Bond-holders who own debt in Countrywide (CFC) have assume that Bank of America (BAC) would take those obligations on and that they would get paid out. Maybe not. According to Bloomberg. “There…
Douglas A. McIntyre The FBI appears to have uncovered some fraud in lending practices at Countrywide (CFC) and now the question is whether management knew. As Captain Renault said in a scene in Casablanca "I’m…
Douglas A. McIntyre Consumers and businesses are faced with two difficult problems as a result of major banks taking huge write-offs. The first is that, even though the Fed is chopping rates, lower interest loans…
Royal Bank of Scotland (RBS) will raise as much as $24 billion to bolster its capital position, a dubious record which US banks will not want to match anytime soon. The big…
The mid-month reports on short interest in NYSE shares showed that many short sellers moved out of big financial stocks but made large bets against airlines and auto companies. With the prices…
According to Reuters, National City (NCC) will raise as much as $7 billion. Reuters writes that Viacom (VIA) will launch a pay TV channel to compete with Time Warner’s (TWX) HBO. Its…
Wall St. wanted some sign that the the recession might not be pulling the economy under for the next four or five quarters. Some investors still have hopes that the downturn will…
Over the last week, both major financials and techs sold off substantially, another sign that one major sector is doing nothing to offset the other. Taken in tandem with GE’s (NYSE: GE)…
Moody’s cut the credit rating of Countrywide (CFC) to "D" for default, over worries about liquidty. According to Reuters "The downgrade does not reflect Countrywide’s planned acquisition by Bank of America (BAC)."…
Douglas A. McIntyre A federal judge has approved an investigation into the lending practices of Countrywide (CFC). The mortgage company may have, among other things, charged borrowers large, unjustified fees. That was after they were…
Douglas A. McIntyre With all of the carnage in the financial sector it would be hard to believe that any other group of stocks could have done worse. The technology sector claims that, for the…
Banks are going to the Fed and getting money at 2.5% and putting it onto their balance sheets. What do the big money centers do with the money? They make investments in…
Countrywide NYSE: CFC) chief operating officer David Sambol cannot get a job as a garbage man. He is viewed as being too closely tied to policies whereby his company made subprime mortgage…
According to Reuters, Bank of America (BAC) will pay the president of Countrywide (CFC) $28 million to stay and run the company after the buy-out is complete. Reuters writes that the chairman…
According to Reuters, Oppenheimer cut is earnings forecasts for Merrill Lynch (MER) and UBS (UBS) a day after cutting Citigroup (C) and Bank of America (BAC). Reuters reports that the Meriwether hedge…
