Countrywide Mortgage Director Sells 12,000 Shares

[Bluebear]

Hmm. Bailin'?


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NEW YORK - A director of mortgage lender Countrywide Financial Corp. sold 12,000 shares of common stock, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC Friday, Oscar P. Robertson reported that he sold the shares Friday for $29.70 apiece.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Countrywide Financial (nyse: CFC - news - people ) is based in Calabasas, Calif.

http://www.forbes.com/feeds/ap/2007/07/30/ap3967645.html

[MadMaddie]

1. Yea Countrywide is going down...

[SteppingRazor]

2. Here's the problem with that thought...

Countrywide is the largest Mortgage broker in the country. If they fail, it means thousands of Americans have failed. Have defaulted on mortgages. Have had their houses taken away.

All in all, I'd prefer Countrywide do well.

[MadMaddie]

6. You are right.....but the latest numbers of foreclosures are idicating

just that...Americans bought too big, too much and got really bad loans.


http://money.cnn.com/2007/06/18/real_estate/foreclosures_hardest_hit_zips/index.htm


http://blog.foreclosuresdaily.com/?m=200707

Why would he be selling his stock if he had absolute confidence in his company?

[SteppingRazor]

7. Oh, I'm not saying he does have confidence.

Clearly, he thinks it's going to get a lot worse before it gets better, or he wouldn't have sold. I men, Jesus, you ought to see it down here in South Florida. In Miami, the condo market is in freefall, and yet something like 5,000 new condos will be avilable in 7 or 8 different buildings in the next 6 months. Who the hell planned this crap?

[MadMaddie]

10. We are starting to see many new homes that were snatched up

at the beginning of the year....I would say that at least 10 houses out of 40 have for sale signs out....They are still building like gangbusters..

[Lex]

3. Countrywide isn't going to tank.

nt

[Liberal_in_LA]

5. I hope not. I am getting mortgage thru countrywide (fingers crossed)

[BlooInBloo]

4. Is that the company that lost 89% of its value? Update: Nope, but it may as well have been....

http://www.bloomberg.com/apps/news?pid=20670001&refer=home&sid=a2yB9pe.3k3A

[Lex]

8. No, American Home Mortgage is much different than Countrywide.

From the article you posted: "American Home specializes in Alt-A mortgages, an alternative for A-rated borrowers who can't satisfy all the terms for a regular ``prime'' mortgage."

These kinds of mortgage companies (sub-prime lenders and Alt-As) are going to get hit bad, but the big guys like Countrywide, Wells Fargo, Bank of America, will weather the storm.

[BlooInBloo]

9. Maybe. Fires have a way of spreading - and MBS is a contagious sort of field.

[MADem]

11. Sniff, sniff...it stinks up in here, kinda like ENRON only different!! NT

[Extend a Hand]

12. it's much, much worse...Mozilo (founder & ceo) has sold $380 million

in the last five years...

http://www.nytimes.com/2007/07/25/business/25lend.html?pagewanted=print

On the conference call yesterday, one investor asked Mr. Mozilo how he could justify selling stock while Countrywide was buying shares, which have fallen.

In the last five years, Mr. Mozilo has exercised options and sold shares for a profit of nearly $380 million, according to data compiled by Thomson Financial. Starting last fall, Mr. Mozilo significantly increased the number of shares he was selling on a regular basis for profits of more than $130 million.

“The decision to buy back stock is a collective decision that emanates from the financial operation of the company and is based on what is in the best interests for the shareholders,” he said, noting that he has all the shares he received when he started the company nearly 40 years ago. “It’s totally unrelated to the issue of my sale of stocks.”


Can you say 'Enron'? f*ing criminals