Eugene David
...The One-Minute Pundit

Thursday, August 16, 2007


Yet another big mortgage company is in trouble -- and here's a reassuring thought:

Homeowners who make their monthly mortgage payments to Countrywide should not be affected by the company's troubles, experts said.

However, the turmoil could spook depositors at Countrywide Bank, an Alexandria, Va.-based savings and loan that has grown dramatically since Countrywide Financial bought it in 2000. Nearly 40% of the bank's $57.7 billion in deposits were not insured by the Federal Deposit Insurance Corp. as of March 31, according to the FDIC website.


How far does the rot extend?

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