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Freddie Mac, Countrywide and the rest

Tue Nov 20, 2007 04:11PM | By Tony

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Freddie Mac reported it lost $2 billion in the third quarter and warned it may need to decrease its business unless it can raise new capital. As you undoubtedly aware of, Freddie Mac together with its big sister Fannie Mae are in the business buying conforming home mortgages from wholesale lenders like Countrywide and banks like Wells Fargo, supplying fresh money and liquidity for the housing market. So imagine if neither Freddie nor Fannie, which is likely in even deeper financial hole, won't be able to raise new capital?

Countrywide meanwhile saw its stock going to the toilet at some point today, tumbling more than 15 percent to $8.21 amid persisting rumors of coming bankruptcy. While Countrywide claims it has plenty of cash reserves, there few true believers. Not pretty at all ...

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