I'm still doing a victory dance on Countrywide's grave.
The conference call was everything we've been predicting. Listen to it here, and download the slide show here.
In many ways, the company was open and honest, especially about how horrible the business is. They were not, however, honest about their failure to foresee the obvious. "Nobody saw this coming" was a recurring theme. Oh, really? Nobody said that if you make cash-back, inflated-appraisal, no-doc loans to unemployed 24-year-olds, it's a bad idea?
Key quote: "a very small percent [of foreclosures], so far, is explained by rate resets." So we've got another big shoe to drop!
More at HousingPanic (read the comments, too, for a more thorough summary than I gave) and Denninger.
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Only the police should have guns, you know. The shocking double murder of a young couple in Irvine turns out to have been suspectedly com...
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UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a...
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