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
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