Scenes From The '29 Crash - A Run On Countrywide Financial


	Scenes From The '29 Crash - A Run On Countrywide Financial

BartendingBear

8-18-2007 2:25 PM

458 views

tags:

crash, banking, mortgage

BartendingBear says:

I fear this is just the iceberg tip. It will get ugly.

2 Comments |

Add a Comment

8-18-2007 5:50 PM

skwirlinator

Yes, I agree

8-20-2007 4:01 PM

Hawkeye_84

I'm glad I don't keep my 1/2 million dollars at the bank

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/e06a3596-9ec6-4930-98cc-979f27b9fd3b/50B929EC-AC57-4BCF-B5BF-E5424BCBC694/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business" href="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business" style="font-size: 11px;">www.latimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business">Worried about the stability of mortgage giant Countrywide Financial, depositors crowd branches. In Laguna Niguel, Bill Ashmore drove his Porsche Cayenne to the bank's office and waited half an hour to cash out $500,000. "It's got my wife totally freaked out," he said.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business">
Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business">
At Countrywide Bank offices, in a scene rare since the U.S. savings-and-loan crisis ended in the early '90s, so many people showed up to take out some or all of their money that in some cases they had to leave their names.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business">
In a statement, the bank said: "It is very important to remember that Countrywide Bank is well capitalized, with FDIC-insured deposits, and is one of the largest banks in the United States, with assets over $107 billion."</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/50B929EC-AC57-4BCF-B5BF-E5424BCBC694/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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