November 23, 2011 |
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.
February 1, 2008 |
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.
October 16, 2010 |
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.
May 29, 2008 |
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.
September 9, 2006 |
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.
February 3, 2011 |
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.