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Sometimes perception really does mirror reality even if the reasoning is obscured.
Look at Countrywide Credit Industries’ stock chart for the last year and you’ve got to believe the gigantic Calabasas-based financial services firm is doing something right. Countrywide started 2000 with its stock trading at just under $24 a share. By the second trading day of 2001 it had steadily climbed to $51 a share.
After all, Countrywide is the nation’s third largest provider of home loans. The Federal Reserve Bank cut interest rates the same day Countrywide’s stock hit its high and the refinancing business is better than ever.
Even industry experts say the lower interest rates and the refinancing trend mean business is bound to be good for mortgage giants like Countrywide.
Kenneth Posner of Morgan Stanley Dean Witter Discover
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