• Countrywide

    Countrywide Troubles For Bank of America

    Does Bank of American big man Ken Lewis know what he’s getting into with Countrywide? The recent news tying former Fannie Mae chief executives to sweetheart loans from Countrywide may result in the home lender getting cut off from the GSE gravy train. At the very least, Countrywide’s share of Fannie Mae’s dollars for mortgages […]

    / Jun 17, 2008 at 11:31 AM
  • Countrywide

    Angelo Mozilo Deeply Offended That You’re Offended

    I don’t think any of you really comprehend how hard it is to be Angelo Mozilo. A typical day for the Countrywide CEO will include being given shit because a bunch of deadbeats couldn’t get it together to make the payments on mortgages he convinced them to take out, having to justify his barely adequate […]

    / May 21, 2008 at 1:45 PM
  • Countrywide

    Mo Hazard’s Offenses: Subprime Crisis, Melanoma — Now Syphillis, Too?

    Well, everyone, syphilis is on the rise. The Department of Health reports that cases of Cupid’s disease in the city increased sixty percent last year. Who do we have to blame for this? Nominations include Jim Simons, Cody and Cavuto, and Angelo Mozilo, the last one being most plausible, considering his (tanning) bed-hopping frequency. Hopefully, […]

    / Mar 7, 2008 at 10:20 AM
  • Countrywide

    Red Letter Day At The Countrywide Office

    The mortgage lender got sued again by the United States Trustee and while that is great news in and of itself, it’s not the cause of the celebration in the break room to which I am referring. No, the Funfetti cake and party hats were broken out by the boss man himself because this time […]

    / Mar 5, 2008 at 12:27 PM
  • Countrywide, Greenspan

    No! You Can Never Be Too Orange In Moz’s Eyes!

    I just saw (not so) “big al [Greenspan]” leaving the hotel on fifth ave (next to cipriani btwn 59th/60th). Not only does the guy have a Louis Vuitton luggage, he had an orange LV duffle. Seriously, what was he thinking?…I would have taken a picture if hadn’t been so nasty outside. The orange was similar […]

    / Feb 13, 2008 at 2:56 PM
  • Countrywide, Planespotting, The I'm Asking You For A Favor Series

    I’m Asking You For Another Favor

    We’re not crazy- we understood full well the tough times that mortgage lender Countrywide has lately fallen on would mean a battening down and tightening of the company belt. We just assumed the streamlining would be contained to firing a ton of employees and screwing a few more people on their home loans, and not […]

    / Feb 8, 2008 at 11:48 AM
  • Countrywide, Layoffs

    Layoffs Watch ’08: Rebukes of (Mo’) Hazard

    A former Countrywide employee informs us that Capital Market layoffs began this morning, with a 30-35 percent reduction in CMBS and 10 percent on the RMBS sales/trading desk. Packages were predictably weak (approximately 3 months on average with bonus allocations from 2007 ranging from 40-60 percent of the prior year, plus one free pass to […]

    / Feb 7, 2008 at 2:55 PM
  • Bank of America, Countrywide

    Hedge Fund Wants To Block Countrywide Deal

    Is Bank of America’s acquisition of Countrywide in trouble? You wouldn’t think so if you’re looking at the spread between where the shares of the two companies are trading. The spread between the shares and the offering price has narrowed dramatically in the last few days, from a high of nearly 25% to the current […]

    / Jan 31, 2008 at 12:51 PM
  • Countrywide

    Why Didn’t the Post Headline Say ‘Home Mo’ Goes Down?’

    There’s a shocking story in today’s Post about how Countrywide’s Angelo Mozillo said the company would be profitable in the fourth-quarter and—HOMG—it wasn’t. An investor in Georgia is “a little bit disappointed” that he lost $3,200 and a lot of people are just plain hurt that they were taken for a ride (in AM’s red […]

    / Jan 30, 2008 at 11:00 AM
  • Countrywide

    How The Government Kept Countrywide Afloat

    There’s little in Countrywide’s earnings announcement that seem likely to shake Bank of America from its desire to own the home lending giant. Indeed, shares of Countrywide moved up this morning and the merger arb gap narrowed to 80% or so, implying that traders are getting more confident the deal will eventually close. This morning […]

    / Jan 29, 2008 at 12:41 PM
  • Bank of America, Countrywide

    Watching The Countrywide Spreads

    Merger arbitrageurs were widely expected to be even more concerned about Bank of America’s plan to buy Countrywide Financial yesterday but, surprisingly, they seem to have become more confident. In early morning trading yesterday, Bank of America stock slid 6 percent and Countrywide fell 12 percent. As both stocks hit their lows for the day […]

    / Jan 23, 2008 at 8:30 AM
  • Bank of America, Countrywide

    Would You Buy Countrywide?

