Countrywide Financial
Company and Financial Services Company
OTS chief doesn't expect quick financial overhaul...downturn. The agency oversaw some of the largest institutions to collapse during the financial crisis, including Washington Mutual, Countrywide and IndyMac. OTS also has taken a large share of the blame for the failure of American... In this article: AIG, Office of the Comptroller of the Currency, Countrywide, Washington Mutual, Federal Reserve, and Christopher Dodd |
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Who Runs Gov | 1 day ago
Profiles/Shawn_Maher
...commitment to homeowners has been questioned because of his ties to Fannie Mae and Freddie Mac (and a favorable mortgage he received from Countrywide Financial). The Center for Responsive Politics notes that the Banking Committee chairman was...
In this article: Chris Dodd, U.S. Senate, Barack Obama, New York University, Harvard University, Democratic National Committee, and Joseph Kennedy
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CNN | 5 days ago
Now open: The best job on Wall Street
...the tricky task of managing BofA as it regains strength while simultaneously folding in Merrill, the country's biggest stockbroker, Countrywide, formerly the biggest mortgage lender in the U.S., and LaSalle, a big retail bank in Chicago.
In this article: Bank of America, Jpmorgan, Wealth management, Countrywide, Wall Street, and Financial crisis
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The Advocate | 5 days ago
McMahon's wealth dwarfs resources of most GOP foes
Dodd, who is seeking a sixth term in the Senate, has been battered by criticism that he accepted favorable terms on a mortgage from Countrywide Financial and protected executive bonuses at AIG after the insurer was bailed out by the...
In this article: Vince McMahon, Chris Dodd, Linda McMahon, GOP, Connecticut, AIG, World Wrestling Entertainment Inc., and Rob Simmons
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New York Post | November 13, 2009
Dodd's Danger
...taken its toll. * In 2003, Dodd received two cut-rate mortgages totaling nearly $800,000 from subprime-mortgage lending giant Countrywide Financial. The special mortgages apparently came about because the senator was dubbed a "Friend...
In this article: Chris Dodd, Connecticut, Insider trading, Quinnipiac University, Angelo Mozilo, and Linda McMahon
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bizjournals: Local Business News | November 13, 2009
Class action suit filed against KB Home, Countrywide and LandSafe Appraisal
...alleges that one person working at Plano-based LandSafe Appraisal Services, a subsidiary of Countrywide, was funneled all of Countrywide's KB Homes appraisals. The documents allege that LandSafe turned in appraisals that fit within the...
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AP Online | November 12, 2009
Pace of mortgage help rising but still slow
It is the nation's largest mortgage servicer, with about 14 million loans. Nearly two-thirds of those come from the troubled portfolio of Countrywide Financial, which Bank of America bought last year. Since the Obama plan's launch, the bank...
In this article: Bank of America, Texas, Barack Obama, Dallas, Unemployment, and Jpmorgan Chase
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Yahoo! News | November 04, 2009
Countrywide ex-CEO Mozilo must face SEC fraud case (Reuters)
...ago NEW YORK/LOS ANGELES (Reuters) - A federal judge rejected a request by Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp, to dismiss a U.S. Securities and Exchange Commission lawsuit accusing him of...
In this article: Angelo Mozilo, Countrywide, U.S. Securities and Exchange Commission, Defendant, and Insider trading
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Reuters | November 04, 2009
Countrywide ex-CEO Mozilo must face SEC fraud case
* Mozilo sought to dismiss fraud, insider trading case * Case also continues against ex-Countrywide COO, CFO * Judge: Countrywide's poor underwriting could be material By Jonathan Stempel and Gina Keating A federal judge rejected a...
In this article: Countrywide, Angelo Mozilo, U.S. Securities and Exchange Commission, Insider trading, Defendant, U.S., and Allegation
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Reuters | October 23, 2009
BofA's Countrywide to get subpoena over VIP program
By Kim Dixon A U.S. lawmaker said on Friday he will issue a subpoena to Countrywide Financial, now part of Bank of America Corp, as part of a probe into whether the lender gave favored terms to lawmakers and other VIPs. Representative...
In this article: Bank of America Corp, Edolphus Towns, Wells Fargo & Co, GMAC, Jpmorgan Chase & Co, and Citigroup Inc
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Reuters | October 23, 2009
UPDATE 1-BofA's Countrywide subpoenaed over VIP program
* Countrywide to get subpoena over VIP program * Panel chair Towns criticized for own Countrywide loan * Mortgage data sought on Citi, JPMorgan, other banks A U.S. lawmaker said on Friday he issued a subpoena to Countrywide Financial,...
In this article: Edolphus Towns, Jpmorgan, Bank of America Corp, Citi, Wells Fargo & Co, and GMAC
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Description from Wikipedia:
Countrywide Financial Corporation is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. It is a wholly owned subsidiary of Bank of America.
Countrywide Financial is composed of:
*Mortgage Banking, which originates purchases, securitizes, and services mortgages. In 2006 Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.
*Banking, which operates a federally chartered thrift that primarily invests in mortgage loans and home equity lines of credit primarily sourced through its mortgage banking operation.
*Capital Markets, which operates as an institutional broker-dealer that primarily specializes in trading and underwriting mortgage-backed securities.
*Global Operations, which provides mortgage loan application processing and loan servicing.
During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the Company's pre-tax earnings.
On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. On June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to planned merger with Bank of America. On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation.
In 1997 Countrywide spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run.
- Name:
- Countrywide Financial Corp.
- Type:
- Subsidiary of Bank of America
- Location:
- Calabasas, CA, USA
- Founded:
- 1969
- Key People:
- Barbara J. Desoer, President of Mortgage, Home Equity and Insurance Services
- Revenue:
- $6,061,437,000 USD (2007)
- Operating Income:
- $1,310,274,000 USD (2007)
- Net Income:
- $703,538,000 USD (2007)
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