Countrywide

Continued from part2 ImpactOn August 15, 2007, Merrill Lynch advised its clients to sell their stock in Countrywide. The stock had lost over 57% YTD through September 7, 2007.'Protect Our House' PR campaignIn September 2007, after months of negative publicity and the announcement of a reduction of 20% of its workforce, Countrywide launched a public relations campaign aimed at demoralized employees

Continued from part1Announcement of problems and bailoutsOn Thursday, August 16, 2007 the company expressed concerns over liquidity because of the decline of the secondary market for securitized mortgage obligations. Countrywide also announced its intent draw on the entire $11.5 billion credit line from a group of 40 subprime mortgage lenders including JPMorgan Chase. On Friday August 17, many dep

Secondary market disruptionWhen Countrywide finances mortgage loans, they usually package them for sale to large investors as mortgage-backed securities. Fannie Mae or Freddie Mac can only buy loans which conform to the standards of government sponsored enterprises. Non-conforming mortgages securities must be sold in the private, secondary market to alternative investors. On August 3, 2007, this

Continued from part2InsuranceThe Insurance segment activities include offering property, casualty, life and credit insurance as an underwriter and as an insurance agency, and providing reinsurance coverage to primary mortgage insurers, through two business units: Balboa Life and Casualty Operations, and Balboa Reinsurance Company.Balboa Life and Casualty Group underwrite property, casualty, life a

BankingThe Banking segment produces mortgage loans through a variety of channels on a national scale. Nearly all of the mortgage loans the company produces in this segment are sold into the secondary market, primarily in the form of mortgage-backed securities. In 2006, 45% of those mortgages were conventional non-conforming loans, loans too large to sell to Fannie Mae. The company generally perfo

Continued from part1 BankingThe Banking segment consists of Countrywide Subprime mortgage lenders, FSB and Countrywide Warehouse Lending. Formerly, the subprime mortgage lenders was known as Countrywide Subprime mortgage lenders, N.A., a nationally chartered subprime mortgage lenders that was regulated jointly by the Office of the Comptroller of the Currency and the Federal Reserve, but it convert

If you’re looking for a home at a bargain price, you may want to consider a Countrywide VA Foreclosure. When a home is in foreclosure, it becomes lender-owned and is referred to as REO or real estate owned. Countrywide is a financial institution that deals in the purchasing, originating, security and servicing of mortgages. In 2006, [...]

Countrywide plan may cut mortgage rates for 395,000 borrowers With calls growing for stronger action to help troubled homeowners, consumer advocates are hailing a mortgage-modification program being implemented by Bank of America Corp.'s Countrywide unit as the most ambitious effort yet to avert foreclosures. A key lawmaker is demanding that other mortgage lenders adopt the program, which was

The highly-anticipated of the T-Mobile G1 handset that powered by Google’s Android Operating System finally available worldwide. As reminder, the G1 is the first Google Android phone that has developed by HTC. If interested, you can purchase the G1 through select retail stores in your country or place an order at t-mobileg1 for $399.99 or [...]

Countrywide Financial Corp, once the largest U.S. mortgage lender, ranked last in satisfaction among customers who obtained new mortgages, though overall satisfaction with home loan providers has risen, according to a J.D. Power and Associates study released on Monday.< ---!more---> The study of major U.S. home loan providers was conducted in June, and based on responses [...]

Several state Attorneys General had filed lawsuits against Countrywide because of their lending practices. An agreement has been reached for a program with Bank of America that is designed to allow borrowers who purchased their homes through sub-prime or certain adjustable rate mortgages before December 31, 2007 to keep their homes.

I’m sure it is difficult for most people who are struggling with the day to day items of life to focus on the macro problems plaguing the economy.  Many families are hearing more and more everyday about a neighbor or friend that has lost a home to foreclosure and deep down many are feeling a [...]

Here’s a handy resource worth passing along.  And it’s one you short sale investors out there will find particularly useful… Short sale guy Shaun “The Swan” McCloskey just posted DIRECT contact info for some of the “higher ups” at Countrywide on his blog. Just to be clear, if you find ever should yourself negotiating a short sale [...]

