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Approval of Proposal By Bank of America
2008-06-05 23:50:00 The Federal Reserve Board on Thursday announced its approval of the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Countrywide Financial Corporation ("Countrywide"), Calabasas, California, and thereby indirectly acquire Countrywide Bank, FSB, Alexandria, Virginia, and certain other nonbanking subsidiaries of Countrywide. Attached is the Board’s Order relating to this action. Attachment (1.38 MB PDF) Bank ...
Financial Indicator - Countrywide Financial
2008-06-04 08:20:00 Follow This Indicator To Gauge Financial Sector Health - And Grab Profits Smart Profits Report by Karim Rahemtulla, Investment Director It’s one of the most important companies in America today? But like any company, it’s got its share of pros and cons. For example? Pro: It holds the position of the largest private, non-governmental originator of mortgages in the US. Con: It also holds the dubious distinction of being one of the most blatant issuers of sub-prime paper. I’m talking about Countrywide Financial (NYSE: CFC) - the much-beleaguered bank and mortgage company. And there is an interesting trend occurring at the bank - one that bodes well for banks…
By: Jutia Group
US opens probe into Countrywide Financial: report
(AFP)
2008-03-10 03:51:00 Sun Mar 9, 3:38 PM ET ...
Project Lifeline: Bank of America, Citigroup, Countrywide, JP Morgan, Washi
2008-02-12 14:01:00 With the credit crunch hitting the U.S. hard, a collection of banks are getting together in ?Project Lifeline? with the aim of helping US homeowners. US house prices are getting depressed thanks to unsold homes and six major US banks are about to announce their plans to offer help to US homeowners with their mortgages. The BBC ...
By: Product Reviews
Countrywide Financial Corp. (CFC) Posts Huge Loss
2008-01-29 20:35:00 Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell... Continued on JimCramerBlog.com
By: Jim Cramer Blog
Bank of America to Purchase Countrywide Financial For $4B
2008-01-17 00:00:00 Last Friday, Bank of America announced an agreement to purchase Countrywide Financial Corp. The all-stock transaction is worth approximately $4 billion. The news has long been coming; over a year ago the bank and the country's largest mortgage company were in discussions. Blocked by US regulations from acquiring another bank, Bank ...
Bank of America rescue mortgage lender Countrywide Financial Corp.
2008-01-13 18:36:00 Bank of America’s anticipated proposal to rescue mortgage lender Countrywide Financial Corp. came as a relief to federal regulators. By purchasing Countrywide, Bank of America Corp. would prevent the largest U.S. mortgage lender from filing for bankruptcy. A combination of Bank of America and Countrywide would require approval from the Federal Reserve, and possibly other ...
By: DWI Attorney
Countrywide Financial is being acquired by Bank of America
2008-01-13 05:17:00 International Herald Tribune - … would underscore the complexities and financial challenges that have engulfed the mortgage industry - from lax lending standards to loose regulatory oversight... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: Engineers Voice
Countrywide Financial is being acquired by Bank of America
2008-01-12 06:13:00 International Herald Tribune - … would underscore the complexities and financial challenges that have engulfed the mortgage industry - from lax lending standards to loose regulatory oversight... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: Engineers Voice
Bank of America Buys Countrywide Financial - The Whole Video Story
2008-01-12 05:29:00 Countrywide Financial Denies Speculations of Bankruptcy. 1-8-2008 It was a very rocky day for shares of Countrywide Financial. A lot of news and speculation. (...)
Bank of America Buys Countrywide Financial - The Whole Video Story
2008-01-12 05:29:00 Countrywide Financial Denies Speculations of Bankruptcy. 1-8-2008 It was a very rocky day for shares of [tag-cat]Countrywide Financial[/tag-cat]. A lot of news and speculation. This all started this morning around 11:00, 1-8-2008. The stock went straight down. We called around, and it was tough to find people who knew what was going on. We were able ...
Bank of America is Buying out CountryWide Financial for $4 Bil in Stock
2008-01-11 17:53:00 Well, let's get this white elephant out of the living room. Bank of American agrees to buy Countrywide Financial for $4 Billion in stock. Wasn't is just a few months ago B of A infused $2 billion into Countrywide as a "line of Credit' Loan?
