Susan McInnis

Media Scaring Countrywide Customers Although Signals Point to its Survival

By Jeff Poor | August 17, 2007 - 15:01

The Los Angeles Times reported a run of Countrywide Bank by its customers as more and more are panicked about the potential of the nation’s largest home lender to go bankruptcy – something fueled by many of the reports in the media.

“[S]ales of existing homes fell in 41 states from April through June,” said CBS correspondent Susan McGinnis on the August 16 “The Early Show.” “Meanwhile, foreclosures continue to soar. And there are growing worries about the nation's biggest mortgage lender; Countrywide Financial could be forced into bankruptcy.”

But some experts seem to think this scare from the media over Countrywide’s bankruptcy is a little premature.