*Gedebum*… Akhirnya pohon besar itu roboh….. Mungkin ada sebagian teman-teman pembaca blog ini yang membaca artikel seri Edison’s Week in Review minggu lalu (7 Sep 2008). Ketika itu saya menulis bahwa: Sebagai seseorang yang mengamati krisis subprime dan krisis kredit dari awal, sejujurnya selama ini saya merasakan suatu kejanggalan. Kepala saya selama ini selalu diisi oleh pert

While most people do not want to refinance their home, there are occasions where it makes sense, but all other avenues should be explored first. There are situations where it makes sense and is the best move forward but that does not mean that you shouldn't try for the best deal available.

Guaranteed Cash Advance No Tele Track no teletrack loan no fax fast cash advance without checking account Need a cash advance but have ad credit loan in gujarat cash advances-canada urgent cash loans bad credit bad credit loans without a checking account

Andy Roddick makes semis at Countrywide Andy Roddick, top seed, is just one step away from the final in Los Angeles. On Friday night, the former world number, enjoy an easy 2 set, 6-3 6-1, win over Marc Gicquel and made it to the semifinals where he will play Denis Gremelmayr, who defeated Marat Safin,5th seed, 3-6 6-3 6-2. “The second set was probably the best set I’ve played in the last

The SEC informal investigation of Bank of America's (BAC) recently acquired Countrywide Financial has been in progress for months and now there's a new... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Los Angeles Countrywide Classic Quarterfinals Results Juan Martin Del Potro, 3rd seed, continues with a very impressive form in Los Angeles. The Argentine defeated Amer Delic in 2 sets. Mardy Fish, 6th seed, was also victorious in the quarterfinals getting past Florent Serra in 2 sets. Marat Safin, 5th seed, on the other hand was not able to follow Fish and Del Potro into the semis. He was

Seems the BAC-Countrywide dashing duo are holding a subpoena-fest, with an open invitation to all federal and state regulatory agencies. For starters, Bank of America Corp. (NYSE: BAC) said it received subpoenas and requests for information with regards to auction-rate securities from multiple federal and state government agencies. And four class-action lawsuits have been filed against BAC, on

It seems Angelo Mozilo never met a person of influence he didn't want to make into a "Friend of Angelo's," who would qualify for rate reductions and elimination self-admitted 'garbage fees' in exchange for real and perceived favors in the past and in the future. So how can I get a refund for the fees I paid when I got a loan through Countrywide?? According to a cover story in Portfolio magazine

Unless you’ve actually gone through the hardship of losing your home through foreclosure, it may be difficult to understand the intricacies of how one mortgage loan can upset your entire budget. We get anecdotal stories of people having their loans reset or losing their home but we rarely get a glimpse at the loans. [...]

Just in case you don’t know, Senator Christopher Dodd is the main guy in the Senate pushing for the new housing bill which will bail out irresponsible homeowners as well as the mortgage companies like Contrywide. Dodd is the guy who is supposed to help the homeowner and instead, he is helping the same people [...]

I have been dealing with short sales for a while now and I have to let you know that I have never had as much of a problem with any lender as I have with Countrywide!  They have to be the slowest in the industry and the most difficult to deal with period.  I have had one homeowner in limbo for months - have had to submit several offers and have had several of the buyers just walk away!&n

Via a new blog, Foreclosure Buzz, by Texas Rural Legal Aid attorney Robert Doggett, the question is posed with regard to lawsuits against mortgage lender Countrywide, “Is Texas Next?” Quoting the Forney Post in North Texas, Doggett notes that groups like Public Citizen are asking why AG Greg Abbott hasn’t piled on yet: Attorney General Greg Abbott’s office has been going afte

Florida Attorney General Bill McCollum says his office has filed a lawsuit against Countrywide Financial Corp., accusing it of deceptive and unfair trade practices. Countrywide was acquired by Charlotte-based Bank of America Corp. on Tuesday. The lawsuit claims the Calabasas, Calif.-based lender put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were

