Countrywide

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

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."

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 [...]

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

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

The troubled home loan servicer is being probed by Feds for using fraudulent lending practices, financial reporting. The FBI has launched an investigation into the lending practices of battered home lender Countrywide Financial Corp., according to a report in The Wall Street Journal. The mortgage company is suspected of widespread fraud, the paper said, which may [...]

The FBI is looking into whether Countrywide (NYSE: CFC) committed securities fraud by making false statements about the mortgage bank's financial position. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Glenn R. Simpson and Evan Perez, Wall Street Journal, report that 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

Bank of America confirmed that it plans to continue with its buyout of Countrywide despite rising delinquencies. Ken Lewis, CEO of Bank of America, reported that everything is ready to complete the transaction. Countrywide reported last week that its delinquency rate increased nearly 900 percent from a year prior as the number of foreclosures continue to sky rocket.

Countrywide Now Trying To Help More Homeowners in Trouble Countrywide’s new plan with Association of Community Organizations for Reform Now (ACORN) has Countrywide working with Homeowners that are already behind in payments.  What new you...

It is hard from individual investors sitting on the sidelines to come up with a resonable valuation. I have seen publications and websites state that the price BAC is paying for CFC is $6.90. Today I saw this article on fortune.com titled Betting against the BoA - Countrywide deal. I recommend you read it and understand what it is saying. Here is my take away from it:If the financial climate improves between now and summer (when the deal is set to close), meaning no more major write-downs and wtf's, CFC shareholders will probably get the $7 per share. However, if we get some more major bad news, the deal could get re-priced. Lots of moving parts here, not to mention interest rates.-- Faisal LaljeeFull Disclosure: I own BAC but my position can change anytime without notice.Related Stories:C

Regardless of how many times Neil Cavuto or any other financial pundit tells you how peachy the housing market is, the reality is far different.Countrywide Financial Corp (CFC.N), the largest U.S. mortgage lender, said on Wednesday that foreclosures and late payments rose in December to the highest on record, though it made more loans than expected in the fourth quarter.Its shares fell as much as 20.2 percent as concern persisted that Countrywide might seek bankruptcy protection. The shares fell 27.4 percent on Tuesday though Countrywide rejected an identical rumor."Rumors of bankruptcy are still surrounding Countrywide," said William Lefkowitz, options strategist at brokerage firm vFinance Investments. "Investors still believe that they need an infusion of capital."In its monthly operatin

There is just so much beating a stock can take. Yes Countrywide (CFC) is a mess and has been for the last 12 months. The stock has lost most of its value and is down from $45 last February to less than $6 at one point today. The company's market cap has shriveled down to a mere $3.5 billion and this is the largest mortgage company in the US. Their servicing portfolio alone is worth a lot more, but investors are not taking any chances.Back in July, with the stock at $35, I recommended shorting the stock and at various points during the slide, I have shorted the stock and made money. Today, I recommend covering your short. Easy money has been made to the downside and while things are still very bad, this decline is somewhat overblown. If you shorted the stock then, you are up 82% on the stoc

Countrywide Mortgage, like most lenders and banks, used to require borrowers to miss at least one mortgage payment prior to trying to negotiate a short-sale. This didn't leave much time nor opportunity to negotiate a short-sale because the foreclosure process typically starts after a borrower has missed two payments. But that may be changing. According to a few people we've spoken with within Countrywide, they are starting to allow borrowers to try and negotiate a short-sale before they've missed their first payment. It seems that the cost of a foreclosure being higher than that of a negotiated short-sale has finally begun to make sense to Countrywide. Between the new bill that Congress just passed and Countrywide's new stance on short-sales, financially distressed borrowers can now look at a short-sale as a much easier and less expensive method of trying to get out of their hardship than ever before.

I just heard that EmigrantDirect (where I keep my Savings Account) just dropped to 4.65% today. It's down from 5.05% from earlier this year before the Fed started lowering rates.As a result, for the first time in my life, I've put some of my money into a CD. The best rate out there right now is with Countrywide Bank. Yes I know what you're thinking - Countrywide could go under any day now thanks to the subprime debacle. I am aware of that, but their CD's are FDIC insured and I'm nowhere near topping out over the 100K limit for FDIC insurance.I signed on for a 3 month CD at 5.50%. You can too. More information (here) at their official website.Happy Saving!

Last week, Countrywide Financial (NYSE:CFC) released their November Operational Results showing again that delinquencies and foreclosures are continuing to remain at troubling levels with delinquencies climbing 38.73% and foreclosures soaring over 106% since November of 2006.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 foreclosures by percentage of unpaid loan principle (Click for larger versions).Either way you slice it, Countrywide is looking at some significant increases in foreclosure activity but notice that for the "unpaid loan principle" method, things are really looking dire.Be sure to check out the Countrywide Financial Foreclosures Blog's Inventory Tracker for some more startling evidence that foreclosures are skyrocketing over at Countrywide Financial as wel

Keep in mind that this press release was written by a mortgage company.  I would say it is biased a bit, but contains some good information about buying a home.  Read on to discover the facts about home buying; Then share your thoughts in a comment!

