Do not believe mortgage company CEO’s – here is why

What do IndyMac and Countrywide have in common? Double speak and CEO public statements that mean little or nothing. Some call it outright lying to the public and stockholders. Just two months ago, IndyMac’s CEO was calling the plunge in the company’s stock unwarranted, even as house price declines accelerated. “Given the decline in our …

Countrywide Financial Singing Mortgage and Bankruptcy Blues

Today seems like the day to write articles about Countrywide Home Mortgage, but Countrywide seems to be adding to their own problems. Countrywide Financial Corp. dropped the most in two decades in New York trading on speculation that it needs cash to continue operating its mortgage business. There have been rumors about Countrywide and bankruptcy. …

Lobbyists and special interests buy our government

The mortgage crisis of 2007 worsens and threatens to tip the economy into a recession. Many are asking where was Washington? Washington was in the same place as always, the question regarding what they were doing, and why, are the issues at the heart of the matter. Of greater interest to me are political contributions …

UBS shows $10 billion subprime writedown

This time it’s an investment bank with problems. Swiss-based UBS announced a $10 billion writedown this week on subprime exposures. An injection of capital from investors in Singapore and the Middle East was also announced. UBS has also slammed on the brakes at its investment bank, where the problems originated. UBS has been the biggest …