> </p>
 
<p>I am watching this stock head below 20 later today.</p>

<p>Lets see. We got like 11 Billion last week. Then another 2 billion this week. Whats he going to pull for next week ?</p>

<p>They have put all the lipstick they can on this pig. And that Mozillo interview ? What a joke.</p>

<p>He did more damage to his company. His ego will be his undoing. The business model his company was based on is broken.</p>

<p>Home prices going down and the secondary market to sell his paper to. One is bad. 2 is death. The perfect storm. </p>
 
<p>Until they address the issue of the millions of squatters that are going to lose their homes, all they've done is put a bandage on a leaky dam.</p>

<p>The real damage is going to be on the consumer, not the high-net-worth hedge fund investors. </p>

<p>Where is the education here? The only advice I've heard is from Jim Cramer telling people it may be financially wise to just walk away. Surely, all these collective PhDs in the economy and government can find a way to advise these squatters rather than rehashing the soundbite that "subprime is contained."</p>

<p>Maybe there is no solution. Well, then say that. Say something. Get people to look the problem in the eye. All people have been doing for the past 2 years is living in their state of denial.</p>
 
Countrywide must be practically braindead regardless. If they are doing 90% conforming they are basically just pocketing fees as a giant suitcase lender. All their innovation is worth about $0
 
<p>Countrywide’s CEO sees housing-led recession</p>

<p><a href="http://www.msnbc.msn.com/id/20405745/">http://www.msnbc.msn.com/id/20405745/</a></p>
 
<p>Told ya. Wamu, you are next. </p>

<p>http://www.thestreet.com/s/is-wamu-the-next-countrywide/newsanalysis/ratings/10375529.html?puc=_googlen?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA</p>
 
Time value would normally be my first thought, but my expiration dates are Jan of 08 and Jan of 09. I think someone was just selling. And I am just comiserating out my behind.
 
<p>the FED made an unprecedented move today by bending its rules for Citi Bank and Bank of America. There are obviously gigantic problems with this.</p>

<p>1.) Didn't B of A just lend Countrywide 2 Billion??? Now they need to borrower money??</p>

<p>2.) Citibank is the largest bank in the world with Billions and Billions in cash. If they need exceptions to have access to cash, look out.</p>

<p>3.) Anytime the FED makes an "unprecedented move" it is NOT a good sign.</p>
 
An interesting <a href="http://market-ticker.denninger.net/2007/08/thumped-thursday-mozillo-calls.html">take on CW.</a> Warning make sure the kids are not around unless you plan on explaining what a f-bomb is.
 
Thanks to <a href="http://ml-implode.com">ml-implode</a>. I think that some of us will have to <a href="http://www.anarchyware.com/store/2007/07/03/oompa-moziloompa-have-you-been-doopadee-duped/">order this</a>.
 
<img height="585" alt="A Loan Giant Hits a Wall" width="1125" src="http://graphics8.nytimes.com/images/2007/08/25/business/country-graph.jpg" />
 
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