When all the CEO's and corporate officers are lumped together for playing down the sub-prime mess in the summer and for all the sub-prime loans that were made,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Schumer Urges Review of Countrywide Financial Collateral Senator Charles Schumer has urged the regulator of the Federal Home Loan Banks to undertake a special review of the loans that Countrywide Bank has pledged to collateralize $51 billion in advances from the FHLBank of Atlanta. The thrift subsidiary of Countrywide Finance increased its advance borrowings in the third quarter by $28.2 billion, up nearly 80% from those of the previous quarter. In a letter to the Federal Housing Finance Board, Schumer urged the regulator to “probe” the underlying risk of Countrywide’s collateral, which includes payment option mortgages. The senator said in a CNBC-TV interview that he has concerns about the Atlanta FHLBank’s ability to assess the risk of Countrywide’s collateral. “At a time when Countrywide’s mortgage portfolio is deteriorating, the Federal Home Loan Bank’s exposure to Countrywide poses an unreasonable risk,” the Senate Banking C

Last week's trading might have been a bell weather for whether the market thinks the worst is behind some of the troubled financial institutions. But, as The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

It certainly looks that way. According to AP Shares of Countrywide Financial Corp., the nation’s largest mortgage lender, sank more than 14 percent Tuesday amid concerns that troubles at government-backed mortgage banks could squeeze mortgage lenders’ access to funding. The company’s shares fell $1.50, or 14.2 percent, to $9.07 in afternoon trading. At one point, the stock had dropped to a low of $8.21. Over the past 52 weeks, the stock price has ranged between $10.25 and $45.26.

Today, Countrywide Financial (NYSE:CFC) released their October Operational Results showing again that delinquencies and foreclosures are continuing to remain at troubling levels with delinquencies climbing 32.96% and foreclosures continuing to soar over 112% since October of 2006.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 foreclosures by percentage of unpaid loan principle (Click for larger versions).Either way you slice it, Countrywide is looking at some significant increases in foreclosure activity but notice that for the “unpaid loan principle” method, things are really looking dire.Be sure to check out the Countrywide Financial Foreclosures Blog’s Inventory Tracker for some more startling evidence that foreclosures are skyrocketing over at Countrywide Financial a

There's been oh so much talk about Countrywide Financial (mortgage giant) getting into more trouble and perhaps even slipping into junk bond status. Company website. Could happen I'm sure. They are laying off staff and cutting costs as quickly as possible. But as all of us in home building know, you can't cut as quickly as you'd like. Countrywide's loan fundings plummet in OctoberThen yesterday was all the talk of calls for our local business leader Harley Snyder (who is Lead Director for Countrywide) to resign amid complaints that the directors and officers have been paid too much, and may have capitalized on the housing bubble in late 2006 by selling off stock. Countrywide lead director should quit, group saysOOOOOO. Is that so bad? They saw that things were as good as they could get, so they sold their stock and made some money. That seems to me to be a pretty smart decision. If they did so and the company stock price still stayed high, then good for them. I for one, think Coun

Stock options are supposed to be an incentive for doing well. They are priced the day of the grant.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

You may be utterly surprised that Countrywide, the embattled lender actually posted an amazing 32 percent jump on Friday when it announced 3rd quarter results. Was it the stellar green earnings? No, it actually announced a whopping red $1.2 billion loss for the third quarter, the first quarterly loss in 25 years. Is it that the overall housing market is taking a turn? No, here in California DataQuick just announced a record number of notice of defaults, the highest since it started keeping records. Then what could it be? How about a simple bracelet promise? Yes! Just like a middle school promise ring, Countrywide gave the entire market an assurance that it will be profitable again in the forth quarter. We should take a look at the current trajectory: Quarter Ended September 30, 2006: Net Earnings:$648,000,000 Quarter Ended June 30, 2006: Net Earnings: $485,000,000 Quarter Ended September 30, 2007: Net Loss: ($1,200,000,000) Not exactly something to cheer for. Now where exactly

Countrywide Financial lost $1.2 billion in the third quarter, but its shares soared after they said it expects to be profitable this quarter and next year. It was Countrywide's first quarterly loss in 25 years. But the company said it will be profitable in the fourth quarter and in 2008, as it restructures its business to take advantage of the current market. Shares jumped $2.13, or 16.3%, to $15.21 in morning trading after initially rising as high as $16.30. The stock has ranged $12.07 and $45.26 the past 52 weeks. The lender mo