Prominent member of the West Coast Commentariat WC Varones' primary hobby horse in the last several months has been the subprime meltdown and the deepening housing crisis in the USA. His post last Saturday about the pickle that Countrywide Financial, a distressed lender, finds themselves in proves once more that satire is dead.
WC Varones Blog: New REIT
WC Varones Blog: New REIT
Thanks to the miracle of really stupid lending, Countrywide Financial is rapidly morphing from a mortgage lender to a residential real estate investment trust.
CFC now has $2.1 billion in foreclosed houses for sale. That's getting up there near the nation's largest home builders, whose business is to sell houses. They each carry $5 - $10 billion in inventory.
Will CFC surpass the home builders to become the nation's largest residential real estate owner? Time will tell -- if CFC can stay liquid that long.
Really, you can't make stuff like this up!
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