Here's an announcement from the US Treasury: OTS Approves Countrywide Application.
The Office of Thrift Supervision (OTS) announced today the approval of an application from Countrywide Financial Corporation (Countrywide), Calabasas, California, to convert its national bank subsidiary, Countrywide Bank N.A., Alexandria, Virginia, to a federal thrift charter. The converted institution, Countrywide Bank, FSB (the FSB), will continue to operate out of its existing facilities and to engage in the primary business activities conducted prior to its conversion.
The CEO of CFC, Angelo Mozilo is one of the sharpest cookies in the business. Never bet against him.
We've met him before, of course in The Chickens Rebel Against the Guards.
Now that the bank is under a federal thrift charter, look out for a deal in the next 6-12 months of CFC selling its crap MBS'es to the bank. After that, the bank will go under, and the FDIC and the taxpayers will bail out the bank, and the company can buy back the MBS'es at pennies on the dollar.
Privatize the profits; socialize the losses.
Fuckin' A, dude, fuckin' A!!!
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