FINalternatives: Hedge Fund Gloms Onto Ex-Countrywide Officials' New Venture

Hedge funds have never been shy about getting their hands dirty, and so it goes with the latest unsavory money-making endeavor. Boston-based Highfields Capital is backing a new venture, headed by a dozen former top Countrywide Financial executives, to profit from the mortgage crisis their old firm helped cause.

FINalternatives 03-06-09 - Free Legal Forms

Comments

[SOLERSO68]

Hey HERES why derivative garbage trader, CNBC's sick rantelli, was so PO'd by the Presidents mortgage plan!!

[TeeLolly]

Why is it that corporate thugs responsible for the housing meltdown and resulting economic crisis can buy bad mortgage loans for pennies on the dollar and ultimately profit handsomely, but the U.S. government can only buy these loans at face value, thereby ensuring huge losses for the taxpayers if the government were to step in?

[cbeenthere]

I was afraid this would happen. Thought Bank of America bought Countrywide bad debts and all. But apparently other smaller banks which undoubtedly will soon be insolvent have jumped into this game and have bought Countrywide franchises. And these supposed execs who started this free fall are still out there raising havoc on our economy. Will our government please stand up to these crooks.

[familydamato]

What is wrong with our government?
Think outside the box: combine spending with tax cuts in one easy plan!

Quickly help the Big Three, end the foreclosure crisis and pump cash into the economy – without government bailouts! Change we can believe in!!!
There are millions of Americans on the verge of retirement watching their pension and IRA savings slashed in value; 401’s have become 101’s!!!
Why not encourage Americans to invest in the Big Three, buy cars made in the USA and/or foreclosures?

For example, give the option to withdraw up to $35,000 from their IRA’s and pension savings tax free if they buy autos made in the USA or invest the money in the BIG THREE? Make a requirement that, in order to be able to withdraw the money tax free, the Big Three investor must leave the money in Big Three stock for at least 3 years.
With regard to foreclosures, allow us to withdraw up to $450,000 tax free to buy a foreclosure (or home going into foreclosure). Require that these foreclosures and autos must be purchased in cash – no mortgage – no loans and no government bailouts!
This would quickly provide jobs, help American auto makers, provide capital to the banks, clean up the foreclosure blight and give Americans a chance to recoup some of their retirement loses – without borrowing from China and bankrupting American taxpayers.

[DontselltheUS]

Greed, selfishness, corruption, and the abuse of power...th­e slogan of the rich Republicans.

[inorbit]

And so the rich get richer.

Why am I not surprised?

[georgiana1]

When is our government going to produce legislation to stop this madness? Why haven't regulations been put in place yet? We have all been told the problems stem from the deregulation. This is sickening and it makes me hope the market does go to s$$$ in order that these crooks can no longer make money off us.

[IncludeMeOut]

Watch for April, when the G20 meet. International Banking is taking a hit, and regulations will be forthcoming to protect entire sectors. Hopefully the will make tax haven illegal-that is where most of the cash is stashed.

[georgiana1]

You give me hope, thank you.

[research]

Banksters!

Ban shorts and Credit default Swaps

Or all is lost.

[hulagirrrl]

Right, where is the media????

[IncludeMeOut]

Reported this morning on CNN. Watch Obermann tonight. I'll bet he or Rachel will have it.

[vippy]

I call it MAFIA. This is who we have leading our country! They are all the same.

[drymartini1]

if there was a profit opportunity, and someone figured it out, they would take advantage of it. wouldnt you? of course it would have to be legal.

so far, i havent seen anything "illegal" in it. profiting off of misery of others, is not always illegal. it might be immoral in some cases. two very different things.

[kwright]

Bank robbers,purse snatchers, burglars. All thieves of one sort or another.

Now why on earth are these thieves in jail and Madoff in a penthouse?

[kwright]

This is economic terrorism. All the perpetrators should be put away forever.I don't care where.

[plaidsportcoat]

Complain, complain, complain. Don't you get it? You have to ACT!

[jeffp26]

These guys are making obscene profits because the people who represent us -- the taxpayers -- are selling the mortgages too cheaply. The more things change the more the taxpayer gets it up the expletive deleted.

[chocolatecity]

If they buy some of those bad assets that's all the better.

[blood1]

Most Hedge Funds know that their heydays are going to be regulated in the near future and are looking for ways to make money with whomever has cash now! Yet another sad tale about how the markets are manipulated for the profit of the few.