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...
The loud "thud" you just heard over in the corner of the Senate hearing room was Senator Chris Dodd's vice presidential hopes hitting the wall. The Senator was the second major political figure caught up in and possibly brought down by various aspects of the mortgage mess in general and Countrywide Financial...
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...
Rumors of imminent bankruptcy swirled around Countrywide Financial Corporation for much of the day on Tuesday resulting in a 27.4 percent drop in the company's stock and contributing to the huge slide in the Dow Jones Industrial Average. Countrywide, the nation's largest mortgage lender, denied that...
Countrywide Financial Corp , the largest mortgage lender in the nation announced, before the stock marketed opened on Friday, that it is posting a loss of 1.2 billion for the third quarter of 2007 because of millions it had to set aside in loan loss provisions, write downs, and lowered loan values. This...
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...
Countrywide issued its operational results for the month of August and it comes as no surprise that the numbers were down. Here is a recap of their results: Loan fundings for the month of August totaled $34 billion, a 17% decrease from August 2006. Average daily mortgage application activity was $2.3...