Editorial Results (free)
1. Bank of America Closes One Mortgage Lawsuit, Another Lingers
- Thursday, April 18, 2013
NEW YORK (AP) — As soon as Bank of America puts one mortgage-related lawsuit behind it, another always seems to rear its head.
The bank announced Wednesday that it would pay $500 million to settle a class-action lawsuit led by pension funds and other investors who say they were misled about mortgage-backed investments they bought from Countrywide, a mortgage lender Bank of America bought in 2008. The bank portrayed the settlement as good news because it resolved the bulk of securities claims related to residential mortgage-backed securities.
2. US Suit Alleges 'Brazen' Fraud at Countrywide
- Thursday, October 25, 2012
NEW YORK (AP) — The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults.
3. Consumer Agency Probes Mortgage Insurance Deals
- Monday, August 06, 2012
WASHINGTON (AP) – The government's consumer finance watchdog is investigating mortgage insurance deals between banks and the insurers American International Group Inc., MGIC Investment Corp. and Genworth Financial Inc.
4. Report: Countrywide Won Influence With Discounts
- Friday, July 06, 2012
WASHINGTON (AP) – The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
5. JPMorgan Loss Sets Off Call for Heavier Regulation
- Monday, May 14, 2012
WASHINGTON (AP) – A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.
6. House Panel Wants Session With Ex-Countrywide CEO
- Thursday, February 16, 2012
WASHINGTON (AP) – House investigators want to interview Angelo Mozilo, the former Countrywide Financial Corp. chief executive whose VIP program gave discounted mortgages to member of Congress, other government officials and influential people who could help the company.
7. BofA in $335M Settlement Over Countrywide Loans
- Thursday, December 22, 2011
Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans.
8. Bank of America Settles Mortgage Suit for $315M
- Wednesday, December 07, 2011
NEW YORK (AP) – Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
9. First Horizon, Fitch Say Risk Manageable
- Monday, September 19, 2011
Bryan Jordan, the president and CEO of First Tennessee Bank’s parent company, told his audience at an industry conference a few days ago in New York City that his company has been out of the mortgage business for three years now.
10. Bank of America Will Cut 30,000 Jobs
- Tuesday, September 13, 2011
Bank of America will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation’s largest bank as it copes with fallout from the housing bust.
11. Feds Sue 17 Major U.S. Banks, Including First Tenn. Parent
- Wednesday, September 07, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed lawsuits seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
12. Feds Sue 17 Major U.S. Banks, including First Tenn. Parent
- Tuesday, September 06, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed suit seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
13. Bank of America Sells Half of its China Bank Stake
- Tuesday, August 30, 2011
NEW YORK (AP) – Bank of America Corp. is selling half of its stake in China Construction Bank Corp. to raise cash and shore up its capital base.
14. Buffett Gives $5 Bln Vote of Confidence to BofA
- Friday, August 26, 2011
NEW YORK (AP) – Warren Buffett is coming to the rescue of another fallen giant.
Buffett's Berkshire Hathaway Inc. announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence to the beleaguered bank. The news sent the bank's stock soaring 9 percent.
15. Bank of America to Ax 10,000 or More Jobs
- Monday, August 22, 2011
Bank of America Corp., the nation’s largest bank, said Friday, Aug. 19, that it plans to cut 3,500 jobs by the end of September.
16. Allstate Sues Goldman Sachs Over Toxic Investments
- Wednesday, August 17, 2011
Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging.
17. So, What Year Is This?
- Tuesday, August 16, 2011
Back to the Future As investors, we view volatility as a distraction. Successful defensive strategies engage prior to drawdowns, and successful offensive strategies engage into them. Before we can settle on the right strategy, however, we must determine which game we are playing.
18. Bank of America in $8.5B Mortgage Settlement
- Thursday, June 30, 2011
NEW YORK (AP) – Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.
19. Bank of America Hikes Fee on Checking Accounts
- Thursday, May 26, 2011
It's getting more expensive to have a checking account. The monthly fee on Bank of America's basic MyAccess checking account rose this week to $12, from the previous $8.95. And more changes are in store for customers of the country's largest bank.
