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BUSINESS
March 29, 2008 | Kathy M. Kristof, Times Staff Writer
The top two executives of beleaguered Countrywide Financial Corp. will pocket $19 million in stock next week, according to a regulatory filing. It's the start of a series of multimillion-dollar payments expected to go to the pair before and after the company's pending takeover by Bank of America Corp. The largesse for Countrywide Chief Executive Angelo Mozilo and President David Sambol drew immediate fire from Sen. Charles E. Schumer (D-N.Y.
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BUSINESS
November 23, 2011 | By E. Scott Reckard, Los Angeles Times
California's giant public pension fund and 15 other large investors settled lawsuits that accused former mortgage giant Countrywide Financial Corp. of costing them billions of dollars in stock losses by failing to disclose the severity of the risks posed by the easy-money loans the Calabasas lender handed out during the housing boom. A filing Monday in U.S. District Court in Los Angeles disclosed the confidential settlement. The filing did not reveal how much Bank of America Corp., which acquired Countrywide in 2008 and was also a defendant in the case, would pay to the California Public Employees' Retirement System and the other plaintiffs.
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BUSINESS
August 6, 2008
' "Elegant" is an understatement. A family vacation to Africa for three weeks? The fuel cost alone is insulting, not to mention David Sambol's severance package of many millions.' -- Randall Blackwood, Rancho Santa Fe, on Saturday's story about the Countrywide Financial Corp. president and his family taking a trip on the mortgage lender's elegant Gulfstream IV jet before he quits. Bank of America has acquired the beleaguered company.
BUSINESS
February 3, 2011 | By Alejandro Lazo, Los Angeles Times
California has reached a $6.5-million settlement with two former Countrywide Financial Corp. executives that the state had accused of predatory lending. Most of the money will be used by the state to create a foreclosure relief fund for troubled borrowers, Atty. Gen. Kamala D. Harris said Wednesday. The $5.2-million fund will be used to educate homeowners and assist other agencies statewide in prosecuting mortgage fraud. The intent of the settlement was, in part, to "restore justice" to homeowners who had been harmed by the foreclosure crisis, Harris said.
BUSINESS
October 16, 2010 | By Walter Hamilton and E. Scott Reckard, Los Angeles Times
Angelo R. Mozilo, who as head of home-loan giant Countrywide was at the center of the housing boom and bust, agreed Friday to pay a record fine as part of a $73-million settlement of a government fraud lawsuit over the lender's near-collapse. The deal with the Securities and Exchange Commission requires Mozilo, the highest-profile figure to be accused of wrongdoing in the mortgage meltdown, to personally pay a $22.5-million fine. The government said it would be the largest penalty ever paid by a senior executive of a public company in an SEC settlement.
BUSINESS
August 2, 2008 | Kathy M. Kristof, Times Staff Writer
Is David Sambol, the departing president of Countrywide Financial Corp., taking one last joy ride on the company jet? A source close to the company says Sambol is leaving today on a three-week family vacation to Africa on Countrywide's elegant Gulfstream IV. In a telephone interview Friday, Sambol would not confirm the trip, but he didn't dispute it either.
BUSINESS
February 1, 2008 | From Times Wire Services
A large Countrywide Financial Corp. investor said it opposed Bank of America Corp.'s purchase of the nation's largest mortgage lender. Hedge fund SRM Global said in a regulatory filing that it had taken a 5.19% stake in Countrywide, now worth about $209 million. Countrywide, the hedge fund said, is worth more than the roughly $8.08 a share in stock that Bank of America is paying. Countrywide's board and its advisors "should fully explain to shareholders the reasons why they have agreed to recommend the transaction to shareholders at less than half of the company's book value," SRM said.
BUSINESS
November 23, 2011 | By E. Scott Reckard, Los Angeles Times
California's giant public pension fund and 15 other large investors settled lawsuits that accused former mortgage giant Countrywide Financial Corp. of costing them billions of dollars in stock losses by failing to disclose the severity of the risks posed by the easy-money loans the Calabasas lender handed out during the housing boom. A filing Monday in U.S. District Court in Los Angeles disclosed the confidential settlement. The filing did not reveal how much Bank of America Corp., which acquired Countrywide in 2008 and was also a defendant in the case, would pay to the California Public Employees' Retirement System and the other plaintiffs.
BUSINESS
May 29, 2008 | E. Scott Reckard and Kathy M. Kristof, Times Staff Writers
Bank of America Corp., stressing its intent to change the culture at Countrywide Financial Corp. after acquiring it, said Wednesday that -- on second thought -- it wouldn't keep on the mortgage lender's No. 2 executive to run the companies' combined home-loan operations. When it agreed in January to buy the struggling lender, Bank of America said Countrywide President David Sambol, the lender's top executive after founder and Chairman Angelo Mozilo, would stay on to run the combined companies' mortgage operations.
BUSINESS
September 9, 2006 | E. Scott Reckard, Times Staff Writer
Countrywide Financial Corp. named David Sambol as its new president Friday, setting him up as the odds-on favorite to succeed longtime Chief Executive Angelo R. Mozilo at the nation's largest mortgage lender. Sambol, 46, replaces President and Chief Operating Officer Stanford L. Kurland, 54, who left the company Friday. Sambol was formerly the No. 3-ranking executive at Countrywide.
