This certainly looks bad for the investors who still have big money tied up in the company.
Although nothing has been proven yet, if CFC has attempted to defraud bankrupt debtors through fraudulent communications to the bankruptcy courts, it will probably mean that someone is going to go to jail and that the stock will become worthless. However, if this news, that is being put out today, turns out being the result of a careless or over zealous journalist, and all of the adverse accusations turn out to be just HYPE or untruths then CFC might very well have the right to institute a claim for libel and you might see the stock shoot straight back up. No doubt, there are some problems in CFS's receivables, but that is not new news, and every mortgage company in the country is feeling the same pressures, so why is there so much adverse activity going on around this company in particular.
Good luck to all & in particular to CFC.

I have dealt with Countrywide for years and I have had very positive dealings with two of their Florida branches. There are many honest, good people working for this company.

I had dealings with Countrywide in the past and found the folks I worked with to be somewhat less than honest in their dealings with me. I am experiencing a great deal of schaudenfreude watching them go down. It couldn't happen to a more deserving company. Too bad that Mozilo will escape the worst of it.

Good!!! Countrywide deserves to go bankrupt!! Never have so few, done so much, to screw so many. www.countrywidehomeloanssuck.com

Just so you few know I worked as a senior bky specialist at a mortgage company and I delt primarliy with the issued involved (escrow) there are so many factors that could result in a loan not being current because of escrow payment impound increases and additions, and borrowers claiming they never recieved letters of those changes.
Fact is I have done escrow breakdowns from loan origination as well as projected escrow balances which took in the future taxes and insurance to be paid out in the comming year as well as sent proof to the courts of escrow statements and impound changes sent to the borrower, 99% of the time all opposition to the amts owned due to escrow were dropped the 1% that was was due to pre-petition escrow impounds not being included in the filed POC or the judge just being debtor friendly.
There are so many different factors/ laws and rules in the bky process that people will not have a clue on the facts.
I dont know what countrywides record keeping is like or what form thier escrow letters are sent or how they back up old letters previous sent.
But escrow is a very complicated thing its not cut and dry you cant say you owe this much as it is always changing. I worked at this for 5 years so I know my stuff I will tell you this. people are lazy head in the sand hiding system abusing people. What they think they owe is not what they actually owe. There is a preconcieved notion that mort companies make money with an escrow account, well they do not. Also if you dont pay your taxes or insurance it will get force placed its int he docs, read up a bit on the bky process there are oh so many ways escrow can get messed up, till you actually work loans in bky you wont have a clue. If you have questions about what happens in a ch 13 feel freee to email me and I will answer them but I cant give you any legal advise
Oh and most bky attnys dont have a clue in hell what they are doing unless bky is their primary business.

I just plunked down 220,000 in a 3 month CD at Countrywide Fanancial. Any guesses as whether I might loss my money. They told me to have 2 beneficuary's so I would be covered by FDIC insurance. Anyone know if this is correct. Also, If they go bankrupt how long before I would receive my money and interest from the FDIC people. Thanks

Doug

No big shock here. Countrywide has thousands of loans they are being forced to buy back because the appraisals were either inflated or outright fraud. Mozilo dared to tell the financial markets that the country could be heading for recession because of the housing market, when he himself and the crooks that work for him were a major cause of this whole mess. I hope the Feds nail this scumbag to the wall. He's as bad or worse than Ken Lay and Jeffrey Skilling. He needs to do serious time.

if you have a mortgage with countrywide what happens to the mortgage if they go under.

singed,worried

I cannot understand why I am being charged a Jumbo loan rate, but I do not have a Jumbo loan. They will not work with current mortgage holders. They refuse to help you out. I wish to get an answer as to why I am being charged such a high rate from the CEO (Mozilo)

I think Mozilo is basically honest. And so what that he has a tan? Envious? As for the company, it might be a buy now, if the rumor of chap 7-11 is false.

THE ARTICLE IN THE FORBES MAGAZINE ABOUT MR.ANGELO MOSILO DUMPING HIS STOCK AT 37.00 A SHARE BEFORE IT WENT TO 9.00 A SHARE DOES TO ME SOUND LIKE A INSIDER TRADING TYPE OF DEAL. HE MADE AROUND 150 MILLION IN ONE TRANSACTION SOUNDS QUESTIONABLE TO ME

I am glad they are a horrible lender espically since you have to call India regarding your loan and they Do Not Care!!! If you loose your house they do not live in the United States. Do Not Use Countrywide you will be in a nightmare that never ends unless you forclose and start over....

they are a joke and the goverment should search All of there records and refund the people they stole from...

I have a pending lawsuit against Countrywide for Misreprentation and Falsfiying Assets to Underwriters. What happens if Bank Of America buys them out? Do they buy the good, the bad and the ugy? I didn't bite off more than I could chew, but then I didn't find out my account was not escrowed until the middle of closing (with no where to live at that point) which how the "Account Ex" was able to get my payment down to a more reasonable amount. Then I was told I would be able to refi within 3 years (ARM) but was told I couldn't because we didn't have any assets (we didn't to start with)!!! If I lose my house in a foreclosure so be it, I'm not as bad off as the elderly people they ripped off with the refi and the teaser rates...I also now found out the "pre-payment penalities" are not mandatory but extra dollars in the Account Ex pocket...they sure know how to read from a script.....I will stand and fight to the end for all those that were screwed by this company. P.S. My realtor referred me to these liars...should have known better. You can bet I will check everyone out nine ways to Sunday if there is ever a next home purchase.

Realtors have nothing to do with setting the value of the home. If there is low inventory like there was in 2005 that it what drives the price up. You cannot set the price too high because it won't appraise.