20. In Blow for BofA, Fed Rejects its Dividend Plan
- Thursday, March 24, 2011
NEW YORK (AP) – It was one more blow for Bank of America: the Federal Reserve didn't allow nation's largest bank to increase its dividends.
The decision by the Fed makes Bank of America Corp. the only one of the four largest U.S. banks that wasn't able to raise its dividend, something shareholders have been clamoring for.
21. ‘Big 3’ Reflect Local Banking Scene
- Monday, February 21, 2011
One of the most famous aphorisms about politics is that all of it is local. Bankers and other inhabitants of the finance world know the same often goes for them too.
In the run-up to the recession, financial services firms like Citigroup and Bank of America raced to gobble each other up and built sprawling financial supermarkets.
22. BofA Reports Loss of $1.6 Billion in 4Q
- Monday, January 24, 2011
NEW YORK (AP) – Bank of America Corp. reported a loss of $1.6 billion Friday after its costs related to soured home loans increased.
23. BofA Settles Home Loan Buyback Claims
- Tuesday, January 04, 2011
CHARLOTTE, N.C. (AP) — Bank of America Corp. is settling some buyback claims on bad home loans sold to Fannie Mae and Freddie Mac as it attempts to separate itself further from one of the of the housing downturn's biggest headaches.
24. Allstate Sues Countrywide Over Toxic Investments
- Wednesday, December 29, 2010
NEW YORK (AP) – Allstate says it has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities the insurer bought in 2007, only to see their value decline rapidly.
25. Dow Falls Below 11,000 as Dollar Rises
- Wednesday, October 20, 2010
NEW YORK (AP) — A stronger dollar and a surprise interest rate hike in China that may slow that country's economy helped push stocks sharply lower Tuesday.
The Dow Jones industrial average fell below 11,000 for the first time in a little more than a week, reversing a streak that had sent the index up nearly 8 percent for the year.
26. Countrywide CEO Mozilo Settles With SEC for $67.5M
- Monday, October 18, 2010
LOS ANGELES (AP) – Countrywide Financial Corp. co-founder Angelo Mozilo and two other former executives have agreed to pay tens of millions of dollars to avoid a trial on civil fraud and insider trading charges, a federal judge said in court Friday.
27. Bank of America to Pay Borrowers $108 Million
- Tuesday, June 08, 2010
WASHINGTON (AP) — Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure.
28. Report: Countrywide Financial Being Probed
- Tuesday, April 20, 2010
NEW YORK (AP) - A newspaper is reporting that federal authorities are picking up the pace in a criminal investigation of former mortgage giant Countrywide Financial Corp. and its role in the meltdown in 2007 and 2008 of the U.S. housing and finance industries.
29. Bank of America Taps Ex-Northrop Exec for CFO Post
- Thursday, April 15, 2010
CHARLOTTE, N.C. (AP) - Bank of America said Wednesday it named an outsider, former Northrop Grumman executive Charles H. Noski, as its chief financial officer.
Bank of America Corp. was expected to bring in leaders from outside as it tries to improve relations with regulators, handle investigations into the bank's purchase of Merrill Lynch, and restore shareholder morale.
30. 3 Democrats – 2 Senators, 1 Governor – to Retire
- Thursday, January 07, 2010
WASHINGTON (AP) - With the 2010 election year barely under way, two senators and one governor – all Democrats – ditched plans to run for re-election in the latest signs of trouble for President Barack Obama's party.
31. House Panel's Probe Targets Big Mortgage Lenders
- Monday, October 26, 2009
WASHINGTON (AP) - A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.
32. Democrat Resists Subpoenaing VIP Mortgage Records
- Monday, August 03, 2009
WASHINGTON (AP) - House Democrats have declined to subpoena available records that might reveal whether other members of Congress got discounted VIP mortgages from subprime lender Countrywide Financial Corp. similar to the sweetheart deals given Democratic Sens. Chris Dodd and Kent Conrad.
