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This may be a manipulation of the market to get the pps back up after all BofA bought at 18. this summer...
I want to know what they will buy it for it there is a buyout..
Stay tuned....
In 7.98 after hours...Man some big trades coming though and big sells I see also... they just might have wanted out of the way and gettin a few extra bucks no matter what??? GLTA
Man, was waiting for this to drop a ittle more and just noticed BOA talking about buyout. Bummer.
Vol is going nuts. Taking profit folks?
INSANE!!! I was going to buy @$5.40, GLTA!!!!!!!!!
I am still in shock and I was a long..Shorts have to be heading to the emergency room for a heart attack!!
Lot of shorties covering. $7 bucks is probably where I'll pull the trigger.
Maybe it will pull back and we can do that again!
I was waiting for that news for awhile. I bought at around 8.20 and sold for a 5% loss. Very scary.
Had to pull the $$ off the table...Now that just MADE my WEEK$$
Sweet! You got in at the right time.
Countrywide Bank of America sound OK?
Look at that short covering!!$$
Bank of America to the rescue again
thanks. please let me know as soon as you see a signal either way.
Going DOWN to 35 cents -- buy all you can afford -- IMHO --
Here's the deal big fight right now between Bulls and Bears...
I'm thinking Bears will win but I'm waiting...Either way call or puts $$ to be made ... I'm hoping it will climb a little like it did last month before it plumets again
http://www.reuters.com/article/FSCONS/idUSN0960764720080110
Is the glass empty
not if cfc goes out of business. they will have prime pickings of the best assets....they may be the ones shorting this to infinity and beyond
ok. Bank of America invested at $18 per share last year...they are down big time
CFC holding at this point because peeps speculating but will go much lower imo unless there is something in the works that we dont know about....... watching and listening
please let me know when you see the bottom
CFC still has a ways to fall imo
I'm watching very closely..I''ll be back in soon. nk:)
no, I missed this one...good time for CALLS?
yup.... Were you playing it???
CFC rocked yesterday
Countrywide Says Foreclosures, Overdue Loans Rise (Update3)
By David Mildenberg
Jan. 9 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage lender, fell in New York trading to the lowest since 1996 as foreclosures and late payments last month were the highest in more than five years.
Foreclosures doubled to 1.44 percent of unpaid principal in December from 0.7 percent a year earlier at the company's unit that handles billing and processing, Countrywide said in a statement today. ,b>Late payments advanced to 7.2 percent of unpaid balances from 4.6 percent.
Countrywide fell 7.7 percent today after losing more than a quarter of its market value yesterday, when the company denied speculation it will file for bankruptcy. Declining home sales and rising defaults pushed Countrywide down 79 percent last year, and Chief Executive Officer Angelo Mozilo has called the housing market the worst since the Great Depression.
``It appears that the housing trends in 2008 will look a lot like 2007, so Countrywide will remain under a lot of stress,'' said Tom Atteberry, a money manager in Los Angeles at First Pacific Advisors LLC, in an interview yesterday. ``What they are left with is a pretty low-margin business.''
Countrywide fell to $5.05 in 10:10 a.m. New York Stock Exchange composite trading. The stock fell 28 percent yesterday to $5.47, its biggest decline since Black Monday in October 1987. Washington Mutual Inc., the biggest U.S. savings and loan, dropped as much as 15 percent, and IndyMac Bancorp Inc., the second-biggest independent mortgage company, lost 11 percent.
Investors controlling 134.4 million Countrywide shares were betting on a decline as of Dec. 31, according to data compiled by Bloomberg. The so-called short interest is about 4.7 times the company's average daily trading volume and about 23 percent of the company's shares available to the public.
Bad Loans
Mortgages funded rose 1 percent from November, and fell 45 percent from year-earlier levels, according to the Countrywide statement. New loans in December totaled $24 billion.
The company charges fees to owners of the mortgages in its $1.5 trillion servicing portfolio for performing the administrative tasks. Borrowers aren't prepaying loans as quickly, the company said, which means a longer stream of earnings for Countrywide and an increase in the value of the servicing rights.
``Our fourth quarter ended with a number of positive operational trends,'' President David Sambol said today in the statement from the Calabasas, California-based company. ``Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.''
Subprime Loans
Countrywide made $6 million in subprime loans in December, down from $3.7 billion a year earlier, reflecting its tighter standards for lending and the inability to sell so-called non- conforming loans to investors in the secondary market.
While the change ``has reduced balance sheet risk caused by its non-conforming originations, the dramatic decline in Countrywide's earnings power this transition has caused has kept CFC's creditors nervous about the company's liquidity,'' Lehman Brothers analyst Bruce Harting said in a report yesterday.
A telephone call to Countrywide's media office was not immediately returned. Mozilo said in October that the company expects to be profitable in the fourth quarter and in 2008.
Countrywide probably is seeking additional capital to shore up its credit ratings, Atteberry said.
Bank of America invested $2 billion in Countrywide in August, buying preferred shares that are convertible at $18 and pay a 7.25 percent dividend. If Bank of America converted all of the original stake to Countrywide's stock at the current price, the bank might face a loss of more than $1.3 billion, or about 70 percent, excluding dividends and the value of the conversion rights.
Countrywide's bank attracted a net $2.3 billion in deposits in December, ending the year at $61 billion. The bank is boosting interest rates to help attract deposits, while borrowing more than $50 billion from the Federal Home Loan Bank system.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBBtfu8JtOD8&refer=home
CFC releases Dec 2007 Operational Results
CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended December 31, 2007.
