« Facebook aside, More on the Microsoft Buy Case | Main | Friday Fun with Fox »
Latest Stories
- Quote du Jour: Kill Me, Sure. But Save the Ozone.
- Interview with a (Fake) Hedge Fund Manager
- Reason # 7,732 Why Yahoo Management is Delusional
- First Faux Apple 3G iPhone Teardown
- New York as (Financial) Tech Startup Hub
October 26, 2007
Countrywide's Optimism: Calling a Mortgage-Market Bottom
Not to say Countrywide CEO Angel Mozilo might not be right today in his upbeat fourth-quarter forecast for the mortgage market -- if nothing else, the 20+% gain in his stock is something to behold -- but I'm trying to keep track of how many times he has called a near-term bottom in the mortgage market. Anyone done a better job keeping track of that stat than I have?
Sphere It
| 
Digg it
| 
Bookmark it
| 
Stumble it
Nope! Not the bottom. Even in a great year, not much moves between now and early spring. They are at least one quarter out. To find out the real bottom, I would keep on eye on the Countrywide REO site.
http://www.countrywide.com/purchase/f_reo.asp
These are the Countrywide repos.
Mozillo has been making this prediction for months now. He did it back in March when the subprime debacle first occured, he did it again after Q2 results and more or less does it again whenever CFC's stock takes a dive, bad housing data comes out, etc.
It's been at least ten times by my anecdotal recollection.
He should call the "latest bottom" and then say: "For real this time"
-M