Merrill Lynch: Countrywide Bankruptcy Possible?

by Roberta Murphy Countrywide Bankruptcy Merrill Lynch Analyst Kenneth Bruce suggests that Countrywide Financial could be headed toward a Chapter 11 filing. “Effective insolvency,” he says, could result if Countrywide is forced by creditors to sell assets at barn sale prices, or if investors lose confidence in Countrywide’s cash-raising abiility. Bruce has also downgraded Countrywide