Countrywide slide continues

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Let’s see: There is turmoil at Bear Stearns, a $9.4 billion write-down at Morgan Stanley, a major insurer of bonds, MBIA, is in trouble, and now there are allegations of a ‘sub-prime smoking gun’
(Mark Lacter explains at LA Biz Observed).

How do you keep track of it all, and what it means for the availability of mortgages in the future?

The short answer is, I don’t -- it’s too complicated. There are too many moving pieces, and too much noise. But my secret short-cut is this: check Countrywide Financial stock. It’s a good proxy for all the problems of the mortgage industry. And it is close to hitting a new low.

CFC closed today at $8.77/share, very close to its recent low of $8.64 on Nov. 26.

Your thoughts? Comments? Other barometers you watch? Email story tips to peter.viles@latimes.com.
Photo Credit: Countrywide Financial CEO Angelo Mozilo, by Bloomberg.