The sale of Countrywide Mortgage to Bank of America absorbed another blow this week as three states took legal action against the lender. The attorneys general of California and Illinois and the Washington State department that regulates financial institutions all filed lawsuits against Countrywide on...
We expected that the lead story of this week would be the Congressional testimony of Countrywide Mortgage CEO Angelo Mozilo and other mortgage company executives about their high levels of compensation which continue despite the enormous loses their companies have suffered in the subprime mortgage collapse...
Three executives from major mortgage industry companies were on the hot seat Friday as the House Committee on Oversight and Government Reform looked into executive compensation at corporations involved in the subprime mortgage-market shakeout. The committee, headed by Rep. Henry Waxman, questioned Angelo...
One of the more colorful characters in the ongoing subprime drama has given in to pressure and announced that he will forfeit about $37.5 million in severance pay and perks that were to accompany his retirement. Angelo Mozilo , CEO of Countrywide Financial Corporation was scheduled to receive over $36...
It's the second time this week we have started out an article talking about the rumors flying around Countrywide , but this time the rumors seem to have more grounding in fact and are certainly much better news for Coutrywide, its employees, and stockholders. On Tuesday the buzz on Wall Street was that...
Reuters News Service and the Associated Press are both quoting a story in the Wall Street Journal on Wednesday that the controversial CEO of Countrywide Mortgage , Angelo Mozilo, is under an informal investigation by the Securities and Exchange Commission ( SEC ). Countrywide is the largest mortgage...