Countrywide Financial Corp. (CFC)

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All Comments on CFC

  • commenter
    str222
    Jul 06 02:31 AM
    The Bank of America Bug [view article]
    saying 'the teens' is very wishy washy/ broad sweep. the teens goes from 13 to 19.99. which teen are you talking about? Reply
  • commenter
    Takayama
    Jul 05 12:24 AM
    Massive Government and Private Sector Job Cuts Coming [view article]
    ... and the world's economies will continue to grow after this period of contraction. Yes, a lot of people are going to lose their jobs. They'll figure out something else to do.

    Look at Japan today. People are sleeping at 24-hours internet kiosks and MacDonalds.

    Reply
  • commenter
    Mindstorms20
    02
    Jul 03 05:45 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    In addition to the mortgage servicing business, there are other assets within CFC that can be readily sold (i.e. P&C business) for considerable dollars. As for the FHA Housing Stabilization and Homeownership Retention Act of 2008, Congress will easily override any veto from Bush. Finally, and optimistically, the early $2B could be considered call premium for time to do due diligence and make a decision. Reply
  • commenter
    helplessobse
    rver
    Jul 03 12:46 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    Well, I think we can evaluate BAC judgement by noting they thought CFC was worth $20+ per share when they spent $2B of shareholders money last year. Reply
  • commenter
    ubuy2wron
    Jul 03 09:14 AM
    BofA Left to Clean Up Countrywide's Mess [view article]
    BAC paid less than zero for CFC. The mortgage servicing business has a value north of 20 billion. If the credit losses ,severance and law suits are less than 15 billion they got a bargain. I absolutely believe that this will be looked upon as a bargain purchase in 1 years time.They have an insurmountable lock on the most important consumer credit market going forward . Reply
  • commenter
    squashnut
    Jul 03 12:38 AM
    BofA Left to Clean Up Countrywide's Mess [view article]
    Yes, the Countrywide Dodd bailout. It might not get through. Bush may veto. Does BAC have enough cash to buy Bush? Reply
  • commenter
    squashnut
    Jul 03 12:36 AM
    BofA Left to Clean Up Countrywide's Mess [view article]
    "They must know what they're doing." Like Bear Searns which was a Wall Street institution filled with high priced talent. Like GM which has been an industry giant for years... Reply
  • commenter
    William
    Eichler
    Jul 02 08:10 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    For those worrying about the BAC or Countrywide mortgages you should check out the FHA Housing Stabilization and Homeownership Retention Act of 2008 (still to be voted on). Especially Sec.257 (c) (6)(A)(i) which provides for the refinancing of such existing mortgages in an amount not greater than 90% of the current appraised value of the property involved.

    A mortgage was obtained at $200,000 to cover the original appraisal.
    Time passes and it drops 25% to $150,000. Take 90% of 150K and
    the FHA will buy it for $135,000; for a 32.5% loss for the bank.

    The bank was stuck with a non-performing loan or, a very hard to resell house. Now it has capital. Sound good to me.
    Reply
  • commenter
    User 197175
    Jul 02 05:28 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    Old news.....nothing new here. Reply
  • commenter
    jimmy46
    Jul 02 02:59 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    I think the major cost of taking over CFC will be that BAC won't be able to pursue other opportunities that will come available this next year.
    CFC will keep them to busy.     Reply
  • commenter
    Seriously ?
    Jul 02 01:45 PM
    BofA Left to Clean Up Countrywide's Mess [view article]
    It seems to me that BAC would have had an idea of what they were getting into. I hope I am right. It seems like they would have a much better idea of what they were doing than speculators looking on from the outside.

    Again I hope I am right because there doesn't seem to be a clear way of knowing what BAC is getting into. Maybe they are getting an incredibly good deal, or maybe untold debt ?

    BAC is getting hammered right now and I am betting that they are in a better situation than JP , CITT due to less exposure ergo the sector is just very unpopular right now so BAC might be a very good deal for the long-term investory.     Reply
  • commenter
    BlueSky&Suns
    hine
    Jul 01 08:39 PM
    The Bank of America Bug [view article]
    I for one don't believe BAC Management is ignoring "asbestos." I suspect CFC has spent the last 6 months frantically refinancing their problem mortgages into new loans that qualify either for purchase by GSE's or FHA insurance. As mentioned above, BAC has largely avoided credit crisis thus far. At the end of the day, BAC will be the come back kid of the financial sector. I would not be surprised if today is the bottom. Reply
  • commenter
    Lex Luz
    Jul 01 04:25 PM
    Massive Government and Private Sector Job Cuts Coming [view article]
    When the automobile came along, a whole lot of farriers (people who shoe horses) went out of business, and those farrier jobs never came back. Oddly enough the world did not end, the sun rose in the east and set in the west, and perhaps even more oddly the world's economies continued to grow, with intermittent periods of contraction.

    Mish is right that many of the financial engineering jobs created over the past decade are gone, and frankly, good riddance to them. He's also right in my view that we're headed for a pretty tough road aheahd, and we'll face a period of contraction. It seems we don't share the following view, though: the world is not ending, tomorrow the sun will rise in the east and set in the west, and the world's economies will continue to grow after this period of contraction. Yes, a lot of people are going to lose their jobs. They'll figure out something else to do. A few might kill themselves. The earth will continue to spin on its axis.     Reply
  • commenter
    cfcshort
    Jul 01 01:03 PM
    Countrywide: Potential Short Squeeze in the Offing [view article]
    So I guess the author of the article (as well as his ponies named Marol and Always Elevate) got an expensive lesson :) BTW, good luck with that BAC long position now... Reply
  • commenter
    notsosmart
    Jul 01 12:11 PM
    My Website
    Massive Government and Private Sector Job Cuts Coming [view article]
    the one thing you cant trust is this govt igures on anything especially inflation & unemployment.ok-call me unpatriotic. Reply

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