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Old 08-15-2007, 09:12 AM   #1
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Merrill Lynch Says Countrywide Financial May Declare Bankruptcy

Countrywide cut at Merrill on liquidity concerns
By Aude Lagorce

Last Update: 6:21 AM ET Aug 15, 2007

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LONDON (MarketWatch) -- Merrill Lynch downgraded Countrywide Financial Corp. (CFC:
24.46, -2.15, -8.1%) to sell from buy, citing concerns that liquidity in the mortgage sector could further erode the value of the company's franchise. The broker told clients it fears that the acceleration of margin calls and forced asset sales in the capital markets could lead to more problems for Countrywide to finance its mortgage operations. "Should a liquidity event occur, for which the likelihood is increasing, Countrywide shares would probably witness further selling pressure," Merrill concluded.

http://www.bloomberg.com/apps/news?p...d=a.z7iz3TxD4M
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Old 08-15-2007, 09:12 AM   #2
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Join Date: May 2005
Location: Birmingham, Al
Posts: 257
Merrill Lynch Says Countrywide Financial May Declare Bankruptcy

Countrywide cut at Merrill on liquidity concerns
By Aude Lagorce

Last Update: 6:21 AM ET Aug 15, 2007

Print Subscribe to RSS Disable Live Quotes

LONDON (MarketWatch) -- Merrill Lynch downgraded Countrywide Financial Corp. (CFC:
24.46, -2.15, -8.1%) to sell from buy, citing concerns that liquidity in the mortgage sector could further erode the value of the company's franchise. The broker told clients it fears that the acceleration of margin calls and forced asset sales in the capital markets could lead to more problems for Countrywide to finance its mortgage operations. "Should a liquidity event occur, for which the likelihood is increasing, Countrywide shares would probably witness further selling pressure," Merrill concluded.

http://www.bloomberg.com/apps/news?p...d=a.z7iz3TxD4M
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Old 08-15-2007, 10:38 AM   #3
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Thanks for the heads up Jayco. Ticker
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Old 08-16-2007, 11:21 AM   #4
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Moody's Warns of Potential LTCM-Scale Fund Collapse

:siren:

http://www.bloomberg.com/apps/news?p...eu8&refer=home

By John Glover

Aug. 16 (Bloomberg) -- Moody's Investors Service warned that the global credit rout may cause a major hedge fund collapse on the same scale as Long-Term Capital Management LP in 1998.

Hedge funds face potential losses on collateralized debt obligations, securities packaging other assets, Chris Mahoney, vice chairman of Moody's, said on a conference call today. Buyers and sellers of ``risky assets'' are unable to agree on prices, causing the market to seize up, Mahoney said.

``A possible consequence of the repricing of risk assets would be the failure and disorderly liquidation of a hedge fund or other institution of sufficient size as to disrupt markets, as LTCM threatened to do in 1998,'' Mahoney said.

Credit markets started falling in June as two Bear Stearns Cos. hedge funds collapsed because of bad subprime bets. Goldman Sachs Group Inc., the world's most profitable securities firm and second-largest hedge fund manager, was forced to put $2 billion of its own money into one of its hedge funds and waive some fees after the fund lost 28 percent of its value this month.

Basis Capital Fund Management Ltd. yesterday told investors losses at one of its hedge funds may exceed 80 percent as the U.S. subprime mortgage rout prompted creditors to force the Sydney-based company to sell assets.
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