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Exactly five months ago — on Feb. 12 — Indymac (IMB) sent this letter to its investors, which it also filed as an 8K. The 8-page letter was unusually frank, with Chairman and CEO Michael Perry stating “2007 was a terrible year for our industry, for Indymac and for you, our owners.” Six weeks later, [...]
Footnoted regulars know that I’ve been chronicling the fate of Countrywide’s (CFC) sex party house in Holmes Beach, Fl and using it as a metaphor to explain just how serious the whole subprime mess really is. Not to mention how little Bank of America (BAC) executives seem to really get the problem. Next Tuesday, the [...]
Each time I look at this site, which tracks foreclosures at Countrywide Financial (CFC), I become even more convinced that Bank of America (BAC) still doesn’t get the full extent of the problem it will soon inherit, no matter how many times Ken Lewis says otherwise. As the deal moves ever closer, the number of [...]
As most footnoted regulars know, I have a soft-spot for Florida banks, probably because I spent several years early in my career chasing them down and know how dumb some of the folks who run these banks can be, especially when it comes to real estate. (Coast Financial, by the way, was acquired last summer [...]
It’s been a few months since we last checked in on the sex party house a stone’s throw away from where I used to live in Holmes Beach, Fl. that we first footnoted last November. The house, which was once listed at $1.8 million and which Countrywide Financial (CFC), which is set to be acquired [...]
