Wednesday, April 4, 2007

Smoke, Fire, Etc.

Some quick news stringing and then a clever YouTube clip. Been busy as a one-armed paperhanger for the last few days - I do promise some original stuff soon. I've got Iran on the brain, not to mention some socionomic themes to play with as well.

Countrywide is a big-time capo of the subprime lending (under)world. But again, there is nothing to see fnord here. This is not smoke. There is no fire. There is no subprime meltdown. All fnord is well...

Two Countrywide Directors Leaving Board
From Reuters

NEW YORK, April 2 (Reuters) - A Countrywide Financial Corp. director has abruptly quit the board, and the largest U.S. mortgage lender isn't offering any explanation.

Last week's resignation of Kathleen Brown, whose board term wasn't due to expire until 2009, escaped the notice of much of the industry, which is in turmoil over a rising tide of delinquent loans. Countrywide announced Brown's resignation late Friday evening, but offered no explanation for her departure.

Brown, head of West Coast municipal finance for Goldman Sachs & Co., is the sister of California Attorney General Jerry Brown.

Brown joined Countrywide's board in 2005. She did not return telephone calls seeking comment.

Also leaving Countrywide's board is Michael E. Dougherty, who won't stand for reelection at the company's upcoming annual meeting. Dougherty, chairman of Dougherty Financial Group LLC, has served on Countrywide's board for nine years, including as lead director and chairman of the compensation committee.

Please file under Rats, cross-linked to Sinking ships.

And, for those of you who like visual representations of your charts and statistics, I give you this cool YouTube clip on inflation-adjusted home prices:


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