Post by jeffolie on Aug 15, 2007 13:20:53 GMT -6
County stops taking Countrywide checks
Posted by rroguski August 14, 2007 14:42PM
Categories: Breaking News
The Cuyahoga County Recorder's Office has stopped taking checks from Countrywide Financial Corp., the nation's largest mortgage lender, because of the California company's warning last week of possible financial problems.
Countrywide traditionally would pay the county by check for mortgage filings it makes by mail, but the recorder's office now will accept only money orders or certified checks for payment of those fees, said Thomas Roche, the recorder's chief of staff.
Countrywide hasn't bounced any checks, Roche said. The decision is purely preventative as scores of mortgage lenders have gone out of business or warned of financial woes.
"This is the one that has the major problem right now," Roche said. "We're just trying to protect the assets of the county." The county has refused checks from a company one other time in recent years, he said, in the case of a title company that was going out of business.
Countrywide's filing payments to the county are modest, perhaps amounting to hundreds of dollars a week. Other companies could be added to the "no checks" list if the county believes they may have trouble covering expenses.
blog.cleveland.com/business/2007/08/county_stops_taking_countrywid_1.html
Countrywide Shares Fall After Merrill Cites Bankruptcy Prospect
2007-08-15
"Countrywide Financial Corp., the biggest U.S. mortgage lender, fell for the fifth consecutive day on the New York Stock Exchange after Merrill Lynch & Co. raised the possibility of bankruptcy."
www.bloomberg.com/apps/news?pid=20601087&sid=amJ9.NMwAykU&refer=home
Shareholders shouldn't ``understate the importance of liquidity,'' Bruce wrote. ``If liquidations occur in a weak market, then it is possible for CFC to go bankrupt,'' said Bruce, who downgraded Countrywide to ``sell'' from ``buy.'' The company trades under the ticker CFC.
Posted by rroguski August 14, 2007 14:42PM
Categories: Breaking News
The Cuyahoga County Recorder's Office has stopped taking checks from Countrywide Financial Corp., the nation's largest mortgage lender, because of the California company's warning last week of possible financial problems.
Countrywide traditionally would pay the county by check for mortgage filings it makes by mail, but the recorder's office now will accept only money orders or certified checks for payment of those fees, said Thomas Roche, the recorder's chief of staff.
Countrywide hasn't bounced any checks, Roche said. The decision is purely preventative as scores of mortgage lenders have gone out of business or warned of financial woes.
"This is the one that has the major problem right now," Roche said. "We're just trying to protect the assets of the county." The county has refused checks from a company one other time in recent years, he said, in the case of a title company that was going out of business.
Countrywide's filing payments to the county are modest, perhaps amounting to hundreds of dollars a week. Other companies could be added to the "no checks" list if the county believes they may have trouble covering expenses.
blog.cleveland.com/business/2007/08/county_stops_taking_countrywid_1.html
Countrywide Shares Fall After Merrill Cites Bankruptcy Prospect
2007-08-15
"Countrywide Financial Corp., the biggest U.S. mortgage lender, fell for the fifth consecutive day on the New York Stock Exchange after Merrill Lynch & Co. raised the possibility of bankruptcy."
www.bloomberg.com/apps/news?pid=20601087&sid=amJ9.NMwAykU&refer=home
Shareholders shouldn't ``understate the importance of liquidity,'' Bruce wrote. ``If liquidations occur in a weak market, then it is possible for CFC to go bankrupt,'' said Bruce, who downgraded Countrywide to ``sell'' from ``buy.'' The company trades under the ticker CFC.