Is Countrywide on it's death bed? According to some analysts the company needs billions in new fundings just to keep going.
From MarketWatch:
"Countrywide is severely challenged and might falter if it does not receive an infusion of at least $4 billion within the next couple of weeks," Egan-Jones Ratings Co., a ratings agency, wrote in a note to clients on Tuesday. "The GSEs likely curtailing purchases have hurt Countrywide."
Of course the mortgage giant denies any bankruptcy talk:
"There is no substance to the rumor that Countrywide is planning to file for bankruptcy," the company said in a statement that was e-mailed to MarketWatch.
But as a commenter said a long time ago - "if you have to say it, what what are you saying?" We called Countrywide the Titanic of the mortgage in
Related Headlines
- Bank of America Bets on Countrywideposted 72 weeks ago on Blown Mortgage
- Countrywide?s Mozilo sees recession as likelyposted 72 weeks ago on Blown Mortgage
- Countrywide shareholders to vote on BofA dealposted 32 weeks ago on Blown Mortgage
- We told you about this AGES ago.posted 52 weeks ago on Blown Mortgage
- Countrywide Layoffs Gear Upposted 69 weeks ago on Blown Mortgage
- Bank of America says ?No more garbage loans!?posted 72 weeks ago on Blown Mortgage
- Countrywide?s Official Response to the NY Timesposted 71 weeks ago on Blown Mortgage
- US Bank Eliminates 100% Financingposted 45 weeks ago on Blown Mortgage
- Rumor Mill: Countrywide Specialty Lending Done??posted 60 weeks ago on Blown Mortgage