Countrywide: BofA Made a $2B Investment
lkgeo1
AP - Countrywide Financial Corp. said Wednesday that Bank of America
Corp. has made an equity investment of $2 billion in the company, a
deal that comes as the nation's largest mortgage lender tries to
weather a credit crunch that's rocked Wall Street and the mortgage
industry.
uncle_vito
It could be a vote of confidence of BoA in CFC, but notice how they bought
preferred stock. Also note that they did not say how much they paid for the
preferred stock. Not much considering the precarious state that CFC is in.
Also note that the P. Stock can be converted to common for a price of
$18.00. Does this mean that CFC stock is only worth $18?
Tell me if this news is good for CFC. Seems great for BAC.
Vito
"lkgeo1" <lkg...@aol.com> wrote in message
news:1187824572.1...@q3g2000prf.googlegroups.com...
lkgeo1
it.
FrediFizzx
> If CFC is UP over 20% in the afterhours, it appears the Street likes
> it.
Somebody is liking something. Asia opened up pretty good also.
P.Schuman
I've been trying to figure out if banks like WFC, BAC, C, JPM are worth
buying,
or the Fin Svcs mutual funds, ETFs or ??
There has been so much fallout,
the big banks are the only ones capable of handling the storms.
BUT - how to invest into financials at this point in time ?
"lkgeo1" <lkg...@aol.com> wrote in message
news:1187824572.1...@q3g2000prf.googlegroups.com...
GoForward
wrote:
> yeah -
> I've been trying to figure out if banks like WFC, BAC, C, JPM are worth
> buying,
> or the Fin Svcs mutual funds, ETFs or ??
>
I bought some WB last week, it seems to be
climbing back out of the doldrums, and it has
a decent dividend yield as well (for those who
plan on holding on to their stock for a while..)
704set
market price. Obviously BAC wants a small fudge factor built into the
issue.
704set
"uncle_vito" <uncle_v...@yahoo.com> wrote in message
news:13cpi3i...@corp.supernews.com...
Alan Bowler
I've had WB for some time. I generally hold off buying any
stock in the middle of merger (WB is buying AGE), so
I have not added to either AGE or WB this year. WB has
a fairly good record of raising dividends so it's a
long term buy and hold. The recent 14% dividend increase was
nice news. It has not performed nearly as well as the
big Canadian banks.
uncle_vito
rest my case.
Vito
"lkgeo1" <lkg...@aol.com> wrote in message
news:1187829803.9...@i38g2000prf.googlegroups.com...
lkgeo1
GoForward
> I've had WB for some time. I generally hold off buying any
That's a lesson I'm beginning to learn ....
> I have not added to either AGE or WB this year. WB has
> a fairly good record of raising dividends so it's a
> long term buy and hold. The recent 14% dividend increase was
> nice news.
Yes, it was, and I assume that part of the rationale for it was
to calm people down.
> It has not performed nearly as well as the
> big Canadian banks.
How much of that do you think might be due to the rise in value
of the currency?
Jack...@gmail.com
Meaning you should be looking for the bargains
This will take more than a few days to settle.
It is encouraging that the news of Capital One closing its mortgage
unit and Thornburgh Mortgage delaying restarting full operations - DID
NOT result in a triple digit collapse. It appears a lot of bad news is
anticipated - but will not sink the market when announced. Be careful
out there.
In the meantime bargains abound.
Review a few of the past blogs - all in the archive section - select
your targets - and step up to the plate.
Bernanke ( The U.S. Federal Reserve Bank will cut rates - but this may
now be held off until September . He cannot afford to be seen
following the instructions of political hacks - who are trying to
advance their careers with ideas as to " fixing " the problems.
Our best bets to prosper from the mortgage meltdown are the big banks
that will pick up the business of those that have and will close their
doors .
Look to Wells Fargo ( WFC) and Bank of America - they will survive and
thrive.
Source http://www.amprogram.com August