33. BofA Could Eventually Cut 10 Pct of Branches
- Wednesday, July 29, 2009
CHARLOTTE, N.C. (AP) - Bank of America Corp. could eventually shrink its 6,100-branch network by about 10 percent as consumers utilize other methods of banking, a company spokesman said Tuesday.
34. RMK Funds Risky, Attorney Says
- Monday, July 20, 2009
Dale Ledbetter graduated from Messick High School and Rhodes College, and from his childhood has been a friend of prominent Memphian and sports commentator Tim McCarver.
For more than 30 years, Ledbetter has worked in several areas of the securities business, including a stint at a subsidiary of the Countrywide mortgage giant. Today he represents investors across the country who believe they unwittingly bought toxic financial products – like his old friend, the former ballplayer and namesake of the former Tim McCarver Stadium in Memphis.
35. Bank of America Earns $2.4B, Ahead of Estimates
- Monday, July 20, 2009
CHARLOTTE, N.C. (AP) - Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise.
36. Obama Spells Out Major Financial Rules Overhaul
- Thursday, June 18, 2009
WASHINGTON (AP) - President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression.
37. Dodd's Wife Serves on Health Care Company Boards
- Monday, June 15, 2009
WASHINGTON (AP) - The wife of a senator playing a lead role on a national health care overhaul sits on the boards of four health care companies, one of several examples of lawmakers with ties to the medical industry.
38. Higgins Named President, CEO At Barge Waggoner
- Wednesday, June 10, 2009
Robert B. Higgins Jr. has been named president and chief executive officer of engineering, architecture and planning for Barge Waggoner Sumner & Cannon Inc.
39. SEC Charging Ex-Countrywide CEO Mozilo With Fraud
- Friday, June 05, 2009
WASHINGTON (AP) - Federal regulators on Thursday charged Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.
40. BofA CEO Lewis: Industry Consolidating, But Not Us
- Thursday, May 21, 2009
CHARLOTTE, North Carolina (AP) - Bank of America Corp.'s chief executive Ken Lewis expects consolidation in the banking industry to pick up as the economy stabilizes, but says his bank won't be participating.
41. BofA Delays Release of Votes on CEO Lewis
- Thursday, April 30, 2009
CHARLOTTE, North Carolina (AP) - Ken Lewis is keeping his seat on the Bank of America Corp. board, but his job title is less certain.
42. Bank of America Rebrands Mortgage Operations
- Tuesday, April 28, 2009
NEW YORK (AP) – Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year.
43. Bank of America Posts Q1 Profit But Stocks Fall
- Tuesday, April 21, 2009
CHARLOTTE, N.C. (AP) - Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. Investors concerned about the banking industry's health sent financial stocks and the overall market sharply lower.
44. Michigan AG Discusses Countrywide Settlement Money
- Wednesday, March 18, 2009
DETROIT (AP) - Nearly $10 million from a state settlement with mortgage lender Countrywide Financial Corp. will go to about 3,700 borrowers who lost their homes to foreclosure, Michigan Attorney General Mike Cox announced Tuesday.
45. State Reaches Settlement With Countrywide
- Monday, January 26, 2009
An estimated 6,900 borrowers in Tennessee who were saddled with risky and high-cost home loan products may be eligible for relief as part of a settlement the Tennessee Attorney General’s office has reached with Countrywide Home Loans and Countrywide Financial Corp.
46. Death Knell for Citigroup's 'Supermarket' Model
- Thursday, January 15, 2009
NEW YORK (AP) - The original financial supermarket is dead.
Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services – everything from consumer loans to investment banking – with Tuesday's announcement that it was putting its Smith Barney brokerage into a joint venture with Morgan Stanley.
47. Bank: Error Led to Blackburn's Home Foreclosure
- Monday, January 12, 2009
BRENTWOOD, Tenn. (AP) - Bank officials say Republican U.S. Rep. Marsha Blackburn's home in Brentwood was placed into foreclosure proceedings because of a processing error.
48. Commission to Discuss Lender Suit
- Tuesday, December 16, 2008
Tennessee attorney general Bob Cooper came to Memphis last month, and in an afternoon meeting Nov. 19 with Shelby County Mayor A C Wharton Jr. the topic of discussion was a major piece of litigation the county is close to filing.
