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compensation to 400 account executives. Additionally, Countrywide is one of many companies that conducts in-depth background searches of new employee applicants. The background search goes beyond typical employment, education, and criminal history searches, and enables a company to view the applicant's credit, and public record documents such as lawsuits and divorce records. Although it must be authorized by the applicant, Countrywide explicitly does not consider applicants who deny authorization for a search. This policy has led to otherwise qualified applicant complaints and dispute filings which claim this policy is discriminatory, invasive, and compromises the applicant's privacy.
849:. Some institutional investors admitted trying to sell Countrywide paper. Fifty other mortgage lenders had already filed for Chapter 11 bankruptcy, and Countrywide Financial was cited as a possible bankruptcy risk by Merrill Lynch and others on August 15. This combined with news that its ability to issue new commercial paper might be severely hampered put severe pressure on the stock. Its shares fell $ 3.17 to $ 21.29, which was its biggest fall in a single day since the crash of 1987 – the shares had fallen 50% so far that year. On August 15, 2007, Merrill Lynch advised its clients to sell their stock in Countrywide.
986:, and former COO David Sambol and former CFO Eric Sieracki with securities fraud for failing to disclose Countrywide's lax lending standards in Countrywide's 2006 annual report. Despite these charges, Countrywide, and then its successor Bank of America, were awarded the Property Management contract with the Veterans Administration. A July 22, 2008, memo from Judith Caden, VA Director of Loan Guaranty Service issued this proclamation in Circular 26-08-10. Bank of America still retained this position with VA until 2011.
2464:
814:
more serious, both larger in range and likely duration. Alt-A mortgages (loans given to apparently creditworthy borrowers without much or any documentation) completely stopped at ratings lower than AAA. Difficulties extended to much of AAA-rated mortgage-backed securities. Only securities with conforming mortgages were trading. Countrywide
Financial issued a statement that its mortgage business has access to a nearly $ 50 billion funding cushion.
998:
40:
830:
markets include reduced liquidity and increased credit risk premiums for certain market participants. These conditions, which increase the cost and reduce the availability of debt, may continue or worsen in the future…. There can be no assurance, however, that the
Company will be successful in these efforts, that such facilities will be adequate or that the cost of debt will allow us to operate at profitable levels.
2908:
629:, Countrywide told loan customers in the affected areas that they could take a break on payments without any late fees, and the payments would be added back to the end of the loan. They now contend that Countrywide forced the loan customers to pay the missed payments in a lump sum, along with late fees they were told they did not have to pay, within 30 days or face foreclosure.
238:
Corporation. Then, on June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to the planned merger with Bank of
America. Finally, on July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997, Countrywide spun off Countrywide Mortgage Investment as an independent company called
134:
117:
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450:, such as banks, other depository institutions, insurance companies, asset managers, mutual funds, pension plans, other broker-dealers and governmental agencies. Customers of its commercial real estate finance business are the owners or sponsors of commercial properties, who can be individuals or institutions.
574:
In 2003, Countrywide was the subject of a class-action lawsuit alleging overtime violations. Countrywide was charged with working employees 10–15 hours per day, 6 to 7 days per week without compensating them for overtime wages. The lawsuit was settled in May 2005, with the payment of $ 30 million in
361:
Correspondent
Lending purchases mortgage loans from other lenders, which include mortgage bankers, commercial banks, savings and loan associations, home builders, and credit unions. These loans may be sold by Countrywide to end-investors on the secondary market but are originated and funded by other
354:
Consumer
Markets and Full Spectrum Lending offer loans directly to consumers. Loans produced by these two retail divisions are originated, funded, and sold by Countrywide. Consumer Markets offers various products, whereas Full Spectrum Lending focuses primarily on products appropriate for customers
961:
The deal was a landmark in the housing crisis, given
Countrywide's prominence as the nation's largest mortgage lender, at the time. It was to prove more costly to Bank of America, however, than was perceived at the time: in August 2014, Bank of America was forced to agree to a near-$ 17 billion deal
947:
The ability to get that kind of size and scale became more appealing as we saw the business model change to a model we could accept," Lewis said. "We considered the lawsuits, the negative publicity that
Countrywide had. We weighed the short-term pain versus what we think will be a very good deal for
913:
In
September 2007, after months of negative publicity and the announcement of a reduction of 20% of its workforce, Countrywide launched a public relations campaign aimed at demoralized employees. Employees were expected to sign a loyalty oath to "demonstrate their commitment to our efforts" and "to
432:
Countrywide
Warehouse Lending provides warehouse lines of credit to mortgage bankers, who use these funds to originate loans. These mortgage bankers are primarily customers of Countrywide Home Loans' Correspondent Lending division and the Capital Markets divisions; the mortgage bankers use warehouse
952:
Bank of
America deployed 60 analysts from its headquarters in Charlotte, N.C., to Countrywide's headquarters in Calabasas, Calif. After four weeks analyzing Countrywide's legal and financial predicament, and modeling how its loan portfolio was likely to perform, Bank of America offered an all-stock
934:
announced it had agreed to buy Countrywide for $ 4 billion in an all-stock transaction. The stock's value settled at about $ 5½ per share following the announcement; it had been as low as $ 4.43 before the Bank of America deal was announced. Bank of America Corp finally acquired Countrywide in 2008
877:
