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 of…
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 fund…
Oppenheimer’s Meredith Whitney is currently the most followed bank and financial firm analysts on Wall Street. We don’t normally like to review analyst calls that are not fresh calls from the same…
According to The New York Times, JP Morgan (JPM) is in talks to raise it bid for Bear Stearns (BSC) from $2 to $10.Reuters writes that analysts now see a steep drop…
"The current financial crisis is the most serious since the second world war, and perhaps since the Great Depression."–The London Observer, March 23, 2008Many investors find it hard to believe that some…
Tonight we are going to get the highly awaited VISA, Inc. initial public offering. This one has been on the books since November 2007 and we have previously noted that this was…
With Citigroup’s (NYSE: C) shares off from $55.55 to under $19 and concerns that it cannot weather another round of write-downs which may be coming for subprime paper, credit card debt, and…
Private equity firms and hedge funds often make what seem to rather odd investments. But the one thing you can count on is that they both want to make money, even if…
The Federal Reserve has just made an expansion of its securities lending program to add much more liquidity to the banking system, but the difference here is that this goes above and…
According to Reuters, gas price are at $3.20 a gallon and could rise another $.20 to $.30 in the next month.Reuters writes that Chevron will develop two major projectsw in Asia.Reuters reports…