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Country Wide is not out of the woods yet!
Country Wide is Back in the News...And this time they have not come out to deny that they are in serious hot water as it seems to be their customary policy. This time it appears to be 100% true. If you haven't read, the CW Giant has just written down more losses; it seems that they have found themselves in a siutation in where they owe more debt than they own in value of performing assets! What's worse is that a few of the portfolios of assets that they are counting toward their performing assets are questionable at best.Bank of America is planning to renegiotiate the deal from $7 per share to $2 per share or less... and if they cannot come to terms they are considering walking from the deal just like Microsoft did to Yahoo. If BofA walks from the CW deal Cw can definitely not stand on their own legs right now. We may see another government bailout; as bad as that is for the economy overall... or we may see the Giant fall and cause a terrible rippling affect throughout the finacial hemisphere of our national economy!If CW falls so soon after Bear Sterns we will see more ... more

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