On Tuesday, Countrywide’s sex party house sold at auction for $475K, a substantial haircut from the $1.1 million Countrywide was in for. Keep in mind that as Floyd Norris pointed out last month, that doesn’t include any losses from second mortgages.
Real Estate Disposition Corp handled the auction on Tuesday and will collect a 5% buyers [...]

Footnoted regulars know that I’ve been chronicling the fate of Countrywide’s (CFC) sex party house in Holmes Beach, Fl and using it as a metaphor to explain just how serious the whole subprime mess really is. Not to mention how little Bank of America (BAC) executives seem to really get the problem.
Next Tuesday, the house [...]

Each time I look at this site, which tracks foreclosures at Countrywide Financial (CFC), I become even more convinced that Bank of America (BAC) still doesn’t get the full extent of the problem it will soon inherit, no matter how many times Ken Lewis says otherwise. As the deal moves ever closer, the number of [...]

It’s been a few months since we last checked in on the sex party house a stone’s throw away from where I used to live in Holmes Beach, Fl. that we first footnoted last November. The house, which was once listed at $1.8 million and which Countrywide Financial (CFC), which is set to be acquired [...]

Pitchers and catchers start reporting to spring training tomorrow, so I decided to do a bit of scouting of my own. On Friday, I headed back down to Anna Maria Island in Florida to get some much-needed sun and check on the foreclosure situation first-hand. First stop? Countrywide’s (CFC) sex party house, which I first [...]