In a sweeping deal that could be worth more than $8.4 billion, Bank of America Corp. has agreed to settle claims brought by state Attorneys General regarding certain risky loans originated by Countrywide Financial Corp. The move will diffuse some of the legal problems Bank of America inherited with its...
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...
Countrywide Financial Corporation logged in on Tuesday with its third consecutive quarterly loss due to a sharp increase it its provision for loan losses. Countrywide reported that it lost $893 million or $1.60 per share during the first quarter of 2008. One year ago the quarterly earnings were $434...
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...
Fitch Ratings announced Thursday that it has revised its Rating Watch on Countrywide Financial Corp. (CFC) and its related subsidiaries from "Negative" to "Evolving." This revised rating signifies that Fitch may upgrade, downgrade or affirm the current rating once they have gathered additional information...
If it seems ever harder to keep track of the companies that have either stopped subprime lending or alt-a lending or all mortgage lending or have gone out of business altogether, well, that's because it is harder and harder. The numbers are dizzying; according to MSNBC - and this was on Monday, the number...