Posted 2007-08-09 19:40
by Karl Denninger
by Karl Denninger
Dateline Monday August 6th, 2007:
So you tell me what you believe.
Either (1) the company knew conditions sucked badly and they were in trouble or (2) possibly even worse, they don't have the first ****ing clue what they're doing!
Here's their after-hours price chart, along with the S&P 500 futures.
What does this mean for tomorrow?
Not sure.... but I bet it looks something like this, especially if you're long CFC's stock.....
(aw darn, I'm short!)
"Countrywide Financial Corp. said Monday it has access to $46.2 billion in cash, credit lines and other investments, a move aimed at reassuring nervous investors the nation's biggest mortgage lender can weather a market downturn."Tonight, the company says THIS:
"Countrywide Financial Corp. faces "unprecedented disruptions" in debt and mortgage-finance markets that could hurt earnings and the company's financial condition, the Calabasas, Calif., lender said in a regulatory filing. (Read the SEC filing)Yet another LUM, or AHM.
The company, the largest U.S. home mortgage lender in terms of loan volume, said reduced demand from investors is prompting it to retain more of its loans rather than selling them. The company also has been shoring up its finances. "While we believe we have adequate funding liquidity," it said in a quarterly filing with the Securities and Exchange Commission, "the situation is rapidly evolving and the impact on the company is unknown."
So you tell me what you believe.
Either (1) the company knew conditions sucked badly and they were in trouble or (2) possibly even worse, they don't have the first ****ing clue what they're doing!
Here's their after-hours price chart, along with the S&P 500 futures.
What does this mean for tomorrow?
Not sure.... but I bet it looks something like this, especially if you're long CFC's stock.....
(aw darn, I'm short!)
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