Sounds nice for the bankers. Countrywide seems to be putting on a good face with this, but its hard to get a good price for your toxic assets when the condition of your company has been worldwide news for the past six months. Considering the financial condition Countrywide is in, I wouldn’t be surprised if Countrywide’s managers aren’t offering to sell their teenage daughters to the bankers.
The assets are not toxic, they are only overpriced.
They sold 4 Billion in assets that had previously been listed at 20 Billion.
Think of it this way. The house next to yours is listed at $250,000 and it's not selling.
Would you give the current owner $50,000 for it?
Would you consider it to be "toxic asset" or a great deal for you?
This current round of bankruptcies is nothing more than an inflated, overpriced market in correction.
True, individuals get burned, but that always happens when greed and avarice get in the way of sound fiscal judgement.