49. Under Pressure, US Eased Lending Rules
- Tuesday, December 02, 2008
WASHINGTON (AP) – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
50. Gov’t Lauches New Loan Aid Effort
- Wednesday, November 12, 2008
WASHINGTON (AP) – The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.
51. Big Banks Step Up Efforts to Modify Mortgages
- Wednesday, November 12, 2008
NEW YORK (AP) - Major banks are stepping up their efforts to curtail losses from souring mortgages, with Citigroup Inc. becoming the latest institution to adopt initiatives aimed at helping at-risk borrowers remain in their homes.
52. City, County May Sue Predatory Lenders
- Friday, November 07, 2008
Government leaders are discussing the possibility of taking legal action against mortgage companies they say have contributed to abusive loans in local communities.
Shelby County mayor A C Wharton Jr. and Memphis mayor Willie Herenton, as well as attorneys for the city and county, have participated in some of the discussions.
53. Greenspan Denies Blame for US Crisis, Admits Flaw
- Wednesday, November 05, 2008
WASHINGTON (AP) – Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault but conceded on Thursday that the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief."
54. Troubled Lenders Give Money To Legislators
- Monday, October 13, 2008
As a cascade of dramatic events has rocked the very foundations of Wall Street over the past several months, money continued to flow from the country’s financial sector to many of the lawmakers deciding the future of the marketplace.
55. Bank of America Settles Lawsuits Over Bad Mortgages
- Tuesday, October 07, 2008
SPRINGFIELD, Ill. (AP) – Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes.
56. Fannie, Freddie Disclose Subpoenas, Investigations
- Tuesday, September 30, 2008
WASHINGTON (AP) – A federal grand jury is investigating accounting and disclosure issues at Fannie Mae and Freddie Mac, the mortgage finance companies reported Monday.
Fannie and Freddie received subpoenas Friday from the U.S. Attorney’s office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents. Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.
57. Two Men Plead Not Guilty to Selling Countrywide Data
- Wednesday, August 27, 2008
LOS ANGELES (AP) - A former senior analyst for Countrywide Home Loans and another man pleaded not guilty Monday in an alleged scam to download and sell thousands of customers' data from the mortgage lender.
58. Two House Republicans Seek Countrywide Probe
- Friday, August 15, 2008
WASHINGTON (AP) - Two Republicans are calling for an investigation into whether House lawmakers or staffers received preferential treatment from mortgage lender Countrywide Financial Corp.
The troubled lender, which was sold to Bank of America Corp. earlier this year, has been the focus of allegations that it gave favorable loan terms to lawmakers.
59. SEC Now Conducting Formal Probe into Countrywide
- Monday, August 11, 2008
LOS ANGELES (AP) - The Securities and Exchange Commission has escalated its scrutiny of Countrywide Financial Corp. into a formal investigation, according to a regulatory filing by Bank of America Corp.
60. Hedge Funds are Buying up Delinquent Mortgages
- Thursday, July 31, 2008
Guess who holds your mortgage now? It's your friendly neighborhood hedge fund.
Dozens of hedge funds, private equity groups and other investors have plunged into the beaten-down mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country. They hope to profit from the woes of banks and other investors holding mortgages that have plummeted in value as home values sink and defaults soar.
61. AP Source: Grand Jury Investigating Lenders
- Friday, July 25, 2008
LOS ANGELES (AP) - A federal grand jury is investigating mortgage lenders Countrywide Financial Corp., New Century Financial Corp. and IndyMac Bancorp Inc., a person familiar with the situation told The Associated Press on Thursday.
62. BofA Q2 Profit Shrinks, Beats Wall Street Expectations
- Tuesday, July 22, 2008
CHARLOTTE, N.C. (AP) - Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.
63. Fannie, Freddie Spent Millions On Lobbying
- Friday, July 18, 2008
WASHINGTON (AP) – For years, mortgage giants Fannie Mae and Freddie Mac tenaciously worked to nurture, and then protect, their financial empires by invoking the political sacred cow of homeownership and fielding an army of lobbyists, power brokers and political contributors.
