Nov 26, 2007


Part of a series The Great American Write-Down

CountryWide (CFC) In October CountryWide posted a $1.2 billion dollar loss, their first loss in 25 years. At the same time the company also put out a statement saying that the worst was behind them and predicted profits for the fourth quarter and 2008. The market bought into it and their stock jumped 32 percent.
From the beginning of the housing downturn Chairman and CEO Mozilo has viewed it as an economic correction; an opportunity to snatch up people and accounts from the hundreds of weaker mortgage firms closing up shop. They have been able to obtain much needed cash from Bank of America and George Soros.