Thursday, January 10, 2008

Bad Luck And Trouble

Face it; Countryside's hosed. LATimes (01.10.08):
"Countrywide Financial Corp.'s future was called into question again Wednesday after it reported another rise in loan delinquencies and foreclosures, fueling fresh speculation that the company was headed toward bankruptcy.

The nation's biggest mortgage lender was 'withering' and 'might falter if it does not receive an infusion of at least $4 billion within the next couple of weeks,' said Egan-Jones Ratings Co., an advisor to pension funds and other big investors.

Bankruptcy fears deepen at lender

"Weiss Research, which rates the condition of lenders, said the Calabasas company 'is on a collision course with bankruptcy,' adding that it 'exhausted many of its extraordinary financing options last year and is ill-prepared for the rising mortgage defaults and home foreclosures that are widely expected this year.'"

At least Angelo did OK. Unless the Feds make him give it back.

Ha!! This is funny. Atrios takes us for a spin in the WayBack machine.



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