Comments on: Bank of America Bets on Countrywide

By: Will Bank of America "buy" Countrywide next week as Mozilo dumps his shares?

Will Bank of America "buy" Countrywide next week as Mozilo dumps his shares? — Sat, 06 Oct 2007 00:28:45 +0000

[...] does dump a ton of shares via this plan next week the stock could be pressured below $18, which is Bank of America’s trigger for their $2 billion cash investment made in Countrywide last month. Is this the hand over of power? Is this the sale of Countrywide to Bank of [...]

By: Countrywide Exec Angelo Mozilo housing recession likely due to mortgage market turmoil

Thu, 23 Aug 2007 18:51:15 +0000

[...] « Bank of America Bets on Countrywide [...]

By: William

William — Thu, 23 Aug 2007 13:53:33 +0000

This move by B of A is hollow because it’s borrowing from the fed to to purchase stock for the purpose of reassuring the equity markets while promoting a backdoor consolidation of the banking/mortgage industry. Consumers will not benefit at all from this quasi-merger.

Let these companies wither and die without any more bailouts from the Fed/Whitehouse

By: S Hallman

S Hallman — Thu, 23 Aug 2007 13:24:57 +0000

So is there still a possibility of bankruptcy for Countrywide if markets don’t open up for non agency loans?

By: Jeff Brown

Jeff Brown — Thu, 23 Aug 2007 03:26:30 +0000

Morgan – Brian also thinks some of the real value to B of A is CFC’s midwest presence, something B of A apparently covets.

By: Morgan Brown

Morgan Brown — Thu, 23 Aug 2007 03:16:03 +0000

Brian Brady thinks BofA overpaid. I know a lot of people shorting CFC who just got hammered today. Russ – that is an interesting point. I think BofA would rather have a fat cut of the servicing business. CFC has one of the largest servicing operations in the world.

By: Russ

Russ — Thu, 23 Aug 2007 03:08:25 +0000

BofA smells blood in the water. I wonder if they are gearing up for a take over. It is no secret that mortgage banks are beefing up their retail operations and BofA started their whole no fee loan campaign to bring in more mortgage loans which they feel will ultimately lead to better cross selling of checking accounts and other services. The value of Countrywide would not so much be the mortgage retail operations, but the ability to cross sell to all of their current mortgage holders.

By: Jeff Brown

Jeff Brown — Thu, 23 Aug 2007 00:04:05 +0000

Thanks for the mention Morgan. Every now and then we find an acorn out there.

By: I-Man

I-Man — Wed, 22 Aug 2007 22:33:32 +0000

This is the beauty of free markets. They can move in quick + efficient ways — or you can wait + wait + wait for blowhards like Dodd or Schumer to yack about the govt must do something (and remember, Schumer is the same guy who wanted to regulate cereal prices bcs they “were out of control” and how were the poor children going to get their Cheerios.