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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 industry back in August and the company got off the ropes back then; the question now is how many lives does Mozilo have left?
We’ll keep you posted; but if Countrywide goes bankrupt we’ll have entered a new chapter in this meltdown.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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