I read a couple of articles this past week that I thought I would pass on. 

Expect Lots More Embarassment is an article from BusinessWeek that outlines Bruce Wasserstein’s explaination of the recent market troubles and what to expect in the near future.

B of A Sends Cash To Countrywide Bank stocks have been hit hard along with mortgage lending companies.  This article shows that banks are sitting in a better position due to income diversity and the fact that banks deal almost solely in “conforming” loans.   We also see:

In a regulatory filing, Countrywide said Bank of America has the right to match any offer for Countrywide put forward by a third party. Mozilo, however, dismissed talk that the deal could be a prelude to an eventual sale of Countrywide to the banking giant.

Countrywide’s smooth talking Mazillo answers to the markets questions and will probably annouce the next expected item, layoffs.

Another One Bites The Dust California-based Accredited Home Lenders says that it would stop writing new loans and lay off more than half its workforce.

We also see a different perspective on the effectiveness of the Fed Reserves lowering of the Discount Rate in It’s Out Of Bernanke’s Reach