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TUESDAY, NOVEMBER 24, 2009
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NEWS ABOUT: Countrywide Financial

Countrywide Financial stories: 26 news summaries

1 - 20 of 26 Stories | 1 2 Next >>

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(Newser) - Chris Dodd and Kent Conrad have been cleared of wrongdoing in taking preferred loans from Countrywide Financial, the Hill reports. But the Senate ethics panel gave both Democrats slaps on the wrist. No “credible evidence” of ethics violations emerged, the committee said in a statement, but two “... More »

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Congress • Chris Dodd • home loans • Countrywide Financial • Senate Ethics Committee • Angelo Mozilo • VIPs • Kent Conrad

(Newser) - Democratic Sens. Chris Dodd and Kent Conrad were fully aware they were getting sweetened mortgage deals, the Countrywide Financial exec who handled their loans has told congressional investigators. The testimony from the loan officer to the House Oversight and Senate Ethics committees directly contradicts the senators' assertions that they had... More »

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Chris Dodd • Countrywide Financial • mortgage loans • Senate Ethics Committee • political scandal • Kent Conrad • Robert Feinberg

(Newser) - The long slide from the top continues for former Countrywide chief Angelo Mozilo. Staffers at the SEC have recommended filing a civil suit against him on charges of fraud and insider trading, reports the Los Angeles Times. Countrywide had been the nation’s largest mortgage lender before it nearly... More »

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fraud • insider trading • Countrywide Financial • Angelo Mozilo • Securities and Exchange Commission

(Newser) - The irony is, well, rich. Former executives of Countrywide Financial—the bank whose risky loans to homeowners have become synonymous with the subprime mess—are now making a mint helping the government fix things, the New York Times reports. A dozen former Countrywide executives, including President Stanford L. Kurland, have... More »

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subprime mortgages • Countrywide Financial • credit crisis • bank failure • banking industry

investigation

'Choose-a-Charter' System Lets Banks Dodge Regulation


Jan 22, 09 9:25 AM CST
(Newser) - A loophole in the nation’s banking regulations allows institutions to switch their charters from federal to state, effectively allowing them to decide which regulatory agencies supervise them, reports the Washington Post. Regulatory reform is at the top of Treasury Secretary-designate Tim Geithner's agenda. Of the 200-plus banks that have... More »

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Countrywide Financial • Office of Thrift Supervision • Office of the Comptroller of the Currency • banking industry • Timothy Geithner

BofA Settles Loan Lawsuits With $8.4B Aid to Borrowers

400,000 homeowners who borrowed from Countrywide could see relief

Oct 6, 08 9:12 AM CDT
(Newser) - Some 400,000 borrowers with subprime and adjustable-rate mortgages from Countrywide Financial are in line to receive a share of an $8.4-billion settlement in a suit over deceptive loan practices, reports the Wall Street Journal. The deal between Bank of America, which acquired Countrywide July 1, and several... More »

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Bank of America • subprime mortgages • foreclosure • Countrywide Financial • attorneys general

ANALYSIS

Bank of America CEO Lands His Biggest Fish Yet

Merrill bid puts bold Lewis over $150B in acquisitions

Sep 15, 08 10:29 AM CDT
(Newser) - Like predecessor Hugh McColl, Bank of America CEO Kenneth Lewis loves enormous deals. His 7-year reign has seen flashy conquests adding up to more than $150 billion, but never has he bagged a bigger trophy than Merrill Lynch, Reuters reports. The deal should fulfill Lewis’ oft-frustrated ambition to make BofA,... More »

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Bank of America • mergers and acquisitions • Merrill Lynch • Countrywide Financial • Kenneth Lewis

 Heeeeeeeeere's Donald!

Trump bails out Ed McMahon

Aug 15, 08 6:52 AM CDT
(Newser) - Billionaire Donald Trump is giving a helping hand to 85-year-old Ed McMahon, who was about to lose his Beverly Hills home to foreclosure. Trump is buying the 6-bedroom house, listed at $4.6 million, and leasing the property back to McMahon so he can continue to live there, the Los ... More »

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Donald Trump • foreclosure • Countrywide Financial • Wharton School of Business • Ed McMahon • Hilton & Hyland

 Heeeeeeeeeeeeere's a Lawsuit! 

$200K suit adds to McMahon's financial woes

Jun 20, 08 10:45 PM CDT
(Newser) - Citibank has filed suit against former Johnny Carson sidekick Ed McMahon to recover $200,000 it loaned to the struggling actor, the AP reports. McMahon, 85, who has not worked since falling 18 months ago, also faces foreclosure on his Beverly Hills home. “If you spend more money than... More »

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Hollywood • debt • Johnny Carson • Citibank • Countrywide Financial • Tonight Show • Ed McMahon • television personality

OPINION

Countrywide 'Bailout' Is Dem Chicanery

Left is extending crisis by irresponsibly aiding its pals, Armey says

Jun 18, 08 1:33 PM CDT
(Newser) - Congressional Dems are selling their $300 billion bill granting new taxpayer loan guarantees as a boon to homeowners, but Dick Armey sees more cynical motives in the “bailout” legislation. The former House majority leader writes in the Journal, pegging the recent revelations of sweetheart Countrywide loans for top (Dem)... More »

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Freddie Mac • Fannie Mae • Countrywide Financial • congressional Democrats • bailout • Dick Armey • financial crisis