64. FBI Looking Into IndyMac Bancorp.
- Thursday, July 17, 2008
WASHINGTON (AP) - The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesday of the government's latest target following the collapse of the nation's subprime mortgage market.
65. BofA Completes Deal for Countrywide Financial
- Wednesday, July 02, 2008
CHARLOTTE, N.C. (AP) - Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer.
66. Countrywide Shareholders Approve Takeover by BofA
- Thursday, June 26, 2008
LOS ANGELES (AP) - Countrywide Financial Corp. says stockholders controlling a majority of the mortgage lender's outstanding shares have approved the company's takeover by Bank of America Corp.
67. BofA CEO: No Plans to Scuttle Countrywide Deal
- Thursday, June 12, 2008
NEW YORK (AP) - Bank of America Corp. Chief Executive Kenneth Lewis said Wednesday that there are no plans to call off its $4 billion deal to acquire Countrywide Financial Corp., and that he believes charge-offs and delinquencies in the U.S. will peak in the third quarter.
68. Bank of America Wins Approval To Buy Countrywide
- Monday, June 09, 2008
CHARLOTTE, N.C. (AP) – The Federal Reserve has approved Bank of America Corp.’s purchase of distressed mortgage lender Countrywide Financial Corp.
In a statement Thursday, the federal regulator said it considered many comments for and against the company buyout and “has considered carefully the financial factors of the proposal.”
69. BofA Picks Insider to Run Mortgage Business
- Thursday, May 29, 2008
CHARLOTTE, N.C. (AP) - Bank of America Corp. said Wednesday it plans to stick with one of its own executives to run its consumer real estate business upon its $4 billion acquisition of mortgage lender Countrywide Financial Corp.
70. Countrywide Admits Employees Made Errors
- Thursday, May 08, 2008
WASHINGTON (AP) - Mortgage lender Countrywide Financial Corp., which is under investigation for inflating certain borrowers' fees, has acknowledged that it has made errors and pledged to take steps to improve its operations.
71. Hope Now To Provide Lifeline To Homeowners
- Friday, May 02, 2008
For cash-strapped homeowners drowning under waves of debt and sinking beneath a tide of rising mortgage costs, an event this Saturday at the Mid-South Fairgrounds aims to cast a much-needed lifeline.
72. BofA to Expand Efforts to Help Countrywide Borrowers
- Tuesday, April 29, 2008
LOS ANGELES (AP) - Bank of America Corp. will expand efforts to help Countrywide Financial Corp. borrowers avoid foreclosure on trouble mortgages, a top bank executive said Monday.
The announcement came as members of the Federal Reserve Board convened two days of public hearings on Bank of America's proposed $4.1 billion stock deal for Calabasas, Calif.-based Countrywide.
73. Bank of America to Alter Loan Guidelines After Acquisition
- Wednesday, April 23, 2008
CHARLOTTE, N.C. (AP) - Bank of America says it will alter its mortgage product menu once it completes its acquisition of mortgage lender Countrywide Financial.
Bank of America says it will offer traditional mortgages that fit government-sponsored enterprise guidelines. It will also offer interest-only fixed-rate and adjustable-rate mortgages that have long reset periods to lessen the likelihood of short-term payment spikes.
74. FBI Sees Surge in Mortgage Fraud Investigations
- Friday, April 18, 2008
WASHINGTON (AP) - FBI Director Robert Mueller on Wednesday described a "tremendous surge" in mortgage fraud investigations that he said has diverted agents from other cases and is expected to keep growing.
75. AFL-CIO Links Financial Industry Executives' High Pay With Credit Crisis Fallout
- Tuesday, April 15, 2008
WASHINGTON (AP) - The AFL-CIO on Monday said "outrageous" pay packages for banking industry executives were partly to blame for the credit crisis, encouraging risky investment strategies that ended up hurting shareholders and consumers.
