Advertisement
YOU ARE HERE: LAT HomeCollectionsCountrywide Financial Corp
IN THE NEWS

Countrywide Financial Corp

FEATURED ARTICLES
BUSINESS
March 17, 2004 | From Bloomberg News
Countrywide Financial Corp., whose shares have more than doubled in the last year, said Tuesday that it would split its stock 3-for-2 in April. It would be the second time in the last six months that Countrywide split its shares. In December, the Calabasas-based mortgage lender gave investors an additional share for every three owned. Countrywide rose 54 cents to $93.12 on the New York Stock Exchange on Tuesday.
ARTICLES BY DATE
BUSINESS
January 31, 2014 | By Andrew Tangel
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
Advertisement
BUSINESS
February 2, 2008 | From Times Wire Services
Consumer groups in four states are asking congressional banking committees to conduct hearings on Bank of America Corp.'s proposed $4.1-billion buyout of struggling mortgage lender Countrywide Financial Corp. The groups want lawmakers to investigate the possible effect of the buyout on Countrywide borrowers and employees. The groups are from California, New York, New Jersey and North Carolina. Charlotte, N.C.-based Bank of America agreed to acquire Calabasas-based Countrywide last month in an all-stock deal.
BUSINESS
October 23, 2013 | By Andrew Tangel
NEW YORK - Bank of America has been found liable for fraud in the sale of faulty loans by its Countrywide mortgage unit, a major victory for the federal government as it continues to pursue cases stemming from the financial crisis. A federal jury in Manhattan sided with prosecutors who alleged Countrywide Financial Corp. churned out risky home loans in a process called "the Hustle" and then sold them to mortgage giants Fannie Mae and Freddie Mac. The Calabasas company, once considered the crown jewel of American mortgage lending, made big profits unloading loans that were later rendered worthless during the housing crisis in 2008.
BUSINESS
November 12, 2002 | Jesus Sanchez
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.
BUSINESS
July 23, 2004 | From Reuters
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.
BUSINESS
January 18, 2008 | Kathy M. Kristof, Times Staff Writer
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.
BUSINESS
May 29, 2009 | E. Scott Reckard
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.
BUSINESS
June 30, 2011 | E. Scott Reckard, Los Angeles Times
When Bank of America Corp. acquired mortgage giant Countrywide Financial Corp. three years ago this week, cementing BofA's position as a consumer banking leader, the purchase price was a measly $2.5 billion in stock. But the real cost could easily be 10 to 15 times that amount after the home lender incurred huge losses under BofA's ownership and the bank agreed to pay billions of dollars to settle litigation over bad loans made by Countrywide during the housing boom. On Wednesday alone, the bank added $20.4 billion in expected costs to the tally.
BUSINESS
October 23, 2013 | By Andrew Tangel
NEW YORK - Bank of America has been found liable for fraud in the sale of faulty loans by its Countrywide mortgage unit, a major victory for the federal government as it continues to pursue cases stemming from the financial crisis. A federal jury in Manhattan sided with prosecutors who alleged Countrywide Financial Corp. churned out risky home loans in a process called "the Hustle" and then sold them to mortgage giants Fannie Mae and Freddie Mac. The Calabasas company, once considered the crown jewel of American mortgage lending, made big profits unloading loans that were later rendered worthless during the housing crisis in 2008.
BUSINESS
April 17, 2013 | By E. Scott Reckard
Bank of America Corp. quadrupled its first-quarter profit, reducing expenses and loan losses and reporting better brokerage and investment banking results, but continued to be bogged down by its mortgage operations, disappointing investors. Trying to regain forward momentum after two years of downsizing, the nation's second-largest bank said Wednesday its revenue fell 8% from last year to $23.9 billion. That was better than the $23.4 billion Wall Street had expected, in contrast with rival megabanks Wells Fargo & Co. and JPMorgan & Co., which missed analysts' estimates for revenue when they reported results last week.
BUSINESS
February 20, 2013 | By E. Scott Reckard, Los Angeles Times
An appeals court has overturned a $3.8-million jury award to a former Countrywide Financial Corp. human resources executive who contended he was fired because he refused to lie for the giant home lender and exposed unsafe working conditions. Michael Winston, a former leadership coach for Countrywide executives, won a wrongful-termination verdict in February 2011 from a Los Angeles County Superior Court jury in Van Nuys. The suit named as defendants Countrywide and Bank of America Corp., which acquired the high-risk mortgage specialist in 2008 and decided against retaining Winston.
