Posted on 08/28/2007 6:45:15 AM PDT by Hydroshock
Edited on 08/28/2007 6:51:07 AM PDT by Admin Moderator. [history]
1. Countrywide Crushed Again 2. The Top Rocket Stocks for This Week 3. Dell Stumbles at Wal-Mart 4. Microsoft Still Cleaning Up With Windows 5. Weekend Reading
Options House TD AMERITRADE
E*TRADE FINANCIAL Fidelity Investments
Fisher Investments Global Forex
Waiting to see big banks piling into the mortgage business a la Bank of America (BAC - Cramer's Take - Stockpickr - Rating)? Don't hold your breath.
BofA surprised Wall Street last week by making a $2 billion bet on struggling Countrywide (CFC - Cramer's Take - Stockpickr - Rating). The news, announced after the close last Wednesday, gave Countrywide's sinking stock a one-day reprieve.
The linkup also boosted smaller stand-alone lenders such as Thornburg Mortgage (TMA - Cramer's Take - Stockpickr - Rating) and IndyMac (IMB - Cramer's Take - Stockpickr - Rating), as investors wagered that commercial banks such as Wells Fargo (WFC - Cramer's Take - Stockpickr - Rating) and Wachovia (WB - Cramer's Take - Stockpickr - Rating) might make copycat moves.
But since last Thursday's mortgage industry relief rally, the shares of the big lending companies have resumed their swoon. The reason? The U.S. housing industry keeps getting sicker -- and observers are starting to appreciate what favorable terms BofA chief Ken Lewis wrung out of struggling Countrywide.
"It was a layup, basically," Mark Batty, a financial services analyst at PNC Wealth Management in Pittsburgh, says of the terms BofA got in its deal with Countrywide. "A lot of investors would have an interest in that type of investment opportunity."
Which is why short term bond holders are not miserable. Which is what I said.
Oh, I was being sarcastic, you weren’t. Same page now.
I don't know anyone here like that. I do know many here who work far too hard to see doom and despair in every piece of news and consistently try to convince us that the sky is falling. This kind of person is impervious to facts proving otherwise and is, for the most part, ignorant of basic economics.
Personally, I get tired of hearing this claptrap endlessly repeated by the left and their willing accomplices in the media. When I see the same doom here, from the same people over and over again, I have to laugh when they get the ridicule they deserve. Willie Green's legacy lives on....for good and bad.
Ye've convinc't me, man!
Well said bump.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.