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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: 10K a day who wrote (85308)	8/19/2007 11:51:38 AM
From: Joe Stocks	Read Replies (3) of 110194

First Magnus -- Could Countrywide Really Go Under? cnbc.com >>This all had me talking on the phone with Guy Cecala, editor of Inside Mortgage Finance, who lives and breathes this stuff even more pathetically than I do. He said in no uncertain terms, "Countrywide is too large to fail." The company does have 1/5 of the nation's mortgages and accounts for ¼ of Fannie's outstanding business and 1/3 of its new business, he said. He also says Countrywide is no worse off than the mortgage industry overall (which I'd have to add is pretty bad), and that its trouble has nothing to do with the performance of its loans, but on the capital markets. "80% of Countrywide's subprimes are aaa rated, nobody's lost a dime," he says. It's all about panic in the market, he says. Investors are terrified of anything that says mortgage, and companies are being penalized because they can't sell the loans. <<

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