The NEWS Story of the day missed by the Lamestream Media…

January 11, 2008 on 2:15 am | In Old Posts |

I could not even begin to make this one up gang….beware of the future as earnings reports stream in….

Thursday, January 10, 2008
10:24 AM Texas Time

Countrywide, IndyMac Shut Out by Warehouser

Warehouse lender Southwest Securities warns customers

Southwest Securities FSB is removing Countrywide Home Loans and IndyMac Bank from its approved investor list, the company told MortgageDaily.com.

The move was made in light of movements in the share prices the two companies, an executive said.

“We started to believe that the stock price is mimicking the movements of some of the other lenders that imploded,” he said.

Link to Story

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  1. I just saw my morning headlines on Drudge about the giant write offs and my first thought was “wow John pegged that one, spot on!” Your correct, you don’t have to make this stuff up. My husband is a published novelist and he wouldn’t use a lot of the real news of the day in a novel because the plot would not seem “believable” (and he writes fantasy..).

    Melodi in Ireland where it cost me about 150 dollars yesterday to buy a small shopping car full of staples like milk, dish washing liquid and garbage bags - no meat or eggs.

    Comment by Melodi — January 11, 2008 #

  2. Maybe I’m missing something here — why would Bank of America buy up Countrywide (liabilities/losses galore) and say it’s a good deal? It seems to me that BOA’s purchase price of 4 billion will eventually turn into a 9 to 11 billion dollar loss for them when the CW thing is fully fleshed out. Also, isn’t BOA in trouble itself? How can this be a good deal?

    Comment by Ray — January 11, 2008 #

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