Countrywide Financial Continues Its Slide

Countrywide Financial (CFC), a nationwide mortgage lender, is in very big trouble. Its stock is down 76 percent from its all-time high and its bonds are trading at distressed levels. And CFC is plagued with deteriorating earnings due to the slowdown in new mortgages and refinancing.

In the worst-case scenario, CFC would declare bankruptcy.

Avoid the stock for now.

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Posted November 20, 2007.