I was quite surprised to hear so much bad news out of Countrywide (CFC). I had written positively about them back in April and enjoyed a brief double digit gain on my recommendation over the last couple of months, but with the comments out of Countrywide this week, I believe the worst is yet to come. Considering they are the largest mortgage lender in the country and almost all of their competition has either folded or reeling, I can't believe how bad they are doing. If you are long, I recommend selling. In fact, I recommend shorting the stock.

-- Faisal Laljee
Full Disclosure: I am short CFC, but my position can change anytime without notice.