November 12, 2002 |
Mortgage lender Countrywide Credit Industries Inc. has changed its name to Countrywide Financial Corp. to reflect its expansion into banking, insurance and other financial businesses. The Calabasas-based company, whose shares are traded on the NYSE, also will officially change the trading symbol of its stock to CFC from CCR on Wednesday.
July 23, 2004 |
Countrywide Financial Corp. said second-quarter profit nearly doubled on increased mortgage lending, but results missed analysts' estimates. The Calabasas mortgage giant raised its full-year outlook and increased its quarterly dividend by 33%. The company said second-quarter net income rose to $700 million, or $2.24 a share, compared with $383 million, or $1.37, a year earlier. The year-earlier results were adjusted for two stock splits.
January 18, 2008 |
Four top Countrywide Financial Corp. executives will receive retention payments totaling $7.4 million if they remain with the beleaguered lender through March 15, Countrywide said in a regulatory filing Thursday. But this is one payday that Chief Executive Angelo Mozilo will miss. He was not among the named executives eligible for a retention payment. President David Sambol would receive $1.9 million and Chief Financial Officer Eric Sieracki would get $1.5 million. Also, Ranjit Kripalani, managing director of the company's capital markets division, would receive $2.5 million, and Carlos Garcia, chief of Countrywide's banking operations, would get $1.45 million, according to the filing.
August 11, 2009 |
Bank of America Corp. has agreed to pay $55 million to settle claims of former employees of Countrywide Financial Corp. who contended that the Calabasas home lender breached its obligation to manage their retirement funds prudently. Plaintiff attorneys said in a federal court filing Friday that the proposed settlement of a class-action lawsuit "represents an excellent recovery" for the former employees. Before legal fees, it would provide about $1,000 for each of the 55,000 employees Countrywide had at its peak.
May 29, 2009 |
Bank of America Corp. has lost a bid to dismiss most of a combined lawsuit accusing its Countrywide unit of steering borrowers into subprime and other high-risk mortgages during the housing boom. In a May 18 ruling, U.S. District Judge Dana Sabraw in San Diego said borrowers represented in several lawsuits could pursue claims that Calabasas-based Countrywide Financial Corp. engaged in racketeering and unfair business practices before it was acquired by Charlotte, N.C.-based BofA.
April 30, 2008 |
As foreclosures surge, lenders might be forced to acknowledge that far more of the mortgages they sold to investors were never written properly in the first place. That's one analyst's conclusion from the latest earnings disaster at Countrywide Financial Corp., the nation's biggest mortgage lender. Taking more than $3 billion in charges for write-downs and bad loans, Countrywide swung to a first-quarter loss of $893 million on Tuesday, more than even the most pessimistic analysts had projected.