    We’ve been talking to our sources at Bank of America (a rapidly dwindling pool of investment bankers who have begun to carry their resumes with them at all times), trying to figure out what the business rationale for buying Countrywide might be. The best answer we’ve heard is that the deal reduces Countrywide’s cost of […]

    / Jan 11, 2008 at 9:23 AM
  • Countrywide

    How We Got Here: Downpayments Were Nonsense, And Credit Scores Stood In The Way Of A Better Society

    People always say that hindsight is twenty-twenty but that gives the present moment too much credit. In fact, hindsight is usually just as myopic and cloudy as foresight or, well, uhm, just plain sight. Take the mortgage meltdown. Already it’s started to slip the minds of many just how loose things got in the hey […]

    / Jan 8, 2008 at 2:41 PM
  • bankruptcy, Countrywide

    Countrywide Bankruptcy Watch: Clock Still Ticking

    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 […]

    / Jan 8, 2008 at 2:10 PM
  • Countrywide, Italians Who Don't Sweat

    Literary Jurist Appalled By Everyday Shenanigans

    So Countrywide made up a bunch of documents related to the bankruptcy case of a Pennsylvania homeowner in order to make an ill-gotten dollar for whatever it is Countrywide employees/shareholders spend their dollars on (afternoons at the dog tracks, mostly). Fabricated a bunch of dates, lied about some stuff pertaining to escrow requirements on a […]

    / Jan 8, 2008 at 12:15 PM
  • Countrywide

    Countrywide Denies Bankruptcy Rumors

    Countrywide Financial Corp has said the rumors of a possible bankruptcy filing later today are “absolutely false,” The Wall Street Journal is reporting. Update: Reuters is reporting that the company won’t return their phone calls. Update II: We didn’t even bother calling. What are they going to say? And would the spokesperson tell us the […]

    / Nov 20, 2007 at 3:01 PM
  • Countrywide

    What The Hell Just Happened On The Countrywide Call?

    We were listening in on the Countrywide conference call just now—mostly because we didn’t know that David Gaffen was liveblogging it so we don’t have to—and about four minutes into the thing everything goes haywire. A full minute of what sounds like static and lambs or babies screaming. We just assumed it was a subprime […]

    / Oct 26, 2007 at 12:39 PM
  • Countrywide

    Countrywide Is Borrowing Even More
    The New Motto For This Market: Debt Will Set You Free

    So let’s get this straight. Countrywide said it secured $12 billion in credit and that’s good news. Because it shows that the credit markets aren’t totally seized up. Just like every other story we’ve written about today. We once read something about this. What was it? Oh right: “This is a delusion about credit…the idea […]

    / Sep 13, 2007 at 1:58 PM
  • Countrywide

    Another Countrywide Bailout?

    It’s no surprise that Countrywide Financial Corp. is still financially challenged despite last month’s 2 billion bailout by Bank of America. More surprising is the news that more banks are jumping on the bailout bandwagon. This morning the New York Post reported that another multi-billion dollar bailout plan is in the works for the nation’s […]

    / Sep 11, 2007 at 9:04 AM
  • Countrywide, Subprime Mortgages

    The Mortgage Mess: Lender Myopia And The Race To The Dumbest

    “Don’t Buy Stuff You Can’t Afford” is a classic Saturday Night Live skit whose underlying lesson—that you shouldn’t buy what you can’t afford—seems to have been ignored by a lot of those whose financial troubles or outright failures have been making headlines lately. (And, frankly, making the job of writing about the follies, hogwash and […]

    / Sep 4, 2007 at 12:56 PM

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