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Source: news.yahoo.com --- 8 days ago
State officials have expanded a previously filed lawsuit against Countrywide Financial Corp., adding allegations that the mortgage lender rewarded staff for selling risky loans. ... Source: news.yahoo.com --- 13 days ago
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Source: news.yahoo.com --- 9 days ago
Fitch Ratings has downgraded its issuer default rating on Bank of America Corp. and its banking subsidiary to A+ and AA-, respectively. (BAC) ... Source: www.nytimes.com --- 10 days ago
Countrywide Home Loans has agreed to pay $325,000 to settle a case that accused the lender of abusive practices in almost 300 mortgage loans overseen by the court. ... Source: online.wsj.com --- 8 days ago
An amended complaint filed by the California attorney general related to a suit against Countrywide Financial sheds new light on the poor quality of loans the company was planning to sell to investors. ...
Source: www.marketwatch.com --- 10 days ago
NEW YORK (MarketWatch) - Countrywide Securities Corp. has officially been removed from the ranks of the Federal Reserve Bank of New York's list of primary U.S. government Securities dealers, the Fed said in a statement today. The firm was removed as a result of its acquisition by Bank of America earlier this year, leaving a total of 19 primary dealers. Bear Stearns Cos. remains on the list, though it is expected to be dropped soon due to the merger with J.P. Morgan Chase Co. . Both Bank of America and J.P. Morgan have securities arms that are also dealers. ... Source: www.sfgate.com --- 8 days ago
State officials expanded a previously filed lawsuit against Countrywide Financial Corp., adding allegations on Thursday that the mortgage lender rewarded staff for selling risky loans. The new claims amended a lawsuit filed on June 20 by the California... ... Source: latimesblogs.latimes.com --- 4 days ago
Countrywide Financial lost $2.33 billion in the second quarter, its new owner, Bank of America, reported today. From the New York Times: "Countrywide Financial, which Bank of America formally acquired on July 1, reported a net loss of $2.3 billion in the second quarter. That included just under $4 billion in losses tied to mortgages, home equity and other loans. But investors fear that those losses could spiral higher, and Bank of America could face billions in costs from protracted legal battles."More: "But on Monday, Bank of America said that the deal was ahead of projections. Bank of America said it now expected Countrywide to bolster its 2008 profit after raising its projections for cost-savings and making certain accounting adjustments." Countrywide's recent earnings/losings history: 1Q 2007: Earned $434 million2Q 2007: Earned $485 million3Q 2007: Lost $1.2 billion4Q 2007: Lost $422 million1Q 2008: Lost $893 million2Q 2008: Lost $2.33 billion Posted by Peter VilesYour thoughts? Comments? E-mail story tips to peter.viles@latimes.com. ... Source: southflorida.bizjournals.com --- 11 days ago
Bank of America moved Countrywide Financial Corp.'s debt to an indirect unit owned by the banking giant, leaving it still unclear whether BofA will back Countrywide's huge debts. (CFC) ... Source: nashville.bizjournals.com --- 11 days ago
Bank of America Corp. has moved Countrywide Financial Corp.'s debt to an indirect unit owned by the banking giant, leaving it unclear whether BofA will back Countrywide's huge debts. (BAC) (BAC) ... Source: blogs.mercurynews.com --- 6 days ago
As you may know, the State of California has filed suit against Countrywide Financial Corp. Because of all the interest in the case, the Attorney General’s office has prepared a list of answers to the frequently asked questions. See them here. California alleges that Countrywide misled borrowers into taking on risky home loans. [...] ... Source: baltimore.bizjournals.com --- 9 days ago
Fitch Ratings has downgraded its issuer default rating on Bank of America Corp. and its banking subsidiary to A+ and AA-, respectively. (BAC) ... Source: www.signonsandiego.com --- 9 days ago
Countrywide Home Loans Inc. has agreed to pay a Chapter 13 bankruptcy trustee $325,000 to settle allegations that the mortgage lender sought improper fees or payments from bankrupt homeowners and otherwise violated bankruptcy court orders and regulations in nearly 300 cases. ...
