Countrywide, Mozilo Will Be Facing Lawsuits For Years

Angelo Mozilo, who started Countrywide Financial in 1969 with David Loeb, will bid adieu to the torn-and-tattered remains of the company today as it formally completes its sale to Bank of America.
The fallout from the subprime debacle will likely continue to unfold in courtrooms for years to come. With foreclosures still on the rise and [...]

Citi Falls To New Low…Bank of America Says “What Me Worry”?

Citi (C) fell 6% to a new low Thursday after analysts at Goldman Sachs downgraded the stock, citing the prospect of $8.9 billion in additional asset writedowns. The move comes just a week after Citi financial chief Gary Crittenden said the bank would take “substantial” writedowns in its second quarter ending this month. Analysts at UBS [...]

Countrywide Lawsuits Continue to Embarrass Bank of America

At the same time, the Senate is pushing ahead with sweeping legislation on housing while facing questions about why some of its members received below-market-rate mortgages from Countrywide.
As first reported by Daniel Golden on Portfolio.com, the primary author of the Senate bill, Christopher Dodd, Democrat of Connecticut, as well as Senator Kent Conrad, Democrat of [...]

Bank of America: “Not Making Wachovia’s Mistake”?

(From New York Times Article)
CHARLOTTE, N.C. (AP) — 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 [...]