Countrywide Denies Bankruptcy Rumors

AP:

Shares of Countrywide Financial Corp., the nation's largest mortgage lender, partially recovered from a midday plunge Tuesday after the company denied rumors that it was planning to file for bankruptcy protection.

In a prepared statement, the company said there was "no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."

Countrywide stock dipped as low as $5.76 before the New York Stock Exchange temporarily halted trading in advance of the company's statement. The decline sent stocks overall lower.

Read the whole story: AP

Comments

[yappnmutt]

countrywide is technically insolvent. fasb bank accounting rules are the only thing keeping it alive. the same goes for downey financial (DSL), and first federal(FED). all three will eventually fail.

[WIpatriot]

There will be denials right up to the day they declare bankruptcy.

Maybe they're denying that they're "planning to file" because they've already determined that it's inevitable...LOL.

[civilbehavior]

Going once, going twice........sold to the highest bidder.

What was that you said?

You got how much for my house?

They took all the jobs and shipped them overseas. They counted on having the top 20% spend as much money and more to make up for the bottom 80% who had no more to spend. The bottom 80% began living on available credit at monster interest rates.

For crying out loud Americans. Are you that stupid?

Do you not SEE what these greedy pigs have done and are you so enamored of lusting to be like them you continue to sit down and take it?

Sick puppies.

EDWARDS 08

[realitytrumpsbull]

I hope they DO burn in so I NEVER have to see another one of those commercials. Sorry, guys n gals, you took your turn at the mortgage roulette wheel and it landed on 'zero'.
McDonald's is hiring!

[mrcontinental]

Bullshit! Everyone of these S.O.B.s are insolvent.