countrywide financial

Countrywide's Errors Could Cost BofA Billions

Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America. If what one bank employee said on the stand proves to be accurate, paperwork problems it acquired when it purchased mortgage provider Countrywide could leave BofA on the hook for billions.

Bank of America Bondholders Want Their Money Back

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

Countrywide's Mozilo Settles With SEC

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.

Mozilo in Settlement Talks With SEC on Fraud Charges

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 Wall Street Journal said without naming its sources. A status conference has been ordered for today, which could signal a new development in the suit.

Former Countrywide CEO Angelo Mozilo Must Face Trial

Angelo Mozilo, former CEO of Countrywide Financial Corp., 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.

Seven Villians of the Financial Crisis: Where Are They Now?

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.

Bank of America Could Sell Some Non-Core Assets

Bank of America (BAC) is planning to highlight billions of dollars worth of assets that it intends to sell or wind down. The bank has told investors and analysts that it is considering disclosures on assets including loans, businesses and stakes that it considers non-core, The Financial Times reported without naming its sources. The non-core assets could be worth more than $100 billion.

Bank of America Settles Data Theft Claims

Bank of America Corp (BAC) will offer free services and reimbursement for losses to as many as 17 million consumers to settle allegations of data theft related to its Countrywide Financial mortgage unit. The accord settles more than 30 lawsuits filed since Aug. 2008, The Los Angeles Times reported. Federal authorities accused Rene L. Rebollo, who worked for the Countrywide subprime division, of downloading confidential information on customers and selling it to employees of other mortgage lenders to use as sales leads.

Oracle's Larry Ellison Takes the CEO Cake

Larry Ellison (pictured) of Oracle (ORCL) tops the Wall Street Journal's new list of the twenty-five highest-paid CEOs of the last decade. Ellison's total compensation over the last ten years, including salary, bonus, stock and stock option grants, was $1.84 billion.

Fannie Mae Employees Got VIP Loans from Countrywide

Newly released documents from the House Committee on Oversight show that Fannie Mae employees accepted special loans and treatment from Countrywide Financial years before the 2008 mortgage meltdown brought financial markets to their knees.

Legal Briefing: Bank of America Hit By Massive Wage Lawsuit

Apparently large scale basic labor law violations aren't limited to Wal-Mart (WMT); Bank of America (BAC) was hit Friday with a class action lawsuit charging B of A failed to pay for hours worked, failed to pay overtime, and failed to provide required breaks. B of A currently employs about 294,000 people, and the suing class be as large as 180,000 people.

Criminal Probe of Countrywide May Be Speeding Up

Two years into the investigation of Countrywide Financial, once the nation's mortgage leader, a grand jury late last year began hearing witness testimony. That signals an acceleration in the process, and hints that this phase of the case may now be nearing its resolution.

Why Senator Dodd Should Fire His Chief Counsel

Senate Banking Committee, which Dodd chairs, retains a general counsel, Amy Friend, who apparently tried to profit off the implosion of Wells Fargo, Morgan Stanley, AIG and other financial institutions in the 2008 collapse. The counsel's actions were legal -- but despicable.