Countrywide Financial puts an end to Colorado ski junket

February 25th, 2008 | Category: Housing, Recession

With media outlets and politicians heaping sympathy on subprime borrowers on the brink of losing everything, it’s vital to keep in intellect the real victims on that mess: that’s right, the mortgage brokers who got us into it.

As whether plummeting earnings from the decline in subprime lending weren’t naughty suitable, subprime write down poster child Countrywide Financial (NYSE: CFC) canceled its annual ski party at the Rittz-Carlton Bachelor Gulch in Avon, Colorado, where the company puts up 30 of its most valued correspondent lenders (at

$725+ per night) and treats them to skiing and $140 caviar and Kurobuta pork osso bucco at Wolfgang Puck’s restaurant.

It looks like that year the closest they’ll be getting to Spago that year is the Wolfgang Puck canned dumpling soup available for $31.20 per 12-pack on Amazon.com. Even that might be a stretch in that market. But there’s always Chef Boyardee.