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The suit, filed Wednesday by the top federal prosecutor in Manhattan, also underscored how Bank of America's purchase of Countrywide in July 2008, just before the financial crisis, backfired severely.
Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems ...
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 ...
Meanwhile, the Federal Trade Commission has begun mailing checks as part of the $108 million settlement it reached with Countrywide, now owned by Bank of America , in June 2010, the FTC said ...
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 ...
HELOCs are usually offered at attractive interest rates. This is because they are secured against a borrower’s home and thus seen as low-risk financial products. However, because the collateral of a HELOC is the home, failure to repay the loan or meet loan requirements may result in foreclosure. As a result, lenders generally require that the ...
Countrywide Financial and its former, now-vilified CEO Angelo Mozilo are synonymous with the greed and fall from grace associated with the financial Source: Company annual report.
Late last week, a former Countrywide Financial Corp. employee and his pal were arrested by the FBI for stealing and selling personal data of mortgage applicants. They estimate that up to 2 million ...