76. Q1 Mortgage Filings Plunge 30 Percent
- Friday, April 11, 2008
Non-commercial mortgages for the first three months of 2008 were down by nearly 30 percent compared to first quarter 2007, according to The Daily News Online, www.memphisdailynews.com.
The numbers and the latest Residential Lender Analysis by real estate information company Chandler Reports, www.chandlerreports.com, suggests money is becoming tighter but not cutting off circulation completely.
77. Judge Authorizes Countrywide Mortgage Probe
- Friday, April 04, 2008
PHILADELPHIA (Dow Jones/AP) - A federal judge has authorized an in-depth probe of Countrywide Financial Corp.'s mortgage processing systems by bankruptcy investigators hunting for evidence that the lender systematically abuses borrowers.
78. Mortgage Industry Gets Sound Drubbing
- Wednesday, March 12, 2008
The mortgage industry continued to get knocked around this week, absorbing a flurry of punches on both the national and local fronts.
First, various media outlets reported that Countrywide Financial Corp., the nation's largest mortgage lender, is being investigated by the FBI for securities fraud.
79. Reports: Countrywide Financial Corp. Under Federal Investigation
- Tuesday, March 11, 2008
LOS ANGELES (AP) - Federal authorities are investigating Countrywide Financial Corp. for securities fraud, according to media reports.
The FBI is in the early stages of an inquiry into whether company officials misrepresented its financial position and the quality of its mortgage loans, The Wall Street Journal first reported Saturday, citing law enforcement officials and finance executives with knowledge of the development.
80. Congress to Consider Bankruptcy Relief, Foreclosure Assistance
- Tuesday, February 26, 2008
WASHINGTON (AP) - Congress is set to examine another round of possible repairs for consumers and investors threatened by widening cracks in the housing market.
Proposals include easing bankruptcy rules, shielding banks from lawsuits and providing government assistance to home-owners facing foreclosure.
81. Survey: Community Banks Optimistic on Mortgages
- Monday, February 25, 2008
WASHINGTON (AP) - Smaller banks nationwide were "mildly optimistic" a few months ago about increasing mortgage lending this year because they have largely avoided the high-risk loan business, a survey released last week shows.
82. Administration Announces Program To Help Embattled Homeowners
- Wednesday, February 13, 2008
WASHINGTON (AP) - Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced Tuesday.
Dubbed "Project Lifeline," the program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus of previous relief efforts.
83. Lenders Offer Broader Mortgage Plan, Extends to Borrowers of All Loans, Not Just Subprime
- Tuesday, February 12, 2008
WASHINGTON (AP) - Six major lenders agreed to widen their efforts to help borrowers of all loans - not just subprime - and allow seriously overdue homeowners to suspend foreclosures for 30 days while affordable loans are worked out.
84. Countrywide Aims to Help More Subprime Borrowers
- Tuesday, February 12, 2008
Under pressure to help stem growing home loan defaults, Countrywide Financial Corp. said it will expand programs to help borrowers manage their mortgage payments regardless
of the type
85. Jewell Receives Certificate of Planning
- Wednesday, January 30, 2008
Laura Jewell of A2H has received a certificate of planning from the American Institute of Certified Planners.
Jewell holds a bachelor's degree in landscape architecture from Mississippi State University in 2002. She has five years' experience in the planning field and more than three years' experience in landscape architecture.
86. S&P Says November Home Prices Fell at Record Pace; 2nd Study Found Prices Mostly Unaffordable
- Wednesday, January 30, 2008
NEW YORK (AP) - U.S. home prices plunged by a record 8.4 percent in November, marking two years of slowing returns, according to a key index released Tuesday.
However, housing is only slightly more affordable for many American workers, a separate study found.
87. Bank of America's Lewis Says Deal for Countrywide "Is a Go"
- Wednesday, January 30, 2008
CHARLOTTE, N.C. (AP) - Bank of America Corp. is moving forward with its purchase of beleaguered mortgage lender Countrywide Financial Corp., Chief Executive Ken Lewis said Tuesday.
"At this point, everything is a go to complete this transaction," Lewis said at an investor conference in New York.
