BofA Invests in CFC

[(former)FormerSanDiegan]

It appears that Bank of America is buying preferred shares of Countrywide. This caused a pop of about 18% in after-hours trading (as of this post). This will no doubt test the nerves of those shorting the stock.

http://money.cnn.com/2007/08/22/news/companies/bac_countrywide.reut/index.htm?postversion=2007082218

[(former)FormerSanDiegan]

More info in this article than original CNN post above, including some soothing words from Angelo. …
http://biz.yahoo.com/prnews/070822/law112.html?.v=71

Notice that BofA is buying preferred stock. Preferred are ahead of stock holders in line in case of bankruptcy.

[(former)FormerSanDiegan]

More info in this article than original CNN post above, including some soothing words from Angelo. …
http://biz.yahoo.com/prnews/070822/law112.html?.v=71

Notice that BofA is buying preferred stock. Preferred are ahead of stock holders in line in case of bankruptcy.

[(former)FormerSanDiegan]

More info in this article than original CNN post above, including some soothing words from Angelo. …
http://biz.yahoo.com/prnews/070822/law112.html?.v=71

Notice that BofA is buying preferred stock. Preferred are ahead of stock holders in line in case of bankruptcy.

[stansd]

Deadzone,

Are you still as confident in your short positions and the certainty of Bankruptcy?

Stan

[stansd]

Deadzone,

Are you still as confident in your short positions and the certainty of Bankruptcy?

Stan

[stansd]

Deadzone,

Are you still as confident in your short positions and the certainty of Bankruptcy?

Stan

[HereWeGo]

Well, that’s the way it goes. Everyone heard the rumor that the rate cut was greatly about CFC. “Never fight the Fed” seems a reasonable axiom.

After the YouTube announcement, I withdraw the proposal of shorting Google due to a loss of advertising from the REIC. Holy Mackeral, what a great idea.

[HereWeGo]

Well, that’s the way it goes. Everyone heard the rumor that the rate cut was greatly about CFC. “Never fight the Fed” seems a reasonable axiom.

After the YouTube announcement, I withdraw the proposal of shorting Google due to a loss of advertising from the REIC. Holy Mackeral, what a great idea.

[HereWeGo]

Well, that’s the way it goes. Everyone heard the rumor that the rate cut was greatly about CFC. “Never fight the Fed” seems a reasonable axiom.

After the YouTube announcement, I withdraw the proposal of shorting Google due to a loss of advertising from the REIC. Holy Mackeral, what a great idea.

[Anonymous]

I was never certain of bankruptcy, but my target price for CFC still is around $10 (The price at which I intend to cover) and that hasn’t changed. I may short some more tomorrow, we’ll see what happens.

[Anonymous]

I was never certain of bankruptcy, but my target price for CFC still is around $10 (The price at which I intend to cover) and that hasn’t changed. I may short some more tomorrow, we’ll see what happens.

[Anonymous]

I was never certain of bankruptcy, but my target price for CFC still is around $10 (The price at which I intend to cover) and that hasn’t changed. I may short some more tomorrow, we’ll see what happens.

[temeculaguy]

yahoo is showing it up 20% to 26.25 in after hours, if it rallies to 30 I’m going to think about shorting it. The bulls have been dying for this turn around and it won’t hold. I don’t see how a 1/2 a point will make all the repos go away or the 2/28’s and neg ams resets will suddenly find utopia. Those loans are going south bcause of affordability ratios that won’t be helped by even a a full point or two drop. These loans are failing because they can only afford 1% interest. Even flat prices will sink these people that countrywide got into bed with. B of A is up a little in after hours as well, that makes sense, one of the few banks not scheduled to get screwed in the subprime mess decides they don’t want to be left out and it somehow makes them more attractive?

[temeculaguy]

yahoo is showing it up 20% to 26.25 in after hours, if it rallies to 30 I’m going to think about shorting it. The bulls have been dying for this turn around and it won’t hold. I don’t see how a 1/2 a point will make all the repos go away or the 2/28’s and neg ams resets will suddenly find utopia. Those loans are going south bcause of affordability ratios that won’t be helped by even a a full point or two drop. These loans are failing because they can only afford 1% interest. Even flat prices will sink these people that countrywide got into bed with. B of A is up a little in after hours as well, that makes sense, one of the few banks not scheduled to get screwed in the subprime mess decides they don’t want to be left out and it somehow makes them more attractive?

[Author]

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