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The timing did seem good. Angelo R. Mozilo, CEO of Countrywide Financial (NYSE: CFC) did sell a lot of stock before the sub-prime mess hit.

Now, The New York Times writes, in "an Oct. 8 letter to the S.E.C. chairman, Christopher Cox, the state treasurer of North Carolina" is questioning the timing of some of Mozilo's sales. "After starting a plan in October 2006, Mr. Mozilo twice raised the number of shares that could be sold: once in December 2006, when Countrywide stock was $40.50, and again in February, when it hit a high of $45.03."

Since Countrywide now trades well below $20, a lot of investors may think that the company's CEO and founder made a killing. He did. That does not mean that he planned it that way. Much of his automatic stock sales program was in place well before the current mortgage market debacle set in.

The acceleration in the selling, however, looks bad, and in this era of tight SEC oversight, looking bad can be bad enough.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Countrywide (CFC) CEO stock sales questioned originally appeared on BloggingStocks on Thu, 11 Oct 2007 08:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Angelo R. MoziloAngeloR.MozilocfcChristopher CoxChristopherCoxcountrywide financialCountrywideFinancialinthenewsThu, 11 Oct 2007 08:02:00 EST<![CDATA[Countrywide Financial (CFC) adds to subprime panic]]>http://www.bloggingstocks.com/2007/08/10/countrywide-financial-cfc-adds-to-subprime-panic/http://www.bloggingstocks.com/2007/08/10/countrywide-financial-cfc-adds-to-subprime-panic/http://www.bloggingstocks.com/2007/08/10/countrywide-financial-cfc-adds-to-subprime-panic/#commentsFiled under: , , , , , , ,

You would have to have been hiding out in a cave over the past few days not to know that subprime fears have turned into mass panic on Wall Street. The newest company adding to the growing fears is Countrywide Financial Corp. (NYSE: CFC), the biggest mortgage lender in the U.S.

The company says it's now facing "unprecedented disruptions" that may very well impact the company's future profits. This will only give Wall Street's bears more reason to come out and drive down prices, fearing that the subprime effects are going to spread into additional areas of the market.

Shares of Countrywide are getting pounded in European trading, and you can be sure that the same will be true once New York traders get down to business this morning. As of 7:20 AM EDT the stock is down 16% in premarket trading. Yes... it's going to be an ugly one out there today for this stock (and probably the whole market, truth be told).

Continue reading Countrywide Financial (CFC) adds to subprime panic

Countrywide Financial (CFC) adds to subprime panic originally appeared on BloggingStocks on Fri, 10 Aug 2007 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Angelo R. MoziloAngeloR.MoziloCountrywide FinancialCountrywideFinancialfeaturedhome pricesHomePriceshousing marketHousingMarketinthenewsNYSE: CFCNyse:Cfcsubprime fearssubprime mortgageSubprimeFearsSubprimeMortgageFri, 10 Aug 2007 09:00:00 EST