Tuesday, January 8, 2008

Countrywide woes

Countrywide Financial Corp. reportedly denied bankruptcy rumors after it was said to have had fabricated documents.

"The rumor is that the mortgage lender will announce something this week. However, the company is out with comments this afternoon saying that there is no substance to the rumor," said Frederic Ruffy, an analyst for Optionetics.

"The financials are dragging everything down. This is the largest mortgage originator in the country, trading like it wants to go out of business," said Peter Boockvar, equity strategist at Miller Tabak.

Texas Commercial Loan companies continue to try to offer low rate alternatives and curb the negative press on the lending industry that Countrywide casts.

No comments: