Home › Forums › Financial Markets/Economics › Countrywide profit tumbles 33%
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drunkle.
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July 24, 2007 at 7:45 AM #9579July 24, 2007 at 8:57 AM #67385
Anonymous
GuestIt was only a matter of time that CFC would start their inevitable decline. The homebuilder puts have been on fire since early June, especially BZH. I still think CFC puts are a good buy going forward, I like Jan09 at $20.
July 24, 2007 at 8:57 AM #67450GuestIt was only a matter of time that CFC would start their inevitable decline. The homebuilder puts have been on fire since early June, especially BZH. I still think CFC puts are a good buy going forward, I like Jan09 at $20.
July 24, 2007 at 9:58 AM #67395anxvariety
ParticipantOn the conference call, Angelo Mozillo the CEO of Countrywide when asked what is going to need to happen before the market turns around and what are the reasons its so soft – he just said “no one saw this coming”. On the soft real estate market that he predicts will be the case until 2009. Nobody saw it coming?? Talk about hyperbole.
Some of the things Angelo is saying on the call–
“stretch themselves to get into a home, high desire to get a home”“the mortgage product was developed to get the people into the homes, also known as exotic”
“traditional underwriting standards were altered to use more technology and more credit scoring as a judgmental factor in whether a loan could qualify or not as opposed to traditional documentation”
“i say 2009, it takes a long time to turn a battleship around, this is a huge battleship, first it needs to slow down, then stop, then turn, based on what ive seen in the past its going to take to 2008 to slow down 2009 to head in other direction, by that time reduced competition and pent up demand will….”
the call is here and will be archived:
http://biz.yahoo.com/cc/0/82070.htmlJuly 24, 2007 at 9:58 AM #67460ParticipantOn the conference call, Angelo Mozillo the CEO of Countrywide when asked what is going to need to happen before the market turns around and what are the reasons its so soft – he just said “no one saw this coming”. On the soft real estate market that he predicts will be the case until 2009. Nobody saw it coming?? Talk about hyperbole.
Some of the things Angelo is saying on the call–
“stretch themselves to get into a home, high desire to get a home”“the mortgage product was developed to get the people into the homes, also known as exotic”
“traditional underwriting standards were altered to use more technology and more credit scoring as a judgmental factor in whether a loan could qualify or not as opposed to traditional documentation”
“i say 2009, it takes a long time to turn a battleship around, this is a huge battleship, first it needs to slow down, then stop, then turn, based on what ive seen in the past its going to take to 2008 to slow down 2009 to head in other direction, by that time reduced competition and pent up demand will….”
the call is here and will be archived:
http://biz.yahoo.com/cc/0/82070.htmlJuly 24, 2007 at 10:16 AM #67397JWM in SD
Participant“no one saw this coming”.
BWHAHAHAHH…oh, he saw it coming alright…just in time to unload all of his stock. SEC needs to investigate this SOB.
Everyday there is more proof a credit contraction folks. People need to wake up and smell the coffee…deflation…it’s coming and you better not be in debt up to your eyeballs.
July 24, 2007 at 10:16 AM #67462Participant“no one saw this coming”.
BWHAHAHAHH…oh, he saw it coming alright…just in time to unload all of his stock. SEC needs to investigate this SOB.
Everyday there is more proof a credit contraction folks. People need to wake up and smell the coffee…deflation…it’s coming and you better not be in debt up to your eyeballs.
July 24, 2007 at 10:50 AM #67405ParticipantOn conference call CEO just said worst housing market since great depression.
July 24, 2007 at 10:50 AM #67470ParticipantOn conference call CEO just said worst housing market since great depression.
July 24, 2007 at 10:51 AM #67407Participant“BWHAHAHAHH…oh, he saw it coming alright…just in time to unload all of his stock. SEC needs to investigate this SOB.”
Yeah, he listed Merril and BSC as others who didn’t see it coming….
July 24, 2007 at 10:51 AM #67472Participant“BWHAHAHAHH…oh, he saw it coming alright…just in time to unload all of his stock. SEC needs to investigate this SOB.”
Yeah, he listed Merril and BSC as others who didn’t see it coming….
July 24, 2007 at 11:04 AM #67474Participant“Yeah, he listed Merril and BSC as others who didn’t see it coming….”
The sad thing is that it would appear that those two really didn’t see it coming.
July 24, 2007 at 11:04 AM #67409Participant“Yeah, he listed Merril and BSC as others who didn’t see it coming….”
The sad thing is that it would appear that those two really didn’t see it coming.
July 24, 2007 at 3:25 PM #67494capeman
ParticipantYeah, I’m lovin the August 32.50 puts I bought yesterday. The BSC puts are performing favorably as well. This could very well be the day the indexes begin to collapse.
July 24, 2007 at 3:25 PM #67429ParticipantYeah, I’m lovin the August 32.50 puts I bought yesterday. The BSC puts are performing favorably as well. This could very well be the day the indexes begin to collapse.
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