Reply #23: If CountryWide Falls, Better Put On Your SeatBelts! The Floodgates Will Open...

[Blackhatjack]

... and the bottom is going to drop out of the mortgage market.

THis will inevitably require many other hedge funds and financial houses to put those 'off the books losses' on the books, and that will expose the breadth and depth of the Losses that no one wants to publicly admit to while they are busy trying to pawn them off on other investors worldwide.

Rule # 1 - Large Investment Banks and Lenders never act in any capacity that does not directly benefit themselves.

Rule # 2 - Always characterize your actions as being in the 'public interest' when you are trying to CYA.

Rule # 3 - If you cannot hide the losses forever, maybe hiding them a little while longer is good enough to help you reduce your own losses.