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Countrywide's Garbage Could Drag Down BAC

By Jim Cramer

 About this article:
 Today on "Wall Street Confidential," I said the unthinkable -- I suggested that Bank of America could be wiped out by Countrywide Financial . What triggered that Cassandra view is something I found in The Mortgage Lender Implode-O-Meter issued by Countrywide today: "Effective today, Countrywide wholesale will no longer offer the Non-conforming Fast & Easy document waiver program. Fast & Easy is Countrywide's version of stated income. Non-conforming loan amounts will no longer be eligible for stated income, regardless of credit scores." To which I say, you have to be kidding me! They were still issuing mortgages based on this nonsense? They just discontinued it now? Can you imagine the junk they've been pumping out since the peak? Can you imagine how bad things must really be there? I am telling you that after I see the Downey spike -- endless -- the difficulties at...

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