Friday, Aug 17, 2007
Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank
la times: A rush to pull out cash
Bill Ashmore drove his Porsche Cayenne to Countrywide's Laguna Niguel office and waited half an hour to cash out $500,000, which he then wired to an account at Bank of America.The rush to withdraw money -- by depositors that included a former Los Angeles Kings star hockey player and an executive of a rival home-loan company -- came a day after fears arose that Countrywide Financial could file for bankruptcy protection because of a worsening credit crunch stemming from the sub-prime mortgage meltdown
Posted by chris :-)) @ 02:20 PM (492 views) Add Comment
3 Comments
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1. night said...
Quote from the bottom of the second page:
"As a result, the company is likely to make fewer loans while applying more stringent criteria in deciding who gets them -- a transition that could further pinch the strained housing market."
Hurray! Now how long will that take to happen in the UK I wonder?
2. enuii said...
1929?
3. inbreda said...
I prefer to use the 12 hour clock myself enuii