Countrywide Financial

JPMorgan Faces Yet Another Big Payout

JPMorgan Chase is nearing an agreement worth close to $6 billion with a group of institutional investors to settle claims over shoddy mortgage-backed securities.

Bank of America Earnings Shrink Due to Mortgage Settlements

Bank of America says its fourth-quarter earnings shrank as it cleaned up old problems from its mortgage unit, settling one case with Fannie Mae and another with the government. But the modestly positive results still beat the expectations of analysts.

U.S. Sues Bank of America for $1 Billion for Mortgage Fraud

The top federal prosecutor in Manhattan says he's suing Bank of America for $1 billion for mortgage fraud against Fannie Mae and Freddie Mac. U.S. Attorney Preet Bharara says Countrywide had procedures designed to process loans at high speed and generated thousands of fraudulent loans.

Bank of America Beats the Street with a Narrow Profit

Bank of America said Wednesday that it narrowly turned a profit from July through September, good enough to beat Wall Street expectations. The bank earned $340 million in the quarter, which works out to a fraction of a penny per share. But financial analysts expected an 11-cent loss.

Countrywide Bank Won Influence with Discount Loans to VIPs: Report

The former Countrywide Financial Corp., whose subprime loans helped start the foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of Fannie Mae, according to a House report.

Did Warren Buffett Make a Bad Call on Bank of America?

When Warren Buffett announced in August that he would spend $5 billion to snap up Bank of America shares, investors cheered. Surely this must mean that we've seen the end of the bad news from America's biggest bank, right? Wrong. So did the Oracle of Omaha blunder?

Why Bank of America Will Never Be Great Again

Bank of America did the right thing this week, nixing its notorious $5 a month debit card fee before it began. But B of A can't win, and even now, financial journalists are wondering how it will find ways to nickel and dime its way back from this week's fee retreat at the expense of its customers.

Bank Settlements Bring Homeowners a Bit of Relief

This week brought a bit of good news for some troubled homeowners in the form of two separate settlement activities. The FTC has begun mailing refund checks to 450,000 Countrywide customers, and Wells Fargo reached an $85 million settlement with the Fed that will provide relief to up to 10,000 customers.

The Financial Landscape: BAC Settles, FINRA Flexes

Bank of America will soon finalize an $8.5 billion agreement to settle investor claims that Countrywide sold them lousy mortgage-backed securities before the housing bust. Meanwhile, private regulator FINRA is angling to take over the watchdog role for registered investment advisers.

Why Bank of America Sold Its BlackRock Stake

BlackRock, the world's largest publicly traded asset management firm, recently agreed to buy back Bank of America's remaining 7% stake in the company for about $2.5 billion. Trefis looks at why Bank of America is selling, what the buyback means for BlackRock, and what the effect will be for its stock.

What's Really Wrong With Letting Banks Pay Big Dividends

The Federal Reserve is finally admitting that not all the big banks are healthy: Bank of America won't get to pay increased dividends. But none of those financial giants should be allowed to, and a logical look at the reasons they say they want to dole out the cash makes it totally clear why.

Investor Lawsuits Are Raising the Heat on Bank of America for 'Putbacks'

When Countrywide Financial created deeply flawed mortgage-backed securities, it wasn't just selling bad financial products: It was breaking its contracts. Now some ordinary investors are suing Countrywide's buyer, Bank of America, to force it to repurchase those bad mortgages. That's their right, but there's nothing simple about this case, or its ramifications.

Why Countrywide's Fraudster-in-Chief Isn't Going to Prison

Angelo Mozilo, the former head of Countrywide Financial, isn't going to jail. In fact, he won't even face a trial. Wondering how the most convictable CEO among the titans who brought down the financial system is getting off so easy? The answer lies in the revolving door between Wall Street and its "regulators."

Bank of America Sued for Countrywide's Mortgage Sins, Again

On Monday, a group of institutional investors sued Countrywide and Bank of America over Countrywide's mortgages practices. The bank is accused of issuing vast numbers of loans using methods that went beyond lax standards and into fraud, with the sole goal of repackaging them into securities to resell with inflated ratings.

Allstate Sues Bank of America Over Toxic Securities

Allstate is suing Bank of America and its Countrywide Financial division over Countrywide's sale of $700 million in mortgage-backed securities to the insurance giant, alleging that Countrywide knew in advance that the assets would drop in value because of a high percentage of defaults.

Making Mortgage Mods Permanent: Case Studies in Frustration

If struggling homeowners are able to make trial modified mortgage payments, the next logical step, it seems, would be to make the modifications permanent. Sadly, however, this is a rare occurrence. Follow the stories of several families as they wrestle with foreclosure notices, lost payments, missing paperwork, and ultimately court orders -- all on the path to permanent mortgage modifications.

Has WikiLeaks Rumor Made Bank of America a Buy?

When WikiLeaks founder Julian Assange asserted that his next big leak would involve documents from a major unnamed bank, investors in Bank of America got nervous and the stock has been on bumpy ride. The question now is: Have the WikiLeaks worries made BofA shares a better buy?