Don't panic; foreclosures back on track

After an odd and unsettling lull, Countrywide REOs are again hitting new highs.

A couple of theories for the drop: 1) operational bottlenecks as Countrywide didn't have the capacity to process the tidal wave of foreclosures, and 2) intentional foot-dragging as Countrywide hoped that a market rebound or a government bailout would save them. Well, they got their government bailout, but it ain't gonna save them.

Ken Lewis, how do you like your Countrywide now? You could have gotten a real bank like Wachovia for the price you paid for the cess pool of Countrywide!

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Quotations from Chairman Varones

There are very few financial problems that can't be solved by a suitable application of asset bubbles.