The Sky Isn’t Falling If Buffett’s Buying
News of Warren Buffett’s Berkshire Hathaway’s possible interest in buying some of Countrywide’s units has helped push Countrywide stocks up 10%. This offers a nice bright spot in an otherwise bleak area. It surely didn’t look good when Countrywide tapped their credit line for $11.5 billion last week, or laid off staff this week in their Full Spectrum unit.
Based on this article on Bloomberg.com, analysts are said that Countrywide could “dovetail nicely into other areas he is interested in”, like Clayton Homes Inc., which Berkshire bought in 2003. There is no official comment from Buffett’s camp, or Countrywide so this is pure rumor right now.