88. Hope Now is On Track to Help 5 percent of Troubled Borrowers, Industry Alliance Says
- Tuesday, January 22, 2008
WASHINGTON (AP) - A Bush administration-led effort to rescue troubled homeowners said it helped 5 percent of borrowers with subprime loans in the second half of 2007.
A coalition of lenders, investors and nonprofit groups - dubbed Hope Now - was created in October to address soaring mortgage defaults and home foreclosures that have hobbled Wall Street banks and sent stock indexes plummeting.
89. Number of Foreclosures 60 Percent Higher Than Home-Loan Modifications in Third Quarter
- Friday, January 18, 2008
WASHINGTON (AP) - The number of new U.S. foreclosures in the third quarter was 60 percent higher than the number of borrowers the industry was able to help, a trade group said Thursday.
Nevertheless, the Mortgage Bankers Association said its analysis shows banks are working hard to reach strapped borrowers to set up loan modifications and repayment plans. Making matters difficult, the group said, is a high proportion of homes owned by speculators and situations in which borrowers didn't respond to repeated attempts to contact them.
90. Year of the 'Tailspin'
- Tuesday, January 15, 2008
Like victims of a car accident, mortgage company executives might be checking body parts to make sure everything is intact. That's because 2007 turned into a multi-vehicle pileup for the industry - and not everyone survived.
91. Bank of America To Buy Countrywide
- Monday, January 14, 2008
CHARLOTTE, N.C. (AP) - Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
92. Countrwide Announcement Heralds Good News and Bad
- Monday, December 17, 2007
Countrywide Financial Corp., the nation's largest mortgage lender, said late last week its November home loan production increased a slight 5 percent from October but showed a 40 percent drop from the same month last yea
93. Treasury Sec'y Paulson Working With Regulators, Bank Execs to Develop Loan Modification Plan
- Monday, December 03, 2007
WASHINGTON (AP) - The Bush administration is working with industry on a plan to extend lower, introductory interest rates on home loans before they reset at higher levels.
The talks come amid hints from Federal Reserve Chairman Ben Bernanke of another cut in a key interest rate to keep the economy from sliding into a recession.
94. Countrywide CEO Says More Trouble Ahead for Housing Market
- Wednesday, October 31, 2007
BEVERLY HILLS, Calif. (AP) - The chief executives of Countrywide Financial Corp. and KB Home predicted more trouble ahead for the nation's slumping housing market on Monday, calling on lawmakers to expand financing for home buyers.
95. Countrywide Financial Reports $1.2B Loss
- Monday, October 29, 2007
LOS ANGELES (AP) - Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year.
96. Bank of America Plans to Exit Consumer Mortgage Wholesale Business by 2008
- Friday, October 26, 2007
CHARLOTTE, N.C. (AP) - In addition to scaling back its investment banking operations, Bank of America Corp. is exiting the wholesale mortgage business and eliminating about 700 jobs, bank officials said Thursday.
97. As Foreclosures Surge, Mortgage Lenders Pressured to Offer Borrowers Relief
- Thursday, October 25, 2007
LOS ANGELES (AP) - Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans with interest rates set to adjust by the end of 2008.
98. Bankers, Brokers Square Off to Combat Abusive Lending
- Monday, October 22, 2007
WASHINGTON (AP) - Mortgage brokers are squaring off with bankers over efforts in Congress to impose stiffer regulations on the industry.
The outcome of the long-running fight could help shape the future of a market battered by lax lending practices that have led to a surge in home loan defaults.
99. N.C. Treasurer Seeks SEC Probe Of Countrywide CEO Stock Trade
- Friday, October 12, 2007
RALEIGH, N.C. (AP) - North Carolina Treasurer Richard Moore has asked the U.S. Securities and Exchange Commission to investigate the timing of stock sales made by the chief executive of mortgage lender Countrywide Financial Corp.
100. Economic Signals SuggestProlonged Housing Slump
- Thursday, September 20, 2007
Soaring foreclosure filings and sagging expectations of future home sales among developers raised prospects Tuesday that the worst housing slump in 16 years could drag on into next year.