Countrywide shares are cooling off substantially today after jumping 10% yesterday on the Wall Street Journal's speculation that the troubled mortgage company could be looking very attractive to Warren Buffett.  Current real-time quote:

Today, Bloomberg's David Wilson writes that while Countrywide is "at least the sixth company this year to have Warren Buffett's name attached to speculation on a purchase, (it) stands out from the rest of the pack."  Wilson cites its 49% stock plunge for the year, the second biggest among the S&P 500, and Buffett's "clear preference for financial holdings."

But on Seeking Alpha, Todd Sullivan doesn't agree, urging his readers to "ignore" the pundits when the predict Buffett will buy a mortgage lender.  "Can anyone name the last time Buffett bought shares in a company on the open markets when people thought he would?"  Sullivan does expect Buffett will "buy dirt cheap mortgage backed securities he deems risk advantaged" .. perhaps in a private transaction.

Remember, as Mr. Buffett told our own Becky Quick, and as we've been stressing here on Warren Buffett Watch, all the speculation is just speculation.

Questions?  Comments?  Email me at buffettwatch@cnbc.com