countrywide financial

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.

If struggling homeowners can 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 three families as they wrestle with the foreclosure process.

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?

Bank of America challenges testimony by one of its operational leaders -- that Countrywide may have held on to homeowners' notes that it should have put into a trust. But the testimony is reinforcing fears that BofA is in big trouble.

Sworn testimony in a recently concluded mortgage case may spell big trouble for Bank of America. If what one bank employee said proves to be accurate, paperwork problems at mortgage provider Countrywide could leave Bank of America on the hook for billions.

Some big investors, including Pacific Investment Management Co. and the Federal Reserve Bank of New York, want to force the largest U.S. bank, by assets, to buy back as much as $47 billion in mortgage-related bonds.

Countrywide Financial Corp. co-founder Angelo Mozilo, along with two others, has reached a settlement agreement with the Securities and Exchange Commission related to charges of insider trading and civil fraud.

Angelo Mozilo, the former CEO of Countrywide Financial, is in talks with the SEC about a possible deal that could let him avoid standing trial for fraud charges, The Wall Street Journal said. Talks between Mozilo, two other former executives and the SEC seem to be moving towards a settlement, The...

Angelo Mozilo, former CEO of Countrywide Financial, must face trial on charges he misled investors about the risks associated with subprime lending, a judge in Los Angeles ruled. U.S. District Judge John F. Walter denied requests from Mozilo and two other former Countrywide executives for a ruling that there were no genuine issues to be tried, Bloomberg News said.

The financial crisis was produced by a complex set of circumstances, including a massive housing bubble, poor regulation and irresponsible lending on an epic scale. A handful of bankers became the public faces of the crisis, and now, two years later, we take a look at what became of them.