'Our fourth quarter ended with a number of positive operational trends,' said David Sambol, President and Chief Operating Officer. 'Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.
'Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans,' Sambol continued. 'Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset.
'Banking Operations' assets were $113 billion at December 31, 2007, with total deposits reaching $61 billion at the end of December. Retail deposits alone increased $2.3 billion during the month and $7.7 billion for the quarter to $33 billion. The Bank continued to make progress in opening its Financial Centers during the month, with 194 in operation at year-end. Our Insurance segment also produced solid operating results, with continued growth and net premiums earned reaching a record $1.5 billion for 2007.
'Management is pleased with the progress we have made in positioning the Company to navigate the current challenging environment,' Sambol concluded.
A summary of the Company's key operating statistics is included below:
-- Total loan fundings for the month of December 2007 were $24 billion,
up one percent from November 2007.
-- Average daily mortgage loan application activity for December 2007 was
$1.5 billion, which compares to $1.9 billion for November 2007. The
mortgage loan pipeline was $35 billion at December 31, 2007, as
compared to $43 billion for November 2007.
-- The mortgage loan servicing portfolio continued to grow, reaching
$1.48 trillion at December 31, 2007, up $5.4 billion from November 30,
2007 and $178 billion from December 31, 2006.
-- Banking Operations' assets were $113 billion at December 31, 2007,
which compares to $109 billion at November 30, 2007 and $83 billion at
December 31, 2006.
-- Securities trading volume in the Capital Markets segment was $315
billion for December 2007 as compared to $294 billion for November
2007 and $362 billion for December 2006.
-- Net earned premiums from the Insurance segment were $164 million in
December 2007, up 12 percent from November 2007 and up 55 percent from
December 2006.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.
CFC we havent seen the bottom yet imho
I got 1k at 5.63 and might nibble some more tomorrow.
With a close North of 5.23, CFC might be a good short-term speculation? Note the positive divergence between price trend and Force Index on the monthly charts below.
It tanked today .. took a chance on a jan puts ..
I'm happy.... bring on the buy out
Countrywide denies bankruptcy, but stock plunges
Tue Jan 8, 2008 3:38pm EST
By Jonathan Stempel
NEW YORK, Jan 8 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile, Research) on Tuesday denied market speculation it might seek bankruptcy protection, but its shares suffered their biggest decline since the 1987 stock market crash on growing concern the largest U.S. mortgage lender's problems will deepen.
In late afternoon trading, Countrywide shares were down $2.03, or 26.5 percent, at $5.61 on the New York Stock Exchange.
Shares of other mortgage-related companies also slid, including lender IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research) and bond insurers MBIA Inc (MBI.N: Quote, Profile, Research) and Ambac Financial Group Inc (ABK.N: Quote, Profile, Research).
After traders reported rumors of a possible Countrywide bankruptcy, the company issued a statement that "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 rumors followed a New York Times article citing court records it said showed that the Calabasas, California-based lender fabricated documents related to the bankruptcy of a Pennsylvania borrower.
Like many U.S. mortgage lenders, Countrywide has struggled with the nation's housing slump. Falling home prices and tight credit markets have led to soaring defaults and write-downs of home loans stuck on lenders' books industrywide.
Countrywide has said it has enough liquidity to operate. Chief Executive Angelo Mozilo on Oct. 26 said Countrywide would earn 25 cents to 75 cents per share in the fourth quarter, after losing $1.2 billion in the third quarter. He also said he expected Countrywide to survive the credit crunch.
Some analysts aren't convinced Countrywide is out of the woods, though the lender now specializes in smaller home loans that mortgage financiers Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) will buy that may be less susceptible to default.
"With forecasts for home price declines, home sales and recession continuing to worsen on a daily basis, the outlook for Countrywide worsens relative to management's recent guidance," Lehman Brothers Inc analyst Bruce Harting wrote. He said Countrywide's loan credit quality may not stabilize and profitability may not recover until 2009 at the earliest.
Harting rates Countrywide "underweight," and cut his forecast for fourth-quarter profit to 20 cents per share from 26 cents. Analysts, on average, expect a profit of 12 cents per share, according to Reuters Estimates.
Bank of America Corp (BAC.N: Quote, Profile, Research) injected $2 billion into Countrywide last August, in exchange for what could be a one-sixth stake in the company.
Countrywide later set plans to lay off as many as 12,000 employees, or one-fifth of its workforce. It is expected to disclose December mortgage lending activity as soon as Friday, and to report fourth-quarter results later this month. (Additional reporting by Kristina Cooke in New York and Doris Frankel in Chicago; Editing by Brian Moss)
http://www.reuters.com/article/marketsNews/idUKN0850729620080108?rpc=44&pageNumber=2&virtualBrandChannel=0
very interesting
IMO, CFC is going out of business this year. I predict that BofA will pick up the very few remaining pieces of CFC that are not rotten and let the rest of the company die a swift death. I predict a bottom for the stock around $6.00 before someone calls a stop to it all through reorganization. All just my opinion of course. We shall see...
CTX puts, weeeeeeeeeeeeeeeeeeeeeeeeeeeee.
More than half..lol..It is only .60 now
Beat ya by a milisecond. ;)
WM is a nice example of games..lol
Recently CNBC kept pumping Washington Mutual, crowing about its huge dividend yield so it must be a screaming buy....
Then they cut the dividend in half, lol
Which is the only reason they haven't done it. It's purely psychological.
Any company that pays a dividend while borrowing money at huge interest rates is playing games.
down 9% in only a couple hours...volatile...will it jump back up?...good call opp.?
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