January 19, 2008 – 6:35 pm

Did you listen to the Countrywide Conference Call? Or the Washington Mutual Conference Call?

Are there any analysts that can pound on these guys as to why they are shifting their mortgages from “Held For Sale” to “Held For Investment”???

Looks like Countrywide and WAMU are holding the subprime loans for investment because no one wants to buy the junk! If your a shareholder in WAMU or Countrywide you must take a look at the distinction or shenanigans perpetrated by these firms. Would you as an individual shareholder go out and buy nonconforming loans as an investment?

The reason is simple… short term earnings look OK but in the long term Countrywide could be holding onto tons of junk.

More at Bloomberg…

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