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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: Countrywide

Countrywide stories: 27 news summaries

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(Newser) - Many of the lenders eligible for $75 billion in taxpayer subsidies from the government's foreclosure prevention program are the very same subprime lenders who fueled the mortgage crisis in the first place, the Washington Post reports. According to a report to be released tomorrow, JPMorgan, Countrywide, Wells Fargo, and other... More »

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Wells Fargo • Countrywide • JPMorgan Chase • subprime lender • Making Homes Affordable

Countrywide's Mozilo Charged With Fraud

Mozilo, two others accused of fraud, misleading investors

Jun 4, 09 4:09 PM CDT
(Newser) - The SEC has charged former Countrywide chief Angelo Mozilo and two other former execs with civil fraud, the Wall Street Journal reports. The agency accuses them of insider trading and withholding information from investors about the condition of what was once the nation's largest mortgage company. They are the first... More »

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fraud • Countrywide • civil lawsuits • Angelo Mozilo • Securities and Exchange Commission

INTERVIEW

Like Father,
Like Son: Dodd Fights for Future

Conn. senator's recent troubles echo those of his disgraced dad

May 31, 09 4:32 PM CDT
(Newser) - For the second time in recent memory, a Senator Dodd from Connecticut is accused of corruption and faces a rocky political future, Newsweek reports. The current senator, Chris Dodd, is a 28-year veteran and former presidential candidate, but after devising an AIG loophole and appearing to make shady housing deals,... More »

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corruption • Connecticut • Chris Dodd • AIG • Countrywide • US Senate

ANALYSIS

Her Golden Parachute Fine With McCain

'No analogy' between Fiorina's $45M from HP, subprime payouts

Sep 16, 08 2:10 PM CDT
(Newser) - John McCain and Sarah Palin made a point yesterday of blasting CEOs who left their companies with multimillion-dollar golden parachutes while workers and shareholders suffered. But McCain’s top economic adviser deployed just such a shiny parachute when Hewlett-Packard ousted her, ABC News reports. Carly Fiorina pocketed $45 million, even... More »

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John McCain • CEO • Bear Stearns • Freddie Mac • Fannie Mae • Countrywide • Carly Fiorina • golden parachutes • Hewlett-Packard

Bank of America Posts Slide but Beats Q2 Expectations

41% drop in net earnings still better than forecast; shares rise 9.3% pre-market

Jul 21, 08 7:33 AM CDT
(Newser) - Bank of America reported a 41% decrease in net income today, beating analyst expectations as writedowns shrank to $1.22 million in the second quarter from $2.81 billion a quarter earlier, reports the Wall Street Journal. The bank also said it expects to make money this year from... More »

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Bank of America • earnings reports • Countrywide • subprime crisis • Kenneth Lewis

Illinois to Sue Countrywide, CEO Over Foreclosure Fiasco

State blames company for foreclosures

Jun 25, 08 8:57 AM CDT
(Newser) - The state of Illinois will sue Countrywide and its CEO today for "unfair and deceptive practices" in the first suit related to the current mortgage crisis. The company is accused of pushing loans on homeowners even if they couldn't repay them, the Wall Street Journal reports. Illinois' attorney... More »

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Illinois • Countrywide • civil lawsuits • Angelo Mozilo • subprime crisis • Lisa Madigan

 Obama's
 Embattled
 Veep Hunter
 to Quit 

Johnson was skewered over favorable mortgage he received

Jun 11, 08 2:21 PM CDT
(Newser) - A member of Barack Obama’s VP selection team who has drawn a firestorm of criticism this week is stepping down from his post, CNN reports. “Jim [Johnson] did not want to distract in any way from the very important task of gathering information about my vice presidential nominee,... More »

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Barack Obama • vice president • Countrywide • vice presidential sweepstakes • Jim Johnson

Subprime Lender CEOs Defend Exec Pay

Merrill, Citi and Countrywide honchos cashed in as companies foundered

Mar 7, 08 3:50 PM CST
(Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the... More »

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Congress • Citigroup • executive compensation • Bank of America • Merrill Lynch • Countrywide • bonuses • Charles Prince • Angelo Mozilo • Stanley O'Neal • financial institutions • subprime crisis • House Committee on Oversight and Government Reform

BofA May
Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

Jan 10, 08 3:21 PM CST
(Newser) - Bank of America is in advanced talks to buy troubled Countrywide, the Wall Street Journal reports. The Charlotte-based bank could be on the brink of acquiring the US' largest mortgage lender, whose market value has plummeted to $3 billion—about 2 months' profit for BofA—as foreclosures continue to dent... More »

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Bank of America • bankruptcy • subprime mortgages • LaSalle Bank • Countrywide

MARKETS

Stocks Soar After Bumpy Ride

Streeters pleased with Bernanke speech, BofA news

Jan 10, 08 3:19 PM CST
(Newser) - The Dow finished up 117.78 points today, closing at 12,853.09 on signals from Fed chairman Ben Bernanke of interest-rate cuts to come and reports that Bank of America is in talks to buy home-loan giant Countrywide. It was a bumpy ride, though, as the key index was... More »

