eponymousLTC

KB Homes Betting On Countrywide Just As Market Kills It

when he said 'capitalizing' on their partnership, i think what he meant was that it was actually paying off a little bit by what little dribbles of sales CFC could get out to them. As far as 'eggs in a basket' go, I'd say they're both 'up the creek' instead. :)

Countrywide Financial Preparing a PR Blitz

Here's an interesting question for you - what ever happened to Stan Kurland, and why did he suddenly resign not too long ago? Stan was heir apparent for a very long time, right up until he suddenly resigned and David Sambol was named in his stead. As an investor I'd be interested to know more about that peculiar management shakeup...

The Times’ 'Expose' of Countrywide Lacks Any Evidence

You're assuming that every branch office behaved exactly the same way. I'm willing to bet a basket of tangelos (a homage to one of the nicknames given to CFC's now dubious CEO) that predatory behaviors lurked throughout many of the branches - especially in markets with hotter real estate markets...

Countrywide Employees Speak Out

North Carolina, New Jersey, Portland...these places don't exactly spring up on the radar as the "hot" real estate markets that have put us in so much trouble...Let's hear from the managers in AZ, CA and FL, where most of the purported fraud occured; where 'investors' obtained loans under more dubious circumstances to purchase a multitude of houses under the guise that they'd be able to sell them for windfall profits. Let's hear what those managers have to say! Chances are they've probably quit their jobs or in jail...
Countrywide has many instruments in place to minimize risk and perform good business practices; for a company founded in 1969 with experience in the many boom-bust cycles between now and then, one would reasonably expect them to have at least some machinations in place; yea, one would verily expect such things from CFC.

The unfortunate piece of their corporate history is how they left their values to the wayside in what were considered some of the most lucrative markets in the country, which is now eroding the core of their very business. Countrywide may heal from this episode someday, but not without a lot of pain and bloodshed. Again, they could have avoided this if they had stuck to their core values, but they did not and they are now paying the price.

I maintain a $10 valuation on this company until David Sambol can finish his succession plan, getting Mozilo's hands off the business. Expect a ceiling when the stock gets back to the price point where Mozilo resumes his ownership purge.