Source: www.charlotte.com --- 8 days ago
Countrywide Home Loans Inc. has agreed to pay a Chapter 13 bankruptcy trustee $325,000 to settle allegations that the mortgage lender sought improper fees or payments from bankrupt homeowners and otherwise violated bankruptcy court orders and regulations in nearly 300 cases. The settlement, terms of which were filed with the court this week, must be approved by U.S. Bankruptcy Court Judge Thomas P. Agresti. A hearing on the matter was scheduled for Aug. 11. In court filings last year, Chapter 13 trustee Ronda J. Winnecour sought to compel Countrywide to provide loan histories in 293 cases and asked for sanctions against the company for losing or destroying checks paid by homeowners in foreclosure. Countrywide acknowledged errors in handling some debts, but it had denied any systematic effort to thwart bankruptcy protections to collect money. The company, which earlier this month was bought by Charlotte-based Bank of America Corp., agreed to the settlement with Winnecour in June. Officials with Bank of America said they couldn't comment on the settlement because it is still pending approval by the judge. Offcials with the trustee's office did not immediately return a call for comment Wednesday. Under the terms of the settlement, Countrywide agreed to reconcile its records with the trustee's in regards to the amounts owed them by the 293 borrowers in the case. If the figures aren't in agreement, Countrywide can either change its figures ... Source: www.charlotte.com --- 4 days ago
The first official glimpse inside Bank of America's controversial Countrywide Financial acquisition provides a more upbeat outlook than originally expected. The $2.5 billion deal, announced in January, will add to earnings immediately rather than next year, the bank said Monday. The bank also said it expects $900 million in savings, up more than one-third from initial estimates. “Countrywide is on track and adding to the profit,” Bank of America CEO Ken Lewis said Monday during a conference call with analysts. Buying Countrywide, the nation's largest mortgage lender, vaults Bank of America to a leading role in home lending. The bank, already huge in consumer services, could add new customers and sell more to existing ones. And the deal rescued a troubled company. But it comes a year into a mortgage meltdown fueled by lax lending that led to waves of foreclosures. Countrywide was a key player in the subprime markets. The company faces lawsuits in North Carolina and nationwide from borrowers claiming lending abuses and poor loan servicing, as well as federal and state investigations. The acquisition means Bank of America shareholders could end up footing the bill for Countrywide problems. Joe Price, the bank's chief financial officer, said Monday that it has worked with outside lawyers and others to assess the extent of potential legal claims. They have concluded the exposure is “manageable,” he said. “I was really surprised,” anal ... Source: www.pittsburghlive.com --- 8 days ago
A trustee claims the company violated court orders and regulations in nearly 300 cases. ... Source: buzzflash.net --- 8 days ago
"The Countrywide V.I.P.-loan scandal went far beyond a few members of Congress. An exclusive look inside C.E.O. Angelo Mozilo's secret effort to curry favor with lawmakers, politicians, and others who could influence the company's fortunes." very long, but very detailed and very interesting » original news ... Find more results for Countrywide on RSSMicro.com |
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Mark Zachary, who'd been in the mortgage business for 12 years when he took a job at Countrywide as a regional vice president in Houston, says he found a corporate culture of shady, possibly illegal practices. ...
Call it the Indymac massacre. It’s the second largest bank failure in US history. Many of the unfortunate souls who put their hard-earned dough in Indymac’s high-paying cds have been lining up in the hot sun to get their money out over the past two days. We all know the US government insures deposits up to $100,000. But apparently 10,000 folks chose to keep even more than that with them. It’s interesting to note that Indymac was once a part of now defunct Countrywide. The firm was once called Countrywide Mortgage Investments. It was created as a place to hold the jumbo mortgages that even Countrywide—more conservative at the time—didn’t want to trade in. Countrywide co-founder Angelo Mozilo served at the top of Indymac for years, as did his brother Ralph. The company was spun off officially in 1997. Eventually Indymac grew completely independent. It acquired a bank charter, used the Internet aggressively, both to gather deposits and make loans. Its specialty was Alt-A loans, those in which the borrower didn’t have to provide the usual documentation. At their peak a year or so ago, Indymac shares hit $50. Today they’re worthless. At least Countrywide shareholders got a few dollars in Bank of America stock. And they now have one less competitor to worry about! Of course the biggest loser is us taxpayers who may be on the hook for as much as $8 billion. ...
LOS ANGELES (AP) - California officials have expanded a lawsuit against Countrywide Financial Corp., adding allegations that the mortgage lender rewarded staff for selling risky loans. ...