Stalling run on the Countrywide bank

Discussion in 'Wall St. News' started by ASusilovic, Aug 18, 2007.

  1. Countrywide Financial tried to calm customers of its bank Friday after reports that some are withdrawing their money and depositing it with rival banks.[..]

    That's sparked concern among customers of Countrywide Bank, the company's banking business. People jammed the phone lines and Web site of the bank on Thursday and crowded into branches to pull out their savings, the Los Angeles Times reported on Friday.[..]

    William Ashmore, president of Impac Mortgage Holdings. , another struggling mortgage firm, pulled $500,000 from a Countrywide Bank branch on Thursday to put it in an account at Bank of America Corp. , the newspaper said.

    "It's because of the fear of the bankruptcy," Ashmore told the L.A. Times. "I don't care if it's FDIC-insured -- I just want out."


    1) We should really be thankful to Merrill Lynch analyst Kenneth Bruce. His call of "maybe" bankrupting Countrywide feeded the RUN of Countrywide Bank...THANK YOU KENNETH ! GOOD JOB ! Especially putting into consideration this piece of news ( Comment by marketwatch :I'm not sure what Merrill's Kenneth Bruce saw today (when he cut the No. 1 U.S. mortgage lender to sell) that he didn't last Friday (when he reiterated a buy rating on the shares)) =>}&dist=FSQ

    I think, Kenneth´s days with MERRILL are numbered....

    2) It´s irony of history that we see Wiliam Ashmore ( a president of a mortgage house ), he all of people, running after his own money...Hey, Wiliam, did you engage the sixth gear of you Ferrari to reach your Countrywide bank branch ? :D :D :D