Countrywide ices luxury ski junket

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Headline: No Countrywide For Old Men.

Excuse the Oscar pun, but the headline comes from CNBC.com, and I kind of like it.

The latimes.com blog L.A. Now reports Countrywide Financial, clinging to its life as its would-be savior begs for a bailout, has canceled a lavish ski junket in Colorado.

From The New York Times:’ ... the besieged mortgage lender, has canceled a gathering of bankers from smaller mortgage banks at the Ritz-Carlton Bachelor Gulch ski resort (where room rates begin at $725), Countrywide said in a statement on Sunday. The company was to pay for 30 invited guests’ hotel rooms, meals, skiing and tips.’

Countrywide iced the junket only after a public spanking from CNBC.CNBC’s real estate blogger, Diana Olick wrote last week, ‘There’s something called remorse. Maybe you’ve heard of it. Clearly Countrywide Financial is not in touch with that emotion right now.’

Hat tip: Better Village
Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo credit: Countrywide Chairman Angelo Mozilo by L.A. Times.