Countrywide Soars on Deal Rumor

Published January 10, 2008, 2:00 p.m. EST

1 Min Read

Just a day after its stock fell dramatically on credit concerns, Countrywide Financial Corp.'s share price rose 51% Thursday on rumors of a deal with Bank of America. Countrywide's common stock closed at $7.75 on Jan. 10, up $2.63 on the day. The stock had been mired near the low end of its 52-week range ($4.43 to $45.26) on fears that liquidity problems and credit costs could push the firm toward bankruptcy. Countrywide's recovery on Thursday helped boost other mortgage-related stocks as well. IndyMac Bancorp saw its share price rise 23%, and Washington Mutual's shares were up 15% on the day.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Housing

Housing bill sails through Senate, cruising toward passage

The Senate passed a bipartisan housing package, which includes certain community bank provisions, in an 85-5 vote. The House is set to vote on the package Wednesday.

By Claire Williams
Reporter

10h ago
Artificial Intelligence

AI-mortgage broker Ralo opens, raises $2.9M of capital

Ralo uses artificial intelligence to automate the entire process, saving consumers money by cutting out commissioned loan officers, processors and underwriters.

By Brad Finkelstein
Originations Editor

June 22
Mortgages

Some want Basel changes for certain non-QM and HLTV loans

Part of the proposal affects the risk weighting for certain "investment properties and other cashflow-dependent" mortgages, according to a new Pennymac report.

By Bonnie Sinnock
Capital Markets Editor

June 22
Obituaries

Former FDIC Chair William Isaac Dies at 82

William Isaac led the Federal Deposit Insurance Corp. through the banking and thrift crises of the 1980s and was a frequent commentator on bank regulation after his time in public service.

By Ebrima Santos Sanneh
Reporter

June 22
Obituaries

Alan Greenspan, former Fed chair who defined an era, dies

The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.

By John Heltman and Kyle Campbell

June 22
Risk

Is private credit a $2 trillion-dollar insurance timebomb?

Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.

By Kate Berry
Reporter

June 22

Load More