On July 1, Bank of America finalized its acquisition of Countrywide Financial Corporation. BOA is now the nation’s top originator and servicer of home loans, with a firm grasp on 20% to 25% of the U.S. mortgage market. The value of the all-stock deal has eroded to $2.5 billion from approximately $4 billion in January, reflecting a decline in Bank of America’s share price.I still use Countrywid

This from Red State Shortly after being sworn in as a U.S. Senator in January 2005, Obama bought a Georgian mansion in an upscale Chicago neighborhood. Obama bought the house for $300,000 less than the asking price of $1.95 million. The Obamas’ income had just risen dramatically. As a U.S. Senator, Obama got an annual salary of $162,100, [...]

Bank of America Corporation today completed its purchase of Countrywide Financial Corp. to create the nation’s leading mortgage originator and servicer. Bank of America will focus on responsible home lending, serving as a reliable source of mortgages for the American consumer. Bank of America also will assist new and existing customers with selecting the right product [...]

July 1st 2008 will go down in history as the day that Bank of America created history. Today they have created the nation's leading mortgage originator and servicer by finishing the purchase of Countrywide Financial Corporation. For a lot of the people that were involved in this dilemma known by many as the"mortgage crisis" this is good news as Bank of America can help the devastated company get b

In February Countrywide Financial (NYSE:CFC) announced that they planed to discontinued publishing their monthly operational status report limiting insight into their internal status to what they termed a more “industry standard” quarterly frequency.Clearly, this was a move intended to thwart transparency and prevent onlookers from completely understanding the enormity of their troubles.In ord

Countrywide Bank is currently offering the Countrywide Rewards Platinum Visa Card for a remarkable 2% cash back on all purchases. Very few other credit card offers come close - except maybe the similarly advertised 1.5% cash back Fidelity Visa Signature Card. Most other top value cash back credit cards restrict higher rebates to special purchase [...]

It looks like Illinois is joining California in suing Countrywide Financial for "the company and its executives defrauded borrowers in the state by selling them costly and defective loans that quickly went into foreclosure." From a New York Times story (reg. required):The lawsuit, which is expected to be filed on Wednesday in Illinois state court, accused Countrywide and Mr. Mozilo of relaxing un

If ever there was a corporate version of the Titanic going down, this would it. Even as shareholders of Countrywide Corp. gathered in Calabasas to approve the sale of the company to Bank of America, the Attorney Generals of California and Illinois filed lawsuits suing Countrywide and CEO Angelo Mozilo (background) for unfair and deceptive conduct. Here's the copy of the California suit from the

In a clear sign that government is taking the residential lending bust to a new level, California Attorney General (and former Governor) Jerry Brown has sued Countrywide Financial, arguing that the company set out to deliberately relax underwriting guidelines and deceive borrowers with Option ARM and other adjustable rate loans that were in fact financial ticking time bombs. From an L.A. Times st

By ALEX VEIGA AP Business Writer LOS ANGELES (AP) _ California’s attorney general has filed a civil lawsuit against Countrywide Financial Corp., claiming the mortgage lender used misleading advertising and other unfair business practices to trick borrowers into taking on risky home loans they didn’t fully understand. The Los Angeles County Superior Court lawsuit comes on the [...]

Thornburg Mortgage (TMA) may not make it. The mortgage lender once has a market cap of well over $5 billion. Its shares are down to $.65 and its market value... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Daniel Goldman, writing for Conde Nast's Portfolio, has breathed fresh life into the 'Friends of Angelo' scandal at Countrywide Corp. Senators Christopher Dodd and Kent Conrad refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans. Other participants in the V.I.P. program included

Via Portfolio: Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people. Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat

Bank of America's CEO Kenneth Lewis stated Wednesday that he remains committed to buying the almost bankrupt mortgage lender Countrywide. Bank of America also stated that they currently see no need to cut its dividend. The bank has consistently raised its dividend for 30 years straight.

