I remember way back in October of last year (soooooooooo long ago) when I posted a little ditty about Countrywide and the fact (speaking tongue in cheek) that they would "never fail". The first comment to that blog posting was this:
"Maybe you should change your web site to spreadingthedoomandgloom.com" posted by Frank Schiefelbein - FrankForHomeLoans.com, who just happens to be (or happened to be?) a Countrywide beneficiary.
Since then Countywide's CEO has been in the news for less than good reasons (is dumping stock in a stock-price-landslide good news?). Countrywide shares have hit year-2000 prices, and they're now accused of fabricating documents. See here: http://money.cnn.com/2008/01/08/news/companies/countrywide.ap/index.htm?postversion=2008010813
On the flip side, Countrywide continues to be the country's largest servicer. This report is from the Mortgage Servicing News today.
So is it all doom and gloom as Frank suggested in October? Should folks not take note of the events surrounding Countrywide or other large financial institutions? Should we play ostrich? LOL.
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