BUSINESS
October 16, 2010 | By Walter Hamilton and E. Scott Reckard, Los Angeles Times
Angelo R. Mozilo, who as head of home-loan giant Countrywide was at the center of the housing boom and bust, agreed Friday to pay a record fine as part of a $73-million settlement of a government fraud lawsuit over the lender's near-collapse. The deal with the Securities and Exchange Commission requires Mozilo, the highest-profile figure to be accused of wrongdoing in the mortgage meltdown, to personally pay a $22.5-million fine. The government said it would be the largest penalty ever paid by a senior executive of a public company in an SEC settlement.
BUSINESS
October 7, 2010 | By E. Scott Reckard, Los Angeles Times
The government is trying to introduce new evidence at the upcoming trial of former Countrywide Financial Corp. Chairman Angelo R. Mozilo and two former top executives to show that they knew about the company's alleged misdeeds during the frenzied housing boom and its catastrophic bust. With a civil jury trial looming mid-month, the Securities and Exchange Commission filed more evidence that it wants to use in its securities-fraud and insider-trading case against the three former executives at what once was the nation's largest mortgage lender.
BUSINESS
August 6, 2008
' "Elegant" is an understatement. A family vacation to Africa for three weeks? The fuel cost alone is insulting, not to mention David Sambol's severance package of many millions.' -- Randall Blackwood, Rancho Santa Fe, on Saturday's story about the Countrywide Financial Corp. president and his family taking a trip on the mortgage lender's elegant Gulfstream IV jet before he quits. Bank of America has acquired the beleaguered company.
BUSINESS
August 2, 2008 | Kathy M. Kristof, Times Staff Writer
Is David Sambol, the departing president of Countrywide Financial Corp., taking one last joy ride on the company jet? A source close to the company says Sambol is leaving today on a three-week family vacation to Africa on Countrywide's elegant Gulfstream IV. In a telephone interview Friday, Sambol would not confirm the trip, but he didn't dispute it either.
BUSINESS
May 29, 2008 | E. Scott Reckard and Kathy M. Kristof, Times Staff Writers
Bank of America Corp., stressing its intent to change the culture at Countrywide Financial Corp. after acquiring it, said Wednesday that -- on second thought -- it wouldn't keep on the mortgage lender's No. 2 executive to run the companies' combined home-loan operations. When it agreed in January to buy the struggling lender, Bank of America said Countrywide President David Sambol, the lender's top executive after founder and Chairman Angelo Mozilo, would stay on to run the combined companies' mortgage operations.
BUSINESS
March 29, 2008 | Kathy M. Kristof, Times Staff Writer
The top two executives of beleaguered Countrywide Financial Corp. will pocket $19 million in stock next week, according to a regulatory filing. It's the start of a series of multimillion-dollar payments expected to go to the pair before and after the company's pending takeover by Bank of America Corp. The largesse for Countrywide Chief Executive Angelo Mozilo and President David Sambol drew immediate fire from Sen. Charles E. Schumer (D-N.Y.
BUSINESS
February 3, 2011 | By Alejandro Lazo, Los Angeles Times
California has reached a $6.5-million settlement with two former Countrywide Financial Corp. executives that the state had accused of predatory lending. Most of the money will be used by the state to create a foreclosure relief fund for troubled borrowers, Atty. Gen. Kamala D. Harris said Wednesday. The $5.2-million fund will be used to educate homeowners and assist other agencies statewide in prosecuting mortgage fraud. The intent of the settlement was, in part, to "restore justice" to homeowners who had been harmed by the foreclosure crisis, Harris said.
BUSINESS
October 7, 2010 | By E. Scott Reckard, Los Angeles Times
The government is trying to introduce new evidence at the upcoming trial of former Countrywide Financial Corp. Chairman Angelo R. Mozilo and two former top executives to show that they knew about the company's alleged misdeeds during the frenzied housing boom and its catastrophic bust. With a civil jury trial looming mid-month, the Securities and Exchange Commission filed more evidence that it wants to use in its securities-fraud and insider-trading case against the three former executives at what once was the nation's largest mortgage lender.
BUSINESS
February 1, 2008 | From Times Wire Services
A large Countrywide Financial Corp. investor said it opposed Bank of America Corp.'s purchase of the nation's largest mortgage lender. Hedge fund SRM Global said in a regulatory filing that it had taken a 5.19% stake in Countrywide, now worth about $209 million. Countrywide, the hedge fund said, is worth more than the roughly $8.08 a share in stock that Bank of America is paying. Countrywide's board and its advisors "should fully explain to shareholders the reasons why they have agreed to recommend the transaction to shareholders at less than half of the company's book value," SRM said.
BUSINESS
September 9, 2006 | E. Scott Reckard, Times Staff Writer
Countrywide Financial Corp. named David Sambol as its new president Friday, setting him up as the odds-on favorite to succeed longtime Chief Executive Angelo R. Mozilo at the nation's largest mortgage lender. Sambol, 46, replaces President and Chief Operating Officer Stanford L. Kurland, 54, who left the company Friday. Sambol was formerly the No. 3-ranking executive at Countrywide.
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