By: REI Pipeline.com
Countrywide Asks For Halt To Bankruptcy Probe
2008-01-09 00:02:00 Countrywide Financial, the largest U.S. mortgage lender is asking a federal judge to stop an investigation into whether the company overstated how much it is owed by bankrupt homeowners. (...)
Countrywide Asks For Halt To Bankruptcy Probe
2008-01-09 00:02:00 [tag-cat]Countrywide Financial[/tag-cat], the largest U.S. mortgage lender is asking a federal judge to stop an investigation into whether the company overstated how much it is owed by bankrupt homeowners. Countrywide has fallen more than 9% in the last session, down 82% over the past year as the company has reported problems within the subprime mortgage ...
Countrywide Financial Reworks 15,472 Loans In November
2008-01-02 18:13:00 I saw this nugget in the Boston Globe discussing the foreclosure issues facing homeowners. It is interesting that Countrywide has been so aggressive reworking mortgages and that they have not gotten the credit for it. The nation’s largest mortgage lender, Countrywide Financial, became a leader in helping its troubled borrowers. The company reported that it reworked ...
What Up With Countrywide Financial?
2007-12-11 14:28:00 Andrea Kramer interviews market analyst Mark Fightmaster on Countrywide Financial. No Tags
Countrywide Is here for the Long Haul
2007-12-02 17:07:00 they are expanding while they are downsizing. Sounds like a smart move to me. That way as they turn the ship around, the foundation will be larger and even more powerful once it gets back on track. The same thing goes for buying investment property. You gotta buy when it's down, and hang on for the long term.
By: REI Pipeline.com
Countrywide Financial Corp. (CFC) Stock is Due for a Rise
2007-11-30 20:12:00 Stocks rose unevenly Friday, largely extending the week's rally after Federal Reserve Chairman Ben Bernanke gave investors more reason to believe further interest rate cuts are on the way.The Dow Jones industrial average rose more than 60 points after earlier rising about 120 points. But the tech-heavy Nasdaq composite index didn't join in the rally after weak quarterly results from Dell Inc.In a speech late Thursday, Bernanke said persistently tight credit conditions, the housing slump and high energy prices will probably create some "headwinds for the consumer in the months ahead," and the central bank will have to be "exceptionally alert and flexible."The Fed meets again Dec. 11, and a rate cut could help reinvigorate the slowing economy. Evidence of a more reticent consumer came Thursday in a Commerce Department report that showed consumer spending rising a modest 0.2 percent in October, the slowest pace in four months.Once the Fed meets and after the cut has happened, expect ...
By: Jim Cramer Blog
Schumer Urges Review of Countrywide Financial Collateral
2007-11-28 19:25:00 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. (...)
C-BASS Owned Fieldstone Files for Chapter 11
2007-11-27 20:18:00 C-BASS Owned Fieldstone Files for Chapter 11 The C-BASS owned Fieldstone Mortgage of Maryland which closed its doors last week has filed for Chapter 11 bankruptcy protection. (...)
Rank Treachery Lending Practices VERSE II or Is Countrywide Financial the N
2007-10-30 17:45:00 Rank Treachery Lending Verse II photo by woodleywonderworks On 10.25.07 I made comments from the Seeking Alpha article How Egregious Was Countrywide’s Option Arm Lending and now we have the second segment to that article by a different author of Seeking Alpha (Teeka Tiwari) this time, but just more fuel to the fire for the RANK TREACHERY LENDING PRACTICES that Countrywide purveyed to unsuspecting homeowners across America. And to quote Teeka Tiwari - the plan was a simple one: (Countrywide) offered artificially low adjustable rate mortgages (ARM’s), "give a mortgage to anyone with a heartbeat, and watch the profits roll in!" And you know what happened?...It Worked!....because every time the mortgage payment adjusted higher, Countrywide would come back to the borrower and say, “Hey no problem. Let’s refinance!” And that’s exactly what millions of Americans did. Then guess what happened?.....the bottom fell out of the real estate ma...
By: Plano Blog
National Association of Mortgage Brokers Seeks Compromise on YSP
2007-10-24 18:11:00 The National Association of Mortgage Brokers is hoping to find some middle ground with House Democrats on a provision in a newly introduced predatory lending bill that would ban “incentive” payments to originators, including yield spread premiums that are a broker’s main source of compensation. (...)
Countrywide Financial Launches $16B Customer Aid Effort
2007-10-23 19:37:00 Countrywide Financial has unveiled a $16 billion effort to help ailing mortgage customers for both subprime and prime to refinance out of loans that are either delinquent or run the risk of going bad over the next 15 months. (...)
Countrywide CEO Scrutiny
2007-10-15 09:32:00 Richard Moore calls for an SEC investigation into Countrywide’s CEO. Countrywide Financial, mortgage news, Mortgage Video
Foreclosures Soar 149% at Countrywide
2007-10-12 21:53:00 Countrywide Financial had a 1.27% foreclosure rate on its servicing portfolio at the end of September, a 149% increase from that of the same period last year. (...)
SEC To Probe Stock Sales by Mozilo
2007-10-11 17:51:00 The North Carolina state treasurer has asked the Securities and Exchange Commission to investigate stock sales by Countrywide Financial founder, chairman, and chief executive Angelo Mozilo.The letter to SEC Chairman Christopher Cox from North Carolina Treasurer Richard H. (...)
Countrywide Financial Announces Massive Employee Layoffs
2007-10-04 22:48:00 On September 8, 2007, the New York Times reported in Countrywide Plans To Cut Staff Deeply that Countrywide Financial, the nation’s largest mortgage lenders, said that it would be eliminating between 10,000 to 12,000 jobs, roughly 20% of its 60,000 workers. That would be the biggest round of layoffs in the housing industry. Are you one of ...
Countrywide Financial | Employee Complaints
2007-10-04 19:25:00 If you were employed by Countrywide Financial as a loan officer, loan processor, loan consultant, loan broker, loan specialist, loan originator or other mortgage loan employee and have not been paid the overtime pay you believe you are owed, tell us your story! Wronged By Countrywide? Want to Fight Back? Countrywide Financial Corporation is a holding company which, ...
Countrywide Savings Bank Pulls in $50 Million of Deposits a Day
2007-09-29 23:06:00 Countrywide Savings Bank Pulls in $50 Million of Deposits a Day, According to Wall Street Journal; Countrywide COO Sambol Tells WSJ that Deposits Will Fund Mortgage Loans; Moody’s Reduced Servicing Rating on Countrywide Financial; CEO Mozilo Lined Up $12 Billion in Financing Earlier This Month; Portales Partners’ Peabody Says “Countrywide Will Be Survivor” Countrywide Financial, mortgage news, Mortgage Video
Countrywide - Out With The Subprime And In With The GSE
2007-09-21 21:53:00 Countrywide Financial Corp Chief Executive Angelo Mozilo said on Tuesday the largest U.S. (...)
Mozilo: ?Resets? Not the Problem
2007-09-14 18:46:00 Countrywide Financial Chairman Angelo Mozilo said Thursday that rising loan delinquencies are not being caused by adjustable rate mortgage “resets” but by a combination of job losses exacerbated by falling home values, particularly in California. (...)
Countrywide Financial Gets $12B in ?Secured? Financing
2007-09-14 18:44:00 Countrywide Financial, says it recently obtained $12 billion in additional “secured” financing through new and existing credit facilities. (...)
Countrywide Financial Corp. (CFC) Gets an Additional $12 Billion of Financi
2007-09-13 21:32:00 Countrywide Financial Corp (NYSE:CFC - News), the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that has reduced loan demand and will lead to widespread layoffs.Shares of Countrywide rose as much as 9.8 percent.The company said it recently lined up the secured financing through new or existing credit facilities. On August 16, it had drawn down $11.5 billion from credit lines because it was unable to sell short-term debt to fund regular operations.Calabasas, California-based Countrywide also said it had funded $34.4 billion of mortgage loans in August, the fewest this year and down 17.3 percent from a year earlier, as it tightened lending standards. Daily applications fell 11.8 percent to $2.33 billion. Countrywide's pipeline of mortgages being processed fell 16.8 percent from July to $51.8 billion. var dc_UnitID = 14; var dc_PublisherID = 18712; var dc_AdLinkColor = 'blue'; var dc_isBoldActive= 'no'; ...
By: Jim Cramer Blog
Countrywide Shares Fall on Report Lender Needs Cash
2007-09-11 18:48:00 Countrywide Shares Fall on Report Lender Needs Cash Countrywide Financial, the biggest U.S. (...)
Layoffs Grow At Countrywide Financial
2007-09-10 17:02:00 Layoffs Grow At Countrywide Financial. KPHO Phoenix, Arizona - (KPHO). Sep. 08, 2007. 04:48 AM EST
Countrywide Financial Corp Cuts 12,000 Jobs In Face Of US Housing Crisis
2007-09-08 13:51:00 Due to the mortgage crisis and credit crunch that is affecting the US stock market and economy, the largest mortgage lender in the USA, Countrywide Financial has been forced to cut 12,000 ? 10,000 jobs. The Countrywide Financial job cuts represent roughly 20 pct of the Countrywide Financial workforce. “This current cycle is certainly the most severe ...
By: Product Reviews
FLASH: Countrywide Financial hires "Chief Risk Officer". Hopefully he nego
2007-09-04 20:18:00 Bad Career Move Hall of Fame candidate for sure... And a sure funny one to have to explain one day to a potential new employer.... "Yup, I was their risk officer. Yup, when they ENRON'ed. Yup, I should have seen it coming too. Yup, their CEO was dumping the stock while the company bought back shares. Yup, I'm a total idiot"...Countrywide Financial names chief risk officerNEW YORK, Sept 4 (Reuters) - Countrywide Financial Corp named Jess Lederman as chief risk officer on Tuesday, as the largest U.S. mortgage lender confronts a slumping housing market.
By: Housing PANIC
Former Employees of Countrywide Financial Who Invested in the Countrywide
2007-08-29 22:37:00 Law Offices of Howard G. Smith Announces Investigation On Behalf of Current and Former Employees of Countrywide Financial Corp. Who Invested in the Countrywide Financial Corp. (...)
Former Employees of Countrywide Financial Who Invested in the Countrywide
2007-08-29 22:37:00 Law Offices of Howard G. Smith Announces Investigation On Behalf of Current and Former Employees of Countrywide Financial Corp. Who Invested in the Countrywide Financial Corp. 401(k) Savings and Investment Plan BENSALEM, Pa., Aug. 29, 2007 (PRIME NEWSWIRE) — Law Offices of Howard G. Smith announces that it is investigating claims against Countrywide Financial Corp. (”Countrywide” or the “Company”) (NYSE:CFC) concerning whether the Countrywide Financial Corp. 401(k) Savings and Investment Plan (the “Plan”) imprudently invested in Countrywide stock and whether Plan administrators breached their fiduciary duties to Plan participants in violation of the Employee Retirement Income Security Act of 1974. The investigation concerns whether Countrywide and other administrators of the Plan failed to prudently and loyally manage the Plan’s investment in Countrywide stock by continuing to offer Countrywide stock when the stoc...
Countrywide Financial Comes Under Extreme Scrutiny
2007-08-29 00:00:00 Countrywide Financial Corporation, the nation's largest mortgage lender, has recently become heavily criticized for its aggressive and, according to some reports, downright abusive lending practices. A New York Times article, titled Inside the Countrywide Lending Spree, covers in great detail the accusations and evidences levied against the corporation. The Times reports ...
Bank of America agrees to pour $2 billion into Countrywide Financial Corp
2007-08-26 10:27:00 Countrywide Financial has been in a great deal of trouble recently, due to the crisis in the sub prime mortgage market which stemmed from the credit crunch. However, The Bank of America has agreed to help Countrywide Financial by giving the company a massive $2 billion in an attempt to calm the fear in the mortgage ...
By: Product Reviews
Bank of America Corporation (BAC) Invests in Countrywide Financial Corp. (C
2007-08-23 04:35:00 Bank of America Corp. has invested $2 billion in Countrywide Financial Corp., the largest mortgage lender in the United States.The investment comes in the form of a nonvoting convertible preferred security yielding 7.25 percent annually. The security can be converted into common stock at $18 per share."We believe that in the current turmoil the stock market has been underestimating the value in Countrywide's operations and assets," says Ken Lewis, BofA chairman and chief executive. "This investment reflects our confidence in their business and recognizes the importance of the company in providing home financing across the country."Lewis says he hopes the investment will be a step toward a return to more normal liquidity in the mortgage markets.California-based Countrywide (NYSE:CFC - News) services the mortgages of one in seven U.S. households, he says.Charlotte-based BofA (NYSE:BAC - News) is one of the world's largest financial institutions, with more than 5,700 retail-banking o...
By: Jim Cramer Blog
Countrywide Financial Corp. (CFC) Laying off Loan Originators
2007-08-20 21:29:00 Countrywide Financial Corp. has started laying off loan originators, according to a report in Monday's Wall Street Journal, as the credit crunch continues to impact the nation's largest mortgage lender.The layoffs hit the company's Full Spectrum unit, which handles "Alt-A" loans, which fall between the prime and subprime categories and often are for those applying for loans that don't document their income.The number of employees laid off was not disclosed. Full Spectrum employed a sales force of about 6,800, with Countrywide as a whole sporting a loan-origination sales force of about 18,000.Countrywide has offices in Latham and Saratoga Springs. Countrywide did not return a phone call seeking comment on the layoffs.The layoffs come shortly after Countrywide bought five loan origination branches from HomeBanc Corp., then later tapped its credit line of more than $11 billion to increase liquidity.According to the report, Calabasas, Calif.-based Countrywide (NYSE: CFC - News) is c...
By: Jim Cramer Blog
Countrywide Layoffs: More Trouble for Countrywide Financial
2007-08-20 18:44:00 Things are not going well for Countrywide Financial. There were concerns of a possible bankruptcy after days where shares in Countrywide Financial fell the most since the stock market crash of 1987. Now there is more bad news coming from Countrywide Financial, the biggest mortgage lender in the USA. Countrywide layoffs are apparently going to be ...
By: Product Reviews
The stock of Countrywide Financial Corp. (CFC) is catastrophically falling
2007-08-20 15:45:00 The heads of Countrywide Financial Corp. (CFC) must be having sleepless nights as their company's stock keeps hitting its lowest levels of all the time. One day the company will be forced to grant a loan for themselves, not only for others. At the time of polishing up this article the stock arrived at a critical barrier of $21.43, or it went down by 46 per cent, since February when it hit its highest pinnacle. read more in hotstocked.com
Countrywide Financial Taps in to $11.5 Billion Line of Credit
2007-08-16 21:18:00 Countrywide Financial tapped into an $11.5 billion line of credit Thursday to "weather the storm" and address its looming liquidity crunch. Countrywide Financial is the #1 writer of mortgage loans in the United States. During the period that Countrywide was securing it's $11.5 billion in financing the Chairman and CEO, Angelo Mozilo, cashed ...
Countrywide Financial: More Bad Countrywide News, Countrywide Bankruptcy Ah
2007-08-16 19:05:00 Its more bad new for Countrywide Financial as fears of a Countrywide bankruptcy causes shares in the Countrywide bank and mortgage lender to fall another 16% today. Countrywide Financial is the biggest mortgage lender in the USA and today Countrywide Financial said that it had got $11.5 billion in emergency loans in an attempt to stop ...
By: Product Reviews
Countrywide Financial Taps in to $11.5 Billion Line of Credit
2007-08-16 17:18:00 Countrywide Financial tapped into an $11.5 billion line of credit Thursday to “weather the storm” and address its looming liquidity crunch. Countrywide Financial is the #1 writer of mortgage loans in the United States. During the period that Countrywide was securing it's $11.5 billion in ...
Largest U.S. Mortgage Provider, Countrywide Financial, May Go Bankrupt, CEO
2007-08-16 16:09:00 In what can only be described as a hyper-speed reversal from what were industry boom times less than just two years ago, mortgage companies have been getting utterly broadsided over the past six months. Until just recently, massive U.S. mortgage lender Countrywide Financial Corporation had skirted the problems, relying upon its size and general ...
By: Ponderthis...
Countrywide Financial Bankruptcy Fears Cripple Stock
2007-08-16 15:23:00 Countrywide Financial plunged over 13 pct yesterday, which is the biggest one day decline in this stock since the historic stock market crash on 1987. This is yet another case of mortgage fears sending ripples through the business world and the global financial markets. Analyst Kenneth Bruce of Merrill Lynch & Co. thinks insolvency is definitely on ...
By: Product Reviews
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