Bank of America’s proposed merger with subprimer lender Countrywide Financial has been approved by the Federal Reserve and is scheduled to be finalized later this year. This deal will make Bank of America the largest mortgage lender and loan servicer in the country and expand their real estate products quite a bit. Bank of America Chairman [...]

It turns out that Frank Mozilo, head of Countrywide (CFC), was passing out special mortgages to people including two former chiefs of Fannie Mae (FNM).... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Bizjournal.com The Federal Reserve on Thursday gave Bank of America permission to buy mortgage lender Countrywide Financial Corp. Countrywide (NYSE: CFC), based in Calabasas, Calif., will hold a special shareholder meeting June 25 to vote on the $4 billion sale. The Fed said Charlotte-based BofA (NYSE: BAC) will be the largest deposit-taking institution in the United States after the deal

Merrill Lynch: Countrywide Losses Likely $10B-$12B -CNBC Last Update: 6/4/2008 10:05:12 AM DOW JONES NEWSWIRES Merrill Lynch & Co (MER) said Countrywide Financial Corp.’s (CFC) cumulative losses are likely to rise to between $10 billion to $12 billion, CNBC reported Wednesday. The losses will force similar mark-to-market writedowns for buyer Bank of America Corp. (BAC), said Merrill. Me

Calabasas, CA based Countrywide Financial Corp. (NYSE: CFC) stockholders will vote on June 25th at a special meeting on whether to ratify the $4 billion acquisition proposal from Charlotte, NC based Bank of America Corp. (NYSE: BAC). The meeting will take place at 9:00 am PDT in the Learning Center Auditorium at Countrywide's corporate headquarters, located at 4500 Park Granada, Calabasas,

“There is an interesting trend occurring at the bank - one that bodes well for banks and the economy as a whole.” — Karim Rahemtulla by Karin Rahemtulla Baltimore – (TFN): It’s one of the most important companies in America today… But like any company, it’s got its share of pros and [...]

SEC: Bank Of America Registration For Countrywide ‘Effective’ Last Update: 5/29/2008 7:11:03 AM DOW JONES NEWSWIRES The Securities and Exchange Commission said Thursday it declared effective a registration of 132.8 million shares of Bank Of America Corp. (BAC) to be issued under the company’s proposed merger with Countrywide Financial Corp. (CFC). Earlier this year, Bank of Ameri

NEW YORK (MarketWatch) - The controversial president of failed mortgage lender Countrywide Financial Corp. [s:cfc] will be retiring after the company is acquired by Bank of America Corp. later this year, Bank of America said Wednesday in a company statement. David Sambol had been tapped to helm the combined mortgage operations of both companies, but regulatory and shareholder outrage over [...]

Countrywide Holders To Vote On BofA Merger June 25 >BAC CFC Last Update: 5/28/2008 4:09:48 PM DOW JONES NEWSWIRES Countrywide Financial Corp. (CFC) will hold a special meeting of stockholders on June 25 to vote on the proposed merger with Bank of America Corp. (BAC). The record date for the special meeting is April 28, according to a filing Wednesday with [...]

In February Countrywide Financial (NYSE:CFC) announced that they planed to discontinued publishing their monthly operational status report limiting insight into their internal status to what they termed a more “industry standard” quarterly frequency.Clearly, this was a move intended to thwart transparency and prevent concerned onlookers from completely understanding the enormity of their troub

You are going to need to sit down for this one. If you have any heart conditions you may want to stop reading at this point. Many of you recall that Fannie Mae and Freddie Mac had their caps raised in January during the great Wal-Mart voucher experiment. It was sneaked into [...]Related Posts:■A Trip down the Housing Graveyard: The Casualties of the Housing Bear Market.■What really goes on

A series of lawsuits against the board and management of Countrywide (CFC) accuses them of insider trading and not being careful enough in regulating the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

If' you're a customer of Countrywide Mortgage, you've probably got your share of "Easy Refinance Today" offers through both regular mail, and phone calls. I finally got tired of screening the calls and decided to pick up and tell them no. On a lark, I decided to get the 'free, no obligation [...]