BUSINESS
November 9, 2012 | By E. Scott Reckard, Los Angeles Times
When the Federal Deposit Insurance Corp. seized Pasadena housing lender IndyMac Bank four years ago, the scene resembled the grim bank failures of the 1930s. Panicked depositors, seeking to reclaim their money, lined up outside branches of the big savings and loan, whose collapse under the weight of soured mortgage and construction loans helped usher in the financial crisis and biggest economic downturn since the Great Depression. As those memories fade, the government's effort to reclaim losses stemming from the financial debacle grinds on, with one IndyMac case winding up this week before a federal jury in Los Angeles.
BUSINESS
October 25, 2012 | By Walter Hamilton and E. Scott Reckard, Los Angeles Times
Bank of America thought it was laying claim to a crown jewel of American mortgage lending when it scooped up Countrywide Financial Corp. at the depths of the housing crisis in 2008. With a name reflecting its ambition, Countrywide transformed itself from a regional lender in Calabasas to a burgeoning powerhouse. It seemed to have perfected the elusive art of making home loans to borrowers with scuffed credit. But the deal quickly became a millstone for Bank of America, U.S. taxpayers and the American economy when Countrywide dissolved in a heap of bad loans and shoddy bookkeeping.
BUSINESS
May 23, 2012 | By E. Scott Reckard, Los Angeles Times
In a setback for federal regulators, a federal judge threw out many of the fraud allegations against former IndyMac Bancorp Chief Executive Michael W. Perry in a case stemming from the collapse of the onetime Pasadena mortgage lender. U.S. District Judge Manuel Real tossed five of seven public filings late Monday that had supported civil claims filed by the Securities and Exchange Commission. He also ruled that Perry could not be forced to repay allegedly ill-gotten gains. Perry's lead attorney, Jean Veta of Covington & Burling in Washington, said the SEC suit "should never have been filed" and that she would contest the remaining accusations at a non-jury trial scheduled for June 26 before Real.
BUSINESS
December 19, 2011 | By Jim Puzzanghera, Los Angeles Times
Four current members of the House of Representatives received special VIP loans from Countrywide Financial Corp., according to the chairman of a congressional committee, raising new questions about the extent of the company's attempts to win favor with Washington policymakers as it built its subprime mortgage business. The disclosure came in a letter last week from Rep. Darrell Issa (R-Vista), who chairs the House Oversight and Government Reform Committee, informing leaders of the House Ethics Committee about "possible wrongdoing" by lawmakers.
BUSINESS
June 6, 2008 | From Times Wire Services
The Federal Reserve has approved Bank of America Corp.'s purchase of Calabasas mortgage lender Countrywide Financial Corp. The Fed board said that after the proposed deal Bank of America in Charlotte, N.C., would remain the largest depository institution in the country, controlling about $773.4 billion in deposits.
NEWS
November 23, 2007
Countrywide Financial: An article in Business on Wednesday about a new threat to Countrywide Financial Corp.'s ability to make loans said Bank of America Corp. wanted to become the country's top mortgage lender. The bank wants to become the largest direct-to-consumer home lender. It has stopped offering loans through mortgage brokers.
BUSINESS
October 5, 2011 | By Tiffany Hsu, Los Angeles Times
A federal watchdog agency said Bank of America Corp. should reimburse the government for losses on certain mortgages issued by Countrywide Financial Corp., the high-risk home lender that BofA acquired in 2008. The inspector general's office of the Department of Housing and Urban Development audited 14 loans granted by Countrywide and determined that half of them contained "material underwriting deficiencies. " The Federal Housing Administration, which is a unit of HUD, provides insurance to lenders against mortgage losses.
BUSINESS
July 29, 2011 | By Walter Hamilton and Stuart Pfeifer, Los Angeles Times
The subprime litigation nightmare that Bank of America Corp. inherited with its acquisition of Countrywide Financial Corp. was compounded Thursday when 16 investors — including the giant California Public Employees' Retirement System — brought a new lawsuit alleging that Countrywide misled them about the risks it was taking. The suit filed in federal court in Los Angeles is a setback for Bank of America, which has sought to put the subprime morass behind it by striking settlements with a range of securities holders.
Los Angeles Times Articles
|