GOP Hesitates on Call for Mortgage Probe

Lawmakers wary of unearthing more Countrywide ties

Jun 17, 08 5:11 PM CDT
(Newser) - GOP lawmakers are leery of investigating mortgage deals Countrywide may have arranged for members of Congress, even though a fellow Republican is leading the charge, Politico reports. More Democratic ties to the troubled lender would give the GOP ammo in a cycle seemingly stacked against it—but the people who... More »

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Democrats • Republican • mortgage • Chris Dodd • Countrywide Financial • congressional Democrats • Kent Conrad • Jeb Hensarling

Countrywide Scandal Extends to Senate

Troubled mortgage lender gave breaks
to Dodd, other VIPs

Jun 13, 08 12:45 PM CDT
(Newser) - Countrywide Financial made sweetheart deals for lawmakers and other high-profile pols who received mortgages from the disgraced lender, a Portfolio exposé reveals. The deals, which appear to violate both company rules and federal law, benefited "Friends of Angelo"—as in CEO Angelo Mozilo—including at least two US... More »

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Chris Dodd • Countrywide Financial • Angelo Mozilo • Donna Shalala • Kent Conrad

Earnings Report

Bank of America Posts 77% Dive on $6B in Writedowns

Writedowns pack bigger punch than analysts expected

Apr 21, 08 8:00 AM CDT
(Newser) - More than $6 billion in subprime writedowns sent Bank of America profits skidding for the third straight quarter today, as the nation's second-largest bank posted a 77% decline in net income for the first quarter. Earnings were $1.21 billion, down from $5.26 billion a year ago, reports Bloomberg.... More »

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Bank of America • corporate earnings • Countrywide Financial • writedowns • subprime crisis • Kenneth Lewis

MARKETS

 Bear Bailout Invites the Bears 

Financial sell-off follows Fed's move, sends markets plummeting

Mar 14, 08 3:40 PM CDT
(Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65... More »

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Citigroup • Bank of America • Federal Reserve • Dow Jones • Bear Stearns • American Express • Nasdaq • AIG • Countrywide Financial • S&P 500 • Federal Reserve Bank of New York • financial crisis

MARKETS

Financials, $108 Oil Sink Stocks

Crude shatters record price; recession fears prevail

Mar 10, 08 3:49 PM CDT
(Newser) - US stocks fell today for a third consecutive day as fears of recession continued to spread, MarketWatch reports. With Ambac’s revival uncertain and Countrywide facing a possible securities fraud probe, shares of both financial giants plummeted, pressuring the overall market downward. The Dow lost 153.54 to close at... More »

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oil • Dow Jones • Bear Stearns • Nasdaq • Countrywide Financial • oil price • commodities • Ambac Financial • S&P 500

FBI Probes Countrywide
for Fraud

Feds seek evidence that subprime lender lied about quality of loans

Mar 9, 08 5:00 AM CDT
(Newser) - The FBI has launched a securities fraud investigation against subprime mortgage lender Countrywide Financial for allegedly lying to investors about its financial status and the quality of its mortgage loans, reports the Wall Street Journal. The probe could extend to Wall Street firms that helped package more than $100 billion... More »

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FBI • Bank of America • federal investigation • home loans • Countrywide Financial • mortgage backed securities • subprime crisis • securities fraud

House Hits High Bonuses
at Strapped Companies

Fat cats to face executive pay hearing

Mar 7, 08 7:53 AM CST
(Newser) - A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former... More »

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Henry Waxman • Citigroup • executive compensation • Merrill Lynch • Countrywide Financial • Charles Prince • Angelo Mozilo • Stanley O'Neal • subprime crisis • House Committee on Oversight and Government Reform

BofA Faces Big Risks With Countrywide

CEO Lewis confident
of his bet on mortgage lender

Jan 12, 08 1:18 PM CST
(Newser) - For Bank of America CEO Kenneth Lewis, buying beleaguered mortgage lender Countrywide Financial fits into his retail strategy to offer customers full-service banking and, in the process, sell additional services, reports the New York Times. But, whether BofA can cross-sell Countrywide’s customers aggressively enough to offset potential losses from... More »

MORE ABOUT:
Bank of America • Countrywide Financial • Kenneth D. Lewis

Bank of America Buys Countrywide for $4B

Stock package saves nation's
largest mortgage lender

Jan 11, 08 6:52 AM CST
(Newser) - Bank of America, five months after throwing a $2 billion lifeline to rapidly sinking Countrywide Financial, will pay nearly $4 billion in stock to save the damaged mortgage lender. The deal makes BofA the nation's largest mortgage lender and loan servicer and should help build a bulwark against the still-spreading... More »

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Bank of America • acquisition • Countrywide Financial • subprime crisis • financial crisis

More Trouble Has Countrywide Teetering

Mortgage lender sees stock dive again as foreclosures rise

Jan 9, 08 1:40 PM CST
(Newser) - After its stock plunged yesterday on rumors it might declare bankruptcy, mortgage giant Countrywide Financial was its shares fall to a 12-year low today on news that foreclosures and late payments were up last month, Bloomberg reports. The subprime collapse has forced the company to lay off thousands, and it's... More »

MORE ABOUT:
subprime mortgages • Countrywide Financial • subprime crisis

1 - 20 of 26 Stories | 1 2 Next >>


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