Comments for Countrywide Gets Another $12 Billion In Bailout Money Financing

Countrywide Gets Another $12 Billion In Bailout Money Financing

2007-09-20T20:28:35Z

Reuters is reporting that Countrywide has announced that it has secured an additional $12 billion in financing to help it hang on through the housing slowdown.

Countrywide, which eliminated 12,000 jobs on Friday, says deeper job cuts may be coming. The mortgage industry has already lost 50,000 jobs this year, according to Reuters.

New mortgages funded by Countrywide are down 17.3% from last year.

Countrywide gets $12 bln new financing, shares jump [Reuters]

Comment from tadowguy on 2007-09-21

2007-09-21T09:02:27Z

Can you guys let me know when I can stop sending them my payments? ;)

Comment from zakia on 2007-09-20

2007-09-21T03:02:07Z

Check out the recently updated www.eyeoncountrywide.info, an independent consumer resource examining sub-prime lending and Countrywide Financial Corporation

Comment from geeniusatwrok on 2007-09-20

2007-09-21T01:31:29Z

still no SEC filing on the source of that $12b. which might mean it fell through.

Comment from Murph1908 on 2007-09-20

2007-09-20T23:05:11Z

But he deserves that salary. His guidance and leadership have lead to a successful and profitable comp...

Oh, wait.

On the other side, this really isn't a bailout, The company just secured loans from the same sources as banks get loans all the time. It's never good that they have to dip into the money pool to cover their assets, but it is all part of the system.

And half his salary wold save close to 500, 50K/year jobs.

Comment from geeniusatwrok on 2007-09-20

2007-09-20T22:57:52Z

yeah, LAST WEEK. way to stay current.

Tangelo still laughing all the way to the bank.

Comment from howie_in_az on 2007-09-20

2007-09-20T22:42:50Z

@Blueskylaw: I can't help but wonder how many jobs just half of his salary could have saved.

Comment from Blueskylaw on 2007-09-20

2007-09-20T21:12:47Z

While the CEO makes 48 million a year (total compensation and change) the company and security holders and foreclosing homeowners burn all around him.

Way to go Angelo!!