Today's news on Countrywide Home Loans brought back flash backs of the American Home Mortgage Crash...
Shares of Countrywide Financial (NYSE: CFC) plunged today on reports that the company was nearing bankruptcy. The stock has recovered somewhat since the company put out a statement saying that "There is no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."
This all sounds like the same rumors and denials that AHM had floating around and within a few days of their rumors and denials AHM crashed and burned..
I for one hope that Countrywide Home Loans can manage to stay a float since we have a great working relationship with them but it's pretty scary how similar the news is.
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