Wednesday, November 21, 2007

Bankruptcy Rumors At Countrywide

Bankruptcy Rumors At Countrywide

Countrywide Financial Corp shares plummeted as much as 22 percent on Tuesday on speculation the largest U.S. mortgage lender might run short of cash, but recovered most of that loss after the company said it has ample liquidity and will not go bankrupt. In a statement late on Tuesday, Countrywide said it believes it has "ample liquidity and capital" to ride out the U.S. housing downturn, and will benefit from mortgage market consolidation.

"Nobody's got any faith in anyone telling the truth, or knowing what the truth is," said Anton Schutz, a portfolio manager at Mendon Capital Advisors in Rochester, New York.


Wow... read the whole Minyanville article.

News on Fannie, Freddie, and now Countrywide. We're going into the liquidity crunch.

You'll have an emotions article from me in time for Turkey day. :) But this was something that really caught my eye.

Got Popcorn?
Neil

No comments: