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A judge has rejected mortgage lender Countrywide Financial's effort to have some investor lawsuits heard in federal court.
The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market.
Countrywide Financial placed itself at the epicenter of the housing crisis by making far too many risky loans to homeowners who ultimately couldn't afford them. Those missteps cost CEO Angelo Mozilo his job when the lender was taken over by Bank of America a year ago at a fire sale price.
A federal judge in Los Angeles has thrown out shareholder claims of insider trading against all but one former executive of Countrywide Financial Corp.
Connecticut Sen. Chris Dodd says he'll refinance two mortgages that he received through a VIP program from Countrywide Financial Corp.
Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer.
Countrywide Financial Corp.'s shareholders cleared the way Wednesday for the company to be taken over by Bank of America Corp., even as officials in two states filed lawsuits claiming the distressed mortgage lender misled borrowers into taking on risky home loans.
Illinois Attorney General Lisa Madigan contends that thousands of Illinois homeowners paid a steep price for Countrywide Financial's "desire to dominate the marketplace."
The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file Wednesday.
Senate Budget Committee Chairman Kent Conrad said Saturday he is donating $10,500 to charity and refinancing his loan on an apartment building after reviewing documents showing he received special treatment from Countrywide Financial Corp.
The Federal Reserve has approved Bank of America Corp.'s purchase of distressed mortgage lender Countrywide Financial Corp.
It's the most basic rule of investing: Buy low, sell high. Former Wachovia Corp. chief executive Ken Thompson couldn't escape his disastrous decision to buy Golden West Financial Corp. for roughly $25 billion at the height of the nation's housing boom. He was pushed out Monday, the same day crosstown rival Ken Lewis was busy defending his deal at Bank of America Corp. to buy Countrywide Financial Corp.
Bank of America says one of its own executives will run its consumer real-estate business after it acquires mortgage lender Countrywide Financial.
A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case.
Shares of Countrywide Financial Corp. tumbled Monday after one Wall Street analyst said Bank of America Corp. should abandon its proposed takeover of the struggling mortgage lender and another suggested the deal would likely be renegotiated for a lower price.
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.
A securities filing shows Countrywide Financial Corp. CEO Angelo Mozilo earned about $10.8 million in total compensation and cashed out $121.5 million in stock options last year.
Beleaguered Bank of America Corp. shareholders pleaded Wednesday with the bank's chief executive not to proceed with a $4 billion acquisition of distressed subprime mortgage lender Countrywide Financial Corp.
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.
Countrywide Financial Corp., the nation's largest mortgage lender, is finding itself under increasing scrutiny by shareholders and state governments.
Countrywide Financial Corp. CEO Angelo Mozilo, under fire over the size of his potential payout from the proposed sale of his troubled mortgage company, says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement.
Treasurys rose Friday, benefiting from a stock market selloff sparked by worries that Merrill Lynch & Co. Inc. may have to write down an additional $15 billion in bad mortgage debt.
Bank of America Corp. said Friday it has agreed to buy Countrywide Financial for $4 billion in stock, a deal that both rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
A volatile Wall Street advanced Thursday for the second day in a row, as investors found renewed confidence in a report that Bank of America Corp. is close to buying struggling mortgage lender Countrywide Financial Corp.
Shares of Countrywide Financial Corp., the nation's largest mortgage lender, plunged Tuesday after the company denied rumors that it was planning to file for bankruptcy protection.
SEC staff recommends civil fraud charges against Mozilo of Countrywide Excerpt: ""Former Countrywide Financial Corp. boss Angelo R.
Ex-Rep. Simmons taking on Conn. Sen. DoddTwo years after losing his House seat by just 83 votes, a feisty Rob Simmons is back in Washington and taking aim at Conn. Sen. Chris Dodd amid the financial tumult.
Ex-Rep. Simmons taking on Conn. Sen DoddTwo years after losing his House seat by just 83 votes, a feisty Rob Simmons is back in Washington and taking aim at Conn. Sen. Chris Dodd amid the financial tumult.
Dem. Chris Dodd's Guide to Clean Livin'It's been over seven months since it was revealed that Senate Banking Committee chairman Christopher Dodd (D., Conn.) got a sweetheart deal on his Washington, D.C., townhouse directly from Angelo Mozilo, the CEO of troubled subprime-mortgage lender Countrywide Financial.
Why CEOs Don't Say 'Sorry' AnymoreOct. 21) - Elected officials in the past have said "I'm sorry" for everything from marital affairs to cross-dressing to corruption, and CEOs tossed around apologies like horseshoes at the company picnic. Not anymore.
$300 Billion Sub Prime Bail Out for Sen. Dodd's 'special' FriendsHow much will Countrywide benefit from Mr.
Hillary Joins the Vast, Rightwing Financial ConspiracyOn Monday, March 24, presumably representing Wall Street...Hillary Clinton proposed that Congress show its bipartisan spirit by appointing an "emergency working group on foreclosures," to be led by none other than Alan Greenspan and earlier Federal Reserve Chairman Paul Volcker, …
Mortgage Scam CEOs Defend their Obscene Pay Packages on HillA trio of high-profile CEOs defended their oversized pay packages to Congress on Friday, even as their companies and shareholders lost billions of dollars as a result of the ongoing mortgage crisis.
Millions Lose Homes; Countrywide CEO gets Lavish Payout, PerksAngelo Mozilo, the co-founder and public face of troubled mortgage giant Countrywide, is eligible for tens if not hundreds of millions in compensation and perks on the sale of the company to Bank of America. (...)
American taxpayers to help Bank of America finance its $4 billion buyout of Countrywide.NEW YORK (Fortune) -- Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.
Bank Agrees to Buy Troubled Loan Giant for $4 BillionBank of America announced Friday that it has agreed to pay about $4 billion in stock to acquire Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis.
Greenspan's Britney MomentBattle of the bad If you thought Britney's out-of-lip-sync, lumbering pantomime at the MTV Video Music Awards was bad, you ain't seen nothin' yet.
HSBC to Write-off $11 Billion in bad housing loansJust the first tranche for these reckless lenders. American banks are warning of a rise in defaults in the prime sector of the housing market. The clamp-down follows reports that 90pc of recent borrowers have overstated their incomes in order to take on excess debt.
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