Reuters Countrywide CEO: No housing recovery before 2009 Tuesday July 24, 1:15 pm ET NEW YORK (Reuters) - Countrywide Financial Corp. (NYSE:CFC - News) Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices, and the excesses of recent lax lending standards in much of the mortgage industry. "It just takes a long time to turn a battleship around," Mozilo said on a conference call discussing quarterly results for Countrywide, the largest U.S. mortgage lender. "This is a huge battleship, and we're headed in the wrong direction." Calling it "a gut feeling," Mozilo said, "It's going to take the balance of this year to get this thing to look like it's slowing down (and) 2009 to head into the other direction." Earlier, Countrywide said second-quarter profit fell 33 percent to $485.1 million, or 81 cents per share, from $722.2 million, or $1.15, a year earlier. It also cut its 2007 earnings forecast to $2.70 to $3.30 per share. It had forecast $3.50 to $4.30 in April, and $3.80 to $4.80 in January.
What's your point? You have a CEO undermining his own endeavors? Pretty noble. How many shares does Mozilo still own? Any? Who's on the OTHER side of the trade. Pssst, there's ALWAYS somebody on the other side.
My August 27.50 puts have doubled in value in under 30min! Got to love the buying puts in a market that is just beginning to fall! This mess is just getting started and will make the savings and loan debacle look trivial in comparision!
Class action? BFD. Show me any liquid stock, who's company doesn't have litigation against it.. Class action is weaker than an indivdual suit (with merit). Let 's shake out some low hanging fruit, shall we?
I am finally going have to intervene here. It is obvious that you are just someone who wants to be antagonistic whether you are right or wrong efficiency. Most childish I might say. You haven't done your homework in just how bad the mortgage sector is going to get, that is obvious. If you are going to post, go read up on the matter so you can contibute something of actual worth instead of aguing with others for entertainment. Making yourself look foolish that is all you have accomplished here. Go read up you will be buying puts yourself near term.
There's nothing obvious about. Audit trail of my posts. Only 200 to audit, not 1700. Childish? Entitled to your opinion. What would you call cheering about a 4 point out of the money put going from 30 cents to 60 cents on a stock that's already moved 8% south? Until you book it, you're in limbo. You and I both know you have no size. No one has a gun to YOUR head to read my posts. I have socks older than you.
I'm guessing that's the retard who happens to be the first person I put on ignore. He actually asked me for my IP address and told me his is "....@msn.com" which I had to explain is actually an email address and not an IP address. He's mentally retarded...no point in talking to him. I bought the bulk of my 150 contracts at $.80 and now they're worth $1 half an hour later. Not bad, I'm holding on to these...this might be an easy 200-300% in a month or so. Cheers bro.
Hey thanks Puede! My Aug puts are up 100% in under an hour! Easy play this one. Markets have been fun for 2 months and are going to get even better.