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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 ...
Countrywide was a giant in mortgage lending, but was also known for approving exotic, even risky, loans. By 2007, as the market for subprime mortgages collapsed, Countrywide was anxious for revenue.
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.
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 ...
IndyMac Bank was founded as Countrywide Mortgage Investment in 1985 by David S. Loeb and Angelo Mozilo [6] [7] as a means of collateralizing Countrywide Financial loans too big to be sold to Freddie Mac and Fannie Mae. In 1997, Countrywide spun off IndyMac as an independent company run by Mike Perry, who remained its CEO until the downfall of ...
Joshua Roberts/Bloomberg via Getty ImagesFormer Countrywide executive Rebecca Mairone testifying before Congress in 2010. By Nate Raymond NEW YORK -- Bank of America was found liable for fraud ...
Settlement or no, we're all still paying for Countrywide's bad behavior in two ways: Because of bloated appraisals, many of us are stuck with bigger mortgages at higher rates than we would have ...
Those refunds represent repayment for excessive fees and improper charges the mortgage company levied on homeowners whose loans were serviced by Countrywide between January 1, 2005, and July 1, 2008.