Kostya Tszyu's right hand

Is Countrywide Financial Headed for Bankruptcy?

Sep 12, 2007 -- /prbuzz/ --A British billionaire has acquired a seven per cent stake in troubled bank Bear Stearns.
Joe Lewis, a Tottenham Hotspur shareholder who made his money by trading in global currency markets, paid $860
million (£424 million) for the stake which he has built up over the last two months.
The disclosure has prompted analysts on Wall Street to question whether Mr Lewis has successfully identified the bottom
of the market in the wake of the crisis in the subprime mortgage market, or if he has over-paid.
Chris Whalen, of Institutional Risk Analytics, believes that Mr Lewis has entered the market at the right time and that it is
investment in banks which are trying to cover up the extent of their exposure to the subprime mortgage market crisis that
should be avoided.
"What the investment shows is that Bear Stearns looks like good value at this level. Bear Stearns is a sound bank, I'm
not worried about their future," Mr Whalen told the Times.

I'm staying tuned.

Will BofA Really Buy Countrywide?

Richard, the entire loan portfolio doesn't necessarily go with the servicing. I once spent a week, in a failed S&L's board room, cherry-picking seasoned performers and chucking the ugly ones back to the RTC. Could this happen again?

Will BofA Really Buy Countrywide?

It is my humble opinion that if CFC had a 'good' reputation, then the deal would make sense.
It doesn't, thus it doesn't.
Perhaps BAC is simply angling for the mortgage servicing rights of a soon-to-be defunct CFC?