Countrywide is now trading at a price/book
ratio of 0.39. The collapsing share price now looks increasingly like a
self-fulfilling prophecy: the number of entities willing to lend Countrywide
a few billion more, when its entire market cap is now floating around the $5
billion mark and it has total debt of $122 billion, can probably be counted
on the fingers of one thumb. I wonder what the mark-to-market value of Bank
of America’s $2 billion in convertible bonds is? Boy was I wrong
about that investment.