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The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.. In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's ...
By Christina Rexrode 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 ...
When whistleblower Kyle Lagow raised concerns about Countrywide Financial's practice of giving bloated appraisals on government-insured loans, he lost his job. Lagow filed a lawsuit resulting in a ...
Countrywide's vast numbers of fraudulent mortgages-- which were created to feed a securitization machine, not to secure repayment of properly underwritten loans -- may still doom Bank of America ...
It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other ...
If such problems were to arise on a large scale, the housing market could experience even greater disruptions than have already occurred, resulting in significant harm to major financial institutions.
Angelo Robert Mozilo (December 16, 1938 – July 16, 2023) was an Italian American mortgage industry banker who was co-founder, chairman of the board, and chief executive officer of mortgage giant Countrywide Financial until July 1, 2008. Mozilo retired shortly after the sale to Bank of America for a total of $4.1 billion in stock.
Before it became the mortgage unit of Bank of America, Countrywide Financial suffered the Justice Department's largest residential fair lending settlement in history in 2008, providing $335 ...