At 2pm, they also release their policy statement, which is a glimpse into what we may expect from them in the near future.
Cross your fingers and hope for a double dose of good news.
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They have drawn down all of their lines of credit, which totalled about $11 billion and then they received an infusion of cash from Bank of America in the amount of roughly 2 billion.
In light of all of this bad news, Countrywide did say they expect to show a profit in the fourth quarter, due to a reduction in labor costs, among other things. If they are able to go from such a huge loss back to profitability in a quarter, I think it bodes well for the mortgage industry and the housing market. I guess we'll see.
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Buffet is respected by many as the best investor in the world. He recently made a very large investment in China and believes that the United States needs to maintain a strong give and take with China when it comes to trade. He also said that North Korea would be the one country in which he did not have any interest.
To me, the most uplifting thing Buffet said was that he believes our children will live better lives than we have lived and that our grand-children will live better lives than our children.
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I hope everyone has a great weekend. We have 2 Halloween parties to attend as a family this weekend, so I will be spending a lot of time dressed as Tic-Toc, the alligator from Peter Pan.
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On the mortgage side of the equation, this increase is very good news. Although it is only one month and August's number was revised downward, it tells me that the housing industry may be in better shape than we have been led to believe.
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