New Measure Of Debt, A Countrywide Employee Speaks Out


How much debt do you have? If it makes you feel any better, your debt pile, no matter how high, is but a speck of red lint compared to the national debt.

Our national debt is, gulp, $9,191,881,476,023 and change. (Keep the change). Bob Kerstein at Scripophily apparently had a little time on his hands, because he put that eye-popping figure into dollars and cents. Or just dollars--actual dollars. Kerstein calculates that the average dollar bill is 6.14 inches long by 2.61 inches wide. Laying 9.2 trillion dollar bills end to end would cover 891 million miles.

That equates to:

35,771 times around the earth
9.68 trips to the sun (but not back)

If you laid the dollar bills flat they would fully cover the states of Massachusetts, New Jersey, Connecticut, Delaware, and the District of Columbia (so you could say those places would be literally drowning in debt)

Does the Fed cutting rates make anyone want to buy a home? I heard from MK, who says, well, maybe. He was logged onto the Countrywide web site checking out rates today, and AS HE WAS ONLINE, rates on conforming loans dropped before his eyes.

MK says: "It does make me want to refinance and come up with enough cash to get down to a conforming loan OR, better still, wait until rates come down even more (in the next 6 mo.), and/or the conforming ceiling raises above $417k. I prefer Citi--generally rates are lower--but why not Countrywide?"

Countrywide has been putting up the "For Sale" sign on homes its foreclosed on. There are a lot of them as you can see here.

I have heard from a lot of you about the situation at Countrywide, but here's an email from a current employee (I'm keeping the name anonymous). It's the first one I've received since the Bank of America merger news broke:

"I, like many others, am outraged. We broke our backs keeping this place floating--bailing out the Titanic with thimbles while our executives made off in the life boats. Mozilo could afford to give every one of its remaining employees in the trenches $10k a piece for our efforts. There are no answers coming from anywhere about the merger, and no one even knows if their job is safe once BOA's bean counters are done looking into CW operations with a microscope. Some great teams disappeared like farts in a hurricane, and dedicated, hard-working employees were discarded and regarded as fat trimmed off of a steak. It is heartbreaking to see..."

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