Shares of Countrywide closed down $3.17 at $21.29 on the New York Stock Exchange. They have fallen 50 percent this year, and this is definitely a tough situation for them, which doesn’t seem to have an happy ending for the company.
The mortgage industry is struggling as defaults rise, investors refuse to buy many home loans, and bankers curtail lending to mortgage providers. Dozens of lenders have quit the industry this year, and several have gone bankrupt, while others are waiting to file their bankruptcy paperwork.
If you are a consumer that has a loan from one of the lenders that are on the verge of a bankruptcy, read one of my previous articles on What to do if your mortgage lender goes bankrupt.
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