Sunday, February 03, 2008

Suprise! CEO of Countrywide lied.....

I posted here when the CEO of Countrywide said it would be profitable in Q4 that there is no way I bought it. Stock shot up so CEO and friends could dump at higher price points. Article here:

"The net loss for the quarter totaled $421.9 million, or 79 cents per share, compared with a profit of $621.6 million, or $1.01 per share, a year earlier. On Oct. 26, Countrywide projected a quarterly profit of 25 cents to 75 cents per share. Analysts on average had expected a loss of 32 cents per share, according to Reuters Estimates."

Hope nobody bought it.

My opinion: meltdown isn't over just yet. Reset your loans while Bernake tries to get rates down low enough that enough people can refi those 2 year ARMs.

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