iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,010 Blog Posts

CountryWide Chapter 11 Pending?

I’m not an alarmist, but that’s the rumor spreading around Wall Street.

Just know, the stock is down the most since 1987.

According to Phoenix Partners: Countrywide debt protection costs rise to 26% upfront from 20%.

Basically, defaults are going through the roof at [[CFC]]. This turkey looks cooked (no pun intended, regarding CFC’s heralded CEO, Mozilo).

Anyway, if chapter 11 is imminent, I believe it would have a devastating effect on the markets, more so than Enron.

In short, do not buy stocks right now.

UPDATE: CFC just halted!

“The Fly” wins again, sort of.

UPDATE II: Countrywide says not substance to rumor it is planning to file for bankruptcy protection

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32 comments

  1. gappingandyapping
    gappingandyapping

    dumping and shorting like mad. This is not good.

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  2. hagai

    In short; go short!

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  3. CubsRock

    Banks rallying on CFC being halted. Check what WM did, wtf.

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  4. Woodshedder

    affect [sic]

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  5. Juju bear

    MVIS and CFC will both see $3.

    Tokman and Mozilo will compete for CEO Asshat of the Year in 2008.

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  6. mrkcbill

    Fuck me……Wilbur Ross Mortgage and Loan….Here we come.

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  7. The Fly

    I think “affect” was correct. But, with no time to debate, I will change it and question your point later.

    Fuckface.

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  8. Woodshedder

    Nope, wrong.

    You loose again!

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  9. Pudfucker

    loose?

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  10. The Fly

    Being a verb it is permissable [sic].

    Go ask your English Professor.

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  11. Nostradominic

    Predictions for 2008:

    DJIA will finish the year at 11,500.

    CFC will file Chapter 11 (duh).

    MVIS goes back to a 2 handle.

    The Fly gets whipsawed all year, barely outperforming the 10 year Treasury, then blames his time machine.

    Ducati, whose analysis is usually wrong, has a banner year, but still gets no respect. Odd, no?

    Woodshedder and Trading Goddess finally hook up and start “iDoYou While Working.com”

    Danny graduates from SDSU with a BS in Accounting and shocks the PG by taking a job as a writer for Andrew Dice Clay, aka gappingandyapping.

    Jake drops his Chinese accent and joins an English-speaking monastery, while secretly trading “sin stocks”.

    It is discovered that “Green Writer” is a lobbist for the oil industry.

    Boomer shorts BOOM.

    Dinosaur Trader wins the “Top Peanut” every month, hiring Ragin’ Cajun to do the “5/1” thing.

    The PG disbands due to FCC sanctions on it’s gay music videos and T&A posts.

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  12. Woodshedder

    It was not a verb. It was used as a noun.

    You loose doubly.

    Yes, pudfucker, loose.

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  13. Angelo Mozillo

    It hurts! OH! MAKE IT STOP!

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  14. The Fly

    “I believe it would have a devastating effect on the markets…”

    Verb fuckface.

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  15. The Fly

    Affect

    1. af•fect (transitive verb) [Middle English, from affectus, past participle of afficere]

    to produce an effect upon, as a: to produce a material influence upon or alteration in b: to act upon (as a person or a person’s mind or feelings) so as to bring about a response; influence

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  16. phatfriday

    gloom
    (where CFC and the broad market are headed)

    –noun
    1. total or partial darkness; dimness.
    2. a state of melancholy or depression; low spirits.
    3. a despondent or depressed look or expression.
    –verb (used without object)
    4. to appear or become dark, dim, or somber.
    5. to look sad, dismal, or dejected; frown.
    –verb (used with object)
    6. to fill with gloom; make gloomy or sad; sadden.
    7. to make dark or somber.

    NOTE: Your pico p will work best in gloom.

    i predict MVIS will close over 4.20. My scouts tell me there’s a little potential behind the scenes buzz/goings on.

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  17. The English Professor
    The English Professor

    The Fly is correct, “effect”.

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  18. JakeGint

    “Effect” is a noun in your sentence.

    “Affect” too, can be a noun. In the case of an affectation one takes on, as in:

    Fly’s decision to keep his RIMM stock led to his ambulation’s gay affect for the remainder of 2008 and well into 2009.

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  19. The Fly

    Ok, I admit defeat, with hate in my heart.

    A devastating defeat to the one called “WOODSHEDDER.”

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  20. Woodshedder

    LOL.

    You made a valient affort.

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  21. The English Professor
    The English Professor

    Good on you all

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  22. phatfriday

    I had an English professor once tell me i will never be a writer…
    when i first published, i sent that man a signed copy with a note:

    Dear Professor,

    Fuck you.

    –And now back to our regularly scheduled gloom and affect.

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  23. The English Professor
    The English Professor

    phatfriday,

    If you were my student, I would give you an ‘A’ for the use of “affect” and an ‘F’ for originality in the use of “fuck you”.

    Since you are not my student, go copulate with a capra aegagrus hircus.

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  24. newequity

    ARAY about to break through 17, you are welcome. Up 10% since I mentioned it.

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  25. Chief_Rottingtooth
    Chief_Rottingtooth

    ….even if CFC does not file for bankruptcy, or ends up selling/merging with another institution…..they will have to change their name….maybe some of you creative types can help them with this naming process…..might need to retain the stock symmbol, maybe not….

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  26. phatfriday

    Originality is subjective. Fuck you.
    Most people become professors because they lack the necessary originality to succeed in the field they teach. So they stand atop a tower a criticize under the guise of being ‘academic’ when in reality they cannot hack it.

    Same goes for economists. Start trading.

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  27. The English Professor
    The English Professor

    phatfriday,

    You, sir, are an asshat. Nothing can change that.

    Begone, you irrelevant, menial drudge.

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  28. phatfriday

    I am a total asshat. And you wear it well.

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  29. Pudfucker

    Egan Jones says CFC needs to raise $4 billion within two weeks.

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  30. BOOMER

    Love the chatter. Good stuff.

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  31. EveryonesDad

    For the love of jesus. Effect is the proper usage. It’s very simple. Causality. Cause: CFC files; Effect: market eats shit buffet. I can’t believe you would admit defeat on such.

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