CORRECT: Ambac Bond Claims Not On Countrywide Loans Last Update: 5/9/2008 2:58:20 PM Ambac Financial Group Inc. (ABK) had examined two transactions that contained loans originated by Bear Stearns Cos. (BSC) and First Franklin Corp. (FFHS).

" Senior Managing Director of Loan Administration for Countrywide Financial Steve Bailey testified before the Senate yesterday, called the recent allegations regarding its bankruptcy cases “unfounded,” adding that the mortgage lender was committed to helping its borrowers avoid foreclosure. "

Mortgage lender Countrywide Financial Corp (CFC.N: Quote, Profile, Research) on Tuesday defended its treatment of borrowers who have filed for bankruptcy and pledged to hire an independent auditor to review the company’s practices. “This type of processing can result in some mistakes from time to time,” Steve Bailey, Countrywide’s chief executive for loan administration, said in [...]

"After hearing the complaints coming out of Las Vegas after Countrywide shut down thousands more home equity lines of credit, you'd think that "tapping home equity" (whether the equity is there or not) was some sort of an inalienable right."

"Bank of America, the second-biggest U.S. bank, may have to write down the value of Countrywide's loans by as much as $30 billion because of declining home prices."

One of the interesting by-products of S&P cutting Countrywide's (CFC) debt to junk is that Bank of America (BAC) may be frightened witless now about taking... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Bond-holders who own debt in Countrywide (CFC) have assume that Bank of America (BAC) would take those obligations on and that they would get paid out. Maybe... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

May 2 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. bank, said it may not guarantee $38.1 billion of Countrywide Financial Corp.'s debt after taking over the mortgage lender, fueling speculation that Countrywide's bondholders face renewed risk of default.``There is no assurance that any such debt would be redeemed, assumed or guaranteed,'' the Charlotte, North Carolina-based bank said in an April 30 regulatory filing, adding that no decision has been reached. Investors have grown more optimistic the bank would back Countrywide debt, and Standard & Poor's said this week it may raise Countrywide's rating to match Bank of America's.Bank of America agreed to buy Countrywide, the largest U.S. mortgage lender, for about $4 billion amid speculation that the worst housing market

BofA Mulling Options For Disposition Of Some Countrywide Debt Last Update: 5/1/2008 9:59:53 AM DOW JONES NEWSWIRES Bank of America Corp. (BAC) said Thursday that in connection with its proposed merger with Countrywide Financial Corp. (CFC), it is evaluating alternatives for the disposition of the remaining debt of the troubled mortgage lender. Countrywide had outstanding debt of about $97.23 billion at [...]

“In the good old days, that was the best loan we had at Countrywide…” John Sipes told the Wall Street Journal. He was reminiscing about Countrywide’s “Fast and Easy” loan (aka “liar loans”), which allowed homebuyers to get a mortgage without any supporting documentation of their incomes. Originally, lenders made these loans only to folks [...]

The FBI appears to have uncovered some fraud in lending practices at Countrywide (CFC) and now the question is whether management knew. As Captain Renault said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

AP LOS ANGELES (AP) — Countrywide Financial Corp. said Tuesday it lost $893 million in the first quarter, as rising loan defaults amid a deepening housing downturn forced the nation’s largest mortgage lender and servicer to sharply increase its provision for loan losses and book other credit-related charges. The latest results marked the third consecutive quarterly loss [...]

''Consumer advocates nervous about Bank of America Corp.'s proposed takeover of troubled mortgage lender Countrywide Financial Corp. are pressuring the bank to provide assurances that Countrywide borrowers facing foreclosure won't lose their homes''

Countrywide Financial (NYSE: CFC), a diversified financial services provider, and New Vista Asset Management have joined together to find qualified buyers for Countrywide’s REO properties. The program is designed to help minimize the impact of foreclosures on neighborhoods by reaching out to consumers interested in residing in these communities. In the relationship, New Vista’s network [...]

