Countrywide Financial Corp  (CFC)     Rate CFC  -  Discuss CFC  -  Add to Watch List        

Media reports that Bank of America (BAC) is targeting July 1, 2008 as the date for its acquisition of Countrywide Financial (CFC) have the potential to create a huge impact on the market if accurate. Reports that a letter sent to Countrywide branch managers specifying July 1st as the date are supported by SEC filings showing that Bank of America has shelved the appropriate number of BAC shares and CFC filings, placing a ban on Countrywide executives from trading between June 27th through July 2nd.

All of this is assuming that CFC shareholders approve the merger on June 25th, 2008.

Filed under: Industry, Market matters, JPMorgan Chase (JPM), Bank of America (BAC), Merrill Lynch (MER), Countrywide Financial (CFC), Goldman Sachs Group (GS), Wachovia Corp (WB), Washington Mutual (WM), Lehman Br Holdings (LEH), Stocks to Sell, Cramer on BloggingStocks

Filed under: Deals, Bad news, Short stories, Bank of America (BAC), Countrywide Financial (CFC), Stocks to Sell

Short interest in Countrywide Financial (NYSE:CFC) moved up by a big 26 million shares as of May 15 to 102.4 million compared to the number on April 30. Someone thinks the deal for Bank of America (NYSE:BAC) to take the company over may be in trouble. Shares of a number of other financial companies were also hit hard during the period.

With everyone, including the FBI and US Congress, looking into Countrywide's lending practices and stock sales by management, the short gamble may b

No doubt that CFC is undergoing one of the most difficult business climate in the company's history.

The shares has fallen off the cliff, losing more than 75% of its value this year.   Last month BAC pumped in 2 billion into the copmany at the price of $20.  Now that the shares are trading just above $10, it appears to be even more than cheaper than what BAC was a good value when it made the investment with CFC.  I believe that if the business environment further ddeteriorates, the company would be up for sale by companies like BAC but still at a higher price.  If the company survive

The saving and Loan industry is dead thanks to Paulson.

Home construction is dead thanks to Paulson.

Americans are screwed thanks to Paulson.

who the fuck elected him anyways?

What is the opposite of a bubble?  Countywide has been battered by every piece of bad news possible, but a few key facts remain unsaid.  They are the #1 originator and #1 servicer of home loans.  They fate is as tied to interest rates as it is to the houseing market (ie. if interest rates continue to go down, they will make money on refinancing).