Countrywide Bankruptcy Watch: Clock Still Ticking

Posted by John Carney, Jan 08, 2008, 2:10pm

Countrywide Financial Corp says it still isn’t bankrupt! The largest U.S. mortgage issued an announcement to deny rumors that it was on the verge of filing for bankruptcy.

"There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company," the statement said.

Shares of Countrywide were down 21.3 percent before trading was halted.

Countrywide rejects bankruptcy rumor [Reuters]

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Posted in: Bankruptcy, Countrywide

Comments

Posted by , Jan 08, 2008 3:12PM

who came up with this nonsense? it takes like 2 minutes to look at the financials and see clearly this company is more than a quarter from even having to consider bankruptcy if everything went poorly

Posted by anonymous, Jan 08, 2008 3:16PM

Someone confused Angelo Mozillo with Michael Scott from the Office. Not the first time this has happened..

http://michaelscottdeclaresbankruptcy.ytmnd.com/

Posted by , Jan 09, 2008 8:46AM

now what are they going to say about etrade?now that the company has a turnaround plan,Go Etrade.

Posted by Me, Jan 09, 2008 8:48AM

If you don`t think they are going bankrupt then shouldn`t you be buying at these levels? That is unless you own it already which would explain why you think everything is peachy. When will you people stop listening to these stock market whores? It`s their job to lie and hype this garbage market that`s going to 10,-11000 by the end of 2008. Kiss 5 yrs worth of gains goodbye!!! lolol

Posted by , Jan 09, 2008 8:58AM

smart money bought when it was pummeled into the ground,nothing is peachy in this market,they should get proof of a company going bankrupt before they open their yaps,and make people panic and sell.

Posted by Ken, Jan 09, 2008 8:58AM

What happens if you have a morgage with countrywide and they go bankrupt.
If you have an adjustible rate, where you can pay the minimum payment or interest only or amortirized or 15 year.
Is it likely you could end up with a fixed rate, Just because you then could pay the amortirized payment & possible pay it without going into additional debt.

Posted by , Jan 09, 2008 9:29AM

@Me: yes. also i think it's funny that you think doing your own fundamental work on a company and "listening to these stock market whores" is the same thing. you are a tool, just a cog in the machine. try using your own brain for a change. maybe learn a little financial statement analysis.

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