(Posted 31 days ago with MS at $24/share)
*** ALERT ALERT ALERT *** Trading Opportunity! *** ALERT ALERT ALERT ***
Many will remember my ALERT to short Countrywide Financial with maximum leverage at $24 (after I recommended a straight short at $33) when Bank of America announced they had obtained $500M in Fed financing to slap a [...]
1) Form NSIC, the non-securities investment commission, which would oversee any financial instruments that are not considered securities. You would have to have solid definitions for things like CFC’s, derivatives, currency trading, etc.
2) All hedge funds must remain approx 50% invested in common stocks. All participants must post public notice 10 days before investing [...]
Merrill Lynch: Countrywide Losses Likely $10B-$12B -CNBC
Last Update: 6/4/2008 10:05:12 AM
DOW JONES NEWSWIRES
Merrill Lynch & Co (MER) said Countrywide Financial Corp.’s (CFC) cumulative
losses are likely to rise to between $10 billion to $12 billion, CNBC reported
Wednesday. The losses will force similar mark-to-market writedowns for buyer Bank
of America Corp. (BAC), said Merrill. Merrill Lynch kept its [...]
SEC: Bank Of America Registration For Countrywide ‘Effective’
Last Update: 5/29/2008 7:11:03 AM
DOW JONES NEWSWIRES
The Securities and Exchange Commission said Thursday it declared effective a
registration of 132.8 million shares of Bank Of America Corp. (BAC) to be issued
under the company’s proposed merger with Countrywide Financial Corp. (CFC).
Earlier this year, Bank of America agreed to purchase troubled [...]
NEW YORK (MarketWatch) - The controversial president of failed mortgage lender
Countrywide Financial Corp. [s:cfc] will be retiring after the company is
acquired by Bank of America Corp. later this year, Bank of America said Wednesday
in a company statement. David Sambol had been tapped to helm the combined
mortgage operations of both companies, but regulatory and shareholder outrage
over [...]
Countrywide Holders To Vote On BofA Merger June 25 >BAC CFC
Last Update: 5/28/2008 4:09:48 PM
DOW JONES NEWSWIRES
Countrywide Financial Corp. (CFC) will hold a special meeting of stockholders on
June 25 to vote on the proposed merger with Bank of America Corp. (BAC).
The record date for the special meeting is April 28, according to a filing
Wednesday with [...]
Dollar extends losses after loan officer survey
By Laura Mandaro, MarketWatch
Last Update: 5:16 PM ET May 5, 2008
SAN FRANCISCO (MarketWatch) — The U.S. dollar deepened its losses in late
afternoon trading Monday after a downturn in stocks and an unsettling report on
the progress of the credit crunch offset a surprisingly upbeat report on the U.S.
services sector.
At the [...]
NEW YORK (MarketWatch) - Shares of Countrywide Financial fell 13 Monday morning
after one analyst said that Bank of America should abandon plans to buy the
country’s biggest mortgage lender. He added that short of walking away from the
deal, Bank of America is almost certain to cut its offer price to as low as
nothing to $2 a [...]
BofA Mulling Options For Disposition Of Some Countrywide Debt
Last Update: 5/1/2008 9:59:53 AM
DOW JONES NEWSWIRES
Bank of America Corp. (BAC) said Thursday that in connection with its proposed
merger with Countrywide Financial Corp. (CFC), it is evaluating alternatives for
the disposition of the remaining debt of the troubled mortgage lender.
Countrywide had outstanding debt of about $97.23 billion at [...]
BofA To Expand Efforts To Help Countrywide Borrowers >BAC CFC
Last Update: 4/28/2008 1:23:56 PM
LOS ANGELES (AP)–Bank of America Corp. (BAC) says it will expand efforts to help
Countrywide Financial Corp. (CFC) borrowers avoid foreclosure on trouble
mortgages.
The announcement came Monday as members of the Federal Reserve Board began two
days of public hearings on Bank of America’s proposed [...]
Countrywide, New Vista Asset Management In Pact >CFC
Last Update: 4/25/2008 8:19:51 AM
DOW JONES NEWSWIRES
Countrywide Financial Corp. (CFC) and New Vista Asset Management are in a pact to
find qualified buyers for Countrywide’s real estate owned, or REO, properties.
Financial terms weren’t disclosed.
The Calabasas, Calif., mortgage provider said the program is designed to help
minimize the impact of foreclosures, [...]
UPDATE: Bank Of America Shareholders Wary Of Countrywide Deal
Last Update: 4/23/2008 4:34:28 PM
(Updates with shareholders’ reaction to Lewis’s statements in favor of a
takeover, adds details of BAC’s future in mortgage lending and servicing, and of
how the shareholders voted.)
CHARLOTTE, N.C. (AP)–Beleaguered Bank of America Corp. (BAC) shareholders
pleaded Wednesday with the bank’s chief executive not to proceed [...]
Legg Mason’s Miller sees recovery for stocks
‘Worst is behind us,’ famed fund manager tells beleaguered shareholders
By Jonathan Burton, MarketWatch
Last Update: 4:07 PM ET Apr 23, 2008
SAN FRANCISCO (MarketWatch) — The “panic phase” of the credit meltdown is over
– ending with the collapse last month of brokerage Bear Stearns — and stocks
are poised to post strong [...]
Bank of America Corp. (BAC) on Monday posted a 77% drop in net income, as the
largest U.S. retail bank boosted its credit-loss provision nearly fivefold and
recorded at least $1.91 billion in write-downs.
While Chairman and Chief Executive Kenneth D. Lewis said, “We remain concerned
about the health of the consumer given the prolonged housing slump, subprime
issues, employment [...]
WSJ.COM/Earnings Preview: Bank Of America Reports Monday
Last Update: 4/15/2008 11:00:00 AM
Bank of America Corp. (BAC) - reports April 21
The largest U.S. retail bank is coming off a dismal fourth quarter and the lowest
annual profit of the seven-year tenure of Chief Executive Kenneth Lewis - and he
has warned that the slog continues. [...]
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