What Happens If Countrywide BKs?

An business partner of mine, who works for a large investment bank, wrote to me and said, “Investors are literally buying thousands upon thousands of puts to bet on its demise - keep in mind every thousand puts is equivalent to 100K shares of stock - I have seen about 100K puts change hands myself - that's 10 million shares.”

As I have said in the past, although few of us really like and enjoy working with Countrywide, they are indeed the “canary in the coal mine” for our industry, always trading #1 & #2 with Wells Fargo, and one must wonder if CFC does have to go Chapter 11, what are the implications?

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