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Banking, finance, and taxes

Countrywide (CFC) Signals Trouble Ahead

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By Douglas A. McIntyre Published
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Countrywide (CFC) has filed with the SEC that if its credit ratings are cut any further, its ability to raise money could be damaged. With the possibility of more write-downs of mortgage-based securities, it would seem likely that the big bank is in more trouble than some on Wall St. have imagined.

The Wall Street Journal writes that Countrywide said it believes it has "adequate funding liquidity," but that "the effect of future developments on the company may require us to … procure additional sources of financing."

This all reads like a lot of dancing around. Countrywide will face downgrades to its debt as similar pools of money are written down or sold off.

The firm is sending the minimum signal required by the SEC.

When the minimum signal reads that bad, it is time to get out.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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