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.