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Bank of America • Dow Jones • Nasdaq • Countrywide • Capital One • S&P 500 • Harbinger Capital

MARKETS

Techs Put Damper on Optimism

Dell's struggles narrow Bernanke boost

Nov 30, 07 3:38 PM CST
(Newser) - The markets closed up today on rumors of a coming interest rate cut, but bad news in the tech sector limited gains. The Dow climbed 59.99 points to 13,371.72, but only after a negative forecast from Dell erased a sizable morning rally. The S&P 500 climbed... More »

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Ben Bernanke • Dell • Federal Reserve • Dow Jones • Nasdaq • interest rate • Countrywide • S&P 500

SEC Looks Into Countrywide Stock Sales

CEO of nation's largest mortgage lender dumped $130M in stock before crisis hit

Oct 17, 07 10:06 PM CDT
(Newser) - The CEO of troubled mortgage lender Countrywide is under investigation over stock sales, the Wall Street Journal reports. Angelo Mozilo sold at least $130 million this year of stock in a company deeply affected by the subprime mortgage mess; the Securities and Exchange Commission is looking into several aspects of... More »

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insider trading • Countrywide • white collar crime • Angelo Mozilo

Market Rallies on Corporate Gains, Labor News

GM, McDonald's bolster stocks

Sep 13, 07 4:12 PM CDT
(Newser) - US stocks rallied today, with blue chips and Countrywide Financial at the helm. A General Motors' analyst upgrade and  a higher-than-anticipated dividend at McDonald's helped drive the Dow up 133.23 points, to 13,424.88. Countrywide rose 14% on news that the battered lender has lined up $12 billion... More »

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General Motors • labor • stocks • financial markets • Countrywide • crude oil • job market

Subprime Crisis Sparks a Spate of Legal Battles

Investors, homeowners, banks head to court, but obstacles lie ahead

Sep 11, 07 11:24 AM CDT
(Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range... More »

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Wall Street • investors • subprime mortgages • Bear Stearns • lawsuit • hedge fund • Countrywide • Enron • Worldcom • homeowners

(Newser) - Troubled mortgage lender Countrywide announced today that it would cut up to 12,000 jobs–or some 20% of its total workforce–over the next three months. The Wall Street Journal reports that, as the subprime debacle rocks the housing market and the lending industry, Countrywide expects to issue 25%... More »

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layoffs • subprime mortgages • loans • home loans • Countrywide • subprime crisis

Stocks Fall on Financial Pessimism

Slashed Countrywide estimates, housing figures lead to slump

Aug 27, 07 4:48 PM CDT
(Newser) - US stocks fell today on a disappointing home-sales report and lowered projections for Countrywide, the nation’s top home lender, with Lehman Brothers citing “extraordinary weakness” in mortgage loans. The Dow closed at 13,322.13, down 56.74, near the session low. The S&P 500 fell 12.... More »

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stock market • Dow Jones • Lehman Brothers • Nasdaq • Countrywide • S&P 500

Stocks Climb Following Surprising Home Sales Numbers

Markets, optimism surge as turmoil eases

Aug 24, 07 4:27 PM CDT
(Newser) - The Dow closed at 13,378.87 today, up 142.99 on strong durable goods orders and a better-than-expected home sales forecast. The S&P 500 jumped 16.87 to 1,479.37, and the Nasdaq rose 34.99 to 2,576.69. Nucor Corp., the second-largest American steel manufacturer,... More »

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stock market • Dow Jones • Merrill Lynch • recession • Nasdaq • markets • Countrywide • Department of Commerce • Nucor Corp. • S&P 500

New-Home Sales Grow, Spur Wall St.

But new figures don't fully reflect credit market's impact, analysts say

Aug 24, 07 11:21 AM CDT
(Newser) - New-home sales grew 2.8% last month, delivering an unexpected bit of good news to investors still reeling from the credit crunch. But the housing market, which had been rebounding in recent months from a slump, will likely show renewed weakness after he mortgage crisis dust settles, Bloomberg reports. More »

MORE ABOUT:
Ben Bernanke • Wall Street • real estate • Federal Reserve • home sales • credit market • interest rate • Countrywide • Toll Brothers • Department of Commerce • housing crisis

Credit Crunch Continues, and So Do Ads

Lenders are still advertising cheap mortgages, but the loans aren't there

Aug 24, 07 6:43 AM CDT
(Newser) - As the credit crunch transforms the financial landscape, one thing hasn't changed: lenders continue to offer loans that are too good to be true. The Washington Post writes that mortgage companies are still offering risky products to risky customers—even Countrywide, which barely avoided bankruptcy, is flogging cheap money with... More »

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advertising • subprime mortgages • loans • Countrywide • credit crisis • mortgage lender

Stocks Stall Amid Continued Anxiety

Traders watch, wait
as Fed weighs
interest  rate cut

Aug 23, 07 4:33 PM CDT
(Newser) - The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led... More »

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stock market • Wall Street • Bank of America • investors • Federal Reserve • Dow Jones • Home Depot • interest rate • Countrywide

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