Bank of America is planning to drop the name Countrywide Financial once its acquisition of the company is complete, which is expected to be finalized by the end of the year. The change comes just after officially telling the Federal Reserve that it plans to boost Countrywide's lending standards and remove sub-prime and option adjustable rate lending where the price of the loan can exceed the value of the property when borrowers choose the option to pay less then the interest due.

UPDATE: Bank Of America Shareholders Wary Of Countrywide Deal Last Update: 4/23/2008 4:34:28 PM (Updates with shareholders’ reaction to Lewis’s statements in favor of a takeover, adds details of BAC’s future in mortgage lending and servicing, and of how the shareholders voted.) CHARLOTTE, N.C. (AP)–Beleaguered Bank of America Corp. (BAC) shareholders pleaded Wednesday with the bank’s chief executive not to proceed [...]

 When the loans were rolling out like there was no tomorrow - Countrywide was the Industry leader for serving "lemonaide" to the borrowers and homeowners ~ or so they called it. Now that same Industry leader is backing out of helping the mess they lead the industry in creating.  Something is really wrong with this picture.First let me define the difference between Lemons and lemonaide:  These are Lemons - If you pick these and eat them as is, they will be bitter and you will not have lemonaide.  You will be simply eating a lemon.  Not to say lemons are bad because I personally like to eat lemons (especially when I have a cold).  In this post, lemons equates to Not Helping out or REJECTING short sales. Or putting SALT on the wounded.&nb

Countrywide Financial (NYSE:CFC) announced recently (unbeknownst to me until today) that they will no longer provide press releases detailing their monthly operational status as they had been doing for many years.Instead we will only get a quarterly peer the “mess that Mozilo built” which is certainly a loss for those looking to gain a serious understanding of how bad the state of the mortgage industry is but I suppose a bit of a gain for Countrywide.One has to wonder how much credibility is due a company (or its bank suitor) that proudly reports its operational results when times are good but then works to prevent transparency when business goes south.By making such a weak and cowardly decision, the management of Countrywide Financial and Bank of America (NYSE:BAC) are clearly demonst

NEW YORK (MarketWatch) - Countrywide Financial Corp. had its bank’s financial strength rating reduced to “D,” or default, by Moody’s Investors Service Thursday after the ratings service said the bank faces substantial liquidity issues. Moody’s said the unsecured ratings for Countrywide Financial and Countrywide Homes Loans remained unchanged. “Although we do consider Countrywide Bank’s ability to fund a significant deposit [...]

Moody's cut the credit rating of Countrywide (CFC) to "D" for default, over worries about liquidty. According to Reuters "The downgrade does not reflect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

A federal judge has approved an investigation into the lending practices of Countrywide (CFC). The mortgage company may have, among other things, charged... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Submitted By: Benjamin Teo Brief history Countrywide is a diversified financial services company with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they started the Countrywide Credit Industries. Expansion began in 1979, and by the next year, Countrywide had 40 offices in downtown Los Angeles, and in [...]

The private sector mortgage industry is struggling to cope with its credit problem due to the Subprime lending debacle. This week, some former executives of Countrywide announced the creation of a new company called Private National Acceptance Company LLC, PennyMac for short. The company plans to buy up risky loans to help struggling home owners stay put. PennyMac will go to banks and offer to

Top executives at Countrywide are set to receive millions as part of Bank of America's buyout agreement. Leading the way is CEO, Angelo Mozilo, receiving $19 million. Next up is Sambol who is set receive $28 million for staying with the company. Bank of America announced their payments for top executives at Countrywide as part of their buyout agreement.

Countrywide Financial Corp.’s chief executive and president will receive a combined $19 million in stock next week as part of the company’s pending takeover by Bank of America Corp., according to a regulatory filing.The payments of stock valued at $10 million for chief executive Angelo Mozilo and $9 million for President David Sambol were [...]

As part of Bank America's pending takeover offer Countrywide's CEO, Angelo Mozilo, is expected to receive $19 million in stock next week. Angelo Mozilo is expected to retire after the buyout; however, President Sambo has been offered $36.4 million in order to lead the combined company's consumer mortgage division.

