Since Countrywide Financial seems to be the bellweather of the housing market the past few days, lets take a look at what is happenning with the company.
- Reuters has that Countrywide is cutting 500 jobs nationwide. With the lower production in loans, there will be more of this to come I fear. Presently Countrywide has over 61,000 employees.
- Rumors abound that Warren Buffett’s Berkshire Hathaway may be interested in Countrywide Financial. Buffett’s company is known for buying companies that are solid financially but facing rough waters. With the hedge funds in a defensive posture, this may be the time for Buffett to pounce. Oh, and he has a 50 billion dollar war chest he is sitting on, so he is more than prepared to ride out any storm that Countrywide is facing.
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