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 [...]
Posts Tagged as ‘Countrywide’
July 1, 2008
Countrywide, Mozilo Will Be Facing Lawsuits For Years
June 26, 2008
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 [...]
June 25, 2008
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 [...]
June 13, 2008
Countrywide Scandal Being Revealed…
Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo. An exclusive Portfolio investigation.
Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.
Senators [...]
June 8, 2008
Subprime Hindsight…It Takes A Pillage
(From the Salt Lake Tribune)
Yes, the executives at Countrywide Financial Corp. planned a top-dollar shindig at a ski resort earlier this year, just after the bank’s multibillion dollar losses on subprime mortgages required a shotgun marriage to Bank of America. (A Wall Street Journal story forced them to cancel the party.) And sure, Bear Stearns [...]
June 4, 2008
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 [...]
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