Countrywide NYSE: CFC) chief operating officer David Sambol cannot get a job as a garbage man. He is viewed as being too closely tied to policies whereby his... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Assured Guaranty Re-Examining Countrywide Loans It Insured Last Update: 3/27/2008 6:48:03 PM By Lavonne Kuykendall Of DOW JONES NEWSWIRES CHICAGO (Dow Jones)–As the U.S. housing downturn continues, Assured Guaranty Ltd. (AGO) is re-examining lending documents for some of the $2.1 billion in guarantees it wrote for home equity lines of credit issued by Countrywide Financial [...]

Countrywide President Sambol Enters Retention Agreement Last Update: 3/27/2008 6:03:06 PM (MORE TO FOLLOW) Dow Jones Newswires March 27, 2008 18:03 ET (22:03 GMT)

Fed Plans Public Mtgs On Bank Of America Bid For Countrywide Last Update: 3/27/2008 2:30:00 PM WASHINGTON (Dow Jones)–The U.S. Federal Reserve says it will hold public meetings next month on the bid by Bank of America Corp. (BAC) to acquire Countrywide Financial Corp. (CFC). The Fed on Thursday announced the scheduling of public meetings in Los Angeles and Chicago. The meetings [...]

"There are no second acts in American lives"--F. Scott Fitzgerald Several former Countrywide (NYSE: CFC) executives are starting a new company, with the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Today, Countrywide Financial (NYSE:CFC) released their February Operational Results showing that delinquencies and foreclosures are continuing their climb to troubling levels with delinquencies jumping over 46% to 6.91% of total number of loans and over 66% to 7.44% of total unpaid principle balance while foreclosures jumped over 61% to 1.13% of total number of loans and soaring 105% to 1.64% of total unpaid principle balance.Prior to January 2007, Countrywide reported foreclosure data as a percentage of the total number of loans serviced which obviously lacked complete clarity.Below, are charts of both measures; delinquencies and foreclosures by total number of loans serviced and by percentage of unpaid loan principle (Click for larger versions).Be sure to check out the Countrywide Financ

BoJack beat me to it so I'll just link to his post.

March 09, ReutersNEW YORK - The FBI has begun a criminal inquiry into the largest U.S. mortgage lender, Countrywide Financial Corp, for suspected securities fraud as part of investigations into the mortgage crisis, The New York Times reported on Sunday.Citing unnamed government officials with knowledge of the case, the Times said the investigation into whether Countrywide misrepresented its financial condition and the soundness of its loans in securities filings was at an early stage and it was not clear if any charges would result.A Countrywide spokeswoman, Susan Martin, told the newspaper that "we are not aware of any such investigation." The probe was first reported on Saturday in The Wall Street Journal.The Countrywide inquiry follows a broader investigation by the FBI into 14 companie

According to The Wall Street Journal, The FBI is investigating into Countrywide over securities fraud. The FBI has just started its investigation looking into if Countrywide miss-reported its financial position and falsely reported the quality of its mortgage loans.

It doesn't surprise me at all. The Wall Street Journal has reported that Countrywide is being investigated by the FBI for fraudulent lending practices. I think maybe they will find that Angelo Mozilo created an entirely new class of fraudulent lending practices just so he could cash out his stock options. They are also saying that BofA is trying to accelerate their purchase of Countrywide. Probably trying to save the $2Billion they invested in the company last summer. If BofA...

Countrywide is one of 15 sub-prime lenders under investigation for potential securities fraud related to statements about its financial position and the quality of loans in its portfolio. From a Wall Street Journal article:The Federal Bureau of Investigation is probing subprime lender Countrywide Financial Corp. for possible securities fraud, according to law-enforcement officials and finance-industry executives. The inquiry involves whether company officials made misrepresentations about the company's financial position and the quality of its mortgage loans in securities filings, four people with knowledge of the matter said. It is at an early stage, they emphasized...Fifteen other subprime companies also are under scrutiny by federal agents and prosecutors in a broad look at the subprim