In a letter dated August 20, Federal Reserve agreed to waive banking regulations at the request of Citigroup and Bank of America. The Fed agreed to exempt both banks from rules that limited the amount that federally insured banks can lend to related brokerage companies to 10% of bank capital. Until
608:
writes that the Fannie Mae Foundation singled out Countrywide Financial as a "paragon" of a nondiscriminatory lender who works with community activists, following "the most flexible underwriting criteria permitted." The chief executive of Countrywide is said to have bragged that in order to approve
529:
The primary activities of the Global Operations segment was Global Home Loans (GHL): a UK third-party administrator (TPA) formed out of a joint venture between Countrywide and Woolwich plc in 1998. Activities included Loan Processing and subservicing, providing mortgage loan application processing,
520:
on loans in its servicing portfolio. It provides this coverage concerning substantially all of the loans in the Company's portfolio that are covered by PMI, which generally includes all conventional loans with an original loan amount over 80% of the property's appraised value. It earns a portion of
770:
The suit was settled in October 2008 after Bank of America acquired Countrywide. The settlement involves the modifying of troubled 'predatory loans' up to $ 8.4 billion. The states currently involved in the settlement are Arizona, California, Connecticut, Florida, Iowa, Michigan, North Carolina,
734:
against Countrywide Financial Corporation on June 25, 2008. The lawsuit cites information gathered from documents obtained via a subpoena in the fall of 2007. Madigan's office claims the "mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far
462:
programs. The Company attempts to rehabilitate the loans, using the servicing operations of Countrywide Home Loans, to securitize those loans that become eligible for securitization. The remaining loans are serviced through foreclosure and liquidation, including collecting government insurance and
829:
Since the company is highly dependent on the availability of credit to finance its operations, disruptions in the debt markets or a reduction in our credit ratings could have an adverse impact on our earnings and financial condition, particularly in the short term… Current conditions in the debt
813:
mortgages securities must be sold in the private, secondary market to alternative investors. On August 3, 2007, this secondary market essentially stopped trading most of the non-conforming securities. Secondary mortgage market disruptions had happened previously, but, the new disruption appeared
560:
Offshore Services commenced operations in India in 2004. Set up to exploit the strategic advantage of employing systems specialists based in the sub-continent, it provides business process and technology services to the Parent Company and its subsidiaries in both the United States and the United
237:
On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $ 4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial
453:
Countrywide Asset Management Corporation manages the acquisition and disposition of loans from third parties and loans originated by Countrywide Home Loans on behalf of Countrywide Home Loans. These are typically delinquent or otherwise illiquid residential mortgage loans, which have primarily
548:
In November 2005, Barclays announced that it intended to terminate the third party administration arrangement with GHL and bring the mortgage originations and servicing operations back in-house. This resulted in Countrywide buying out Barclays' remaining 30% stake in GHL. Barclays brought the
350:
The role of Loan Production is to originate and fund new loans and to acquire already-funded loans through purchases from other lenders. Loan Production produces mortgage loans through four divisions of Countrywide Home Loans: Consumer Markets, Full Spectrum Lending, Wholesale Lending, and
857:
On Thursday, August 16, 2007, the company expressed concerns over liquidity because of the decline of the secondary market for securitized mortgage obligations. Countrywide also announced its intent to draw on the entire $ 11.5 billion credit line from a group of 40 banks including
904:
In September 2008, Countrywide sent letters to its mortgage customers to inform that one of their employees had stolen identity information that contained social security numbers and birth dates. Countrywide apologized in the letter and offered free credit monitoring for 90 days.
552:
Since then Global's presence in the UK has been confined to providing support to Barclays and Prudential Assurance, who continue to use the proprietary originations, servicing and arrears processing systems developed for GHL and Countrywide by Countrywide Technology Group (CWTG).
885:
On November 26, 2007, Countrywide stock was hammered on the NYSE, dropping over 10% to a level of $ 8.64/share; less than half the share's value in August when the firm faced bankruptcy rumors and a fraction of its value in 2006. One proximate cause was reports that the Atlanta
424:
Countrywide Bank primarily originates and purchases mortgage loans and home equity lines of credit for investment purposes. Most of these loans are sourced through its mortgage banking subsidiary, Countrywide Home Loans. In addition, the Bank obtains retail deposits, primarily
706:
reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Subsequent attempts to connect Obama's campaign with Franklin Raines were characterized by The Washington Post as "a stretch".
878:
then, banking regulation was that banks with federally insured deposits should not be put at risk by brokerage subsidiaries' activities. On August 23, Citibank and Bank of America said that they and two other banks accessed $ 500 million in 30-day financing at the Fed's
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loan originator. CFC also operates broker-dealers in Japan and the United Kingdom, an introducing broker-dealer of futures contracts, an asset manager, and a broker of mortgage servicing rights. Except its commercial mortgage activities, the company transacts only with
862:. On Friday August 17, many depositors sought to withdraw their bank accounts. Countrywide also planned to make 90% of its loans conforming. By this point stock shares had lost about 75% of their peak value and speculation of bankruptcy broadened. At the same time the
597:
to compensate black and Hispanic borrowers improperly steered by Countrywide salespeople to higher-cost loans. The company also agreed to improve training and oversight of its loan officers and to pay New York state $ 200,000 to cover costs of the investigation.
873:
Additionally, the firm was forced to restate income it had claimed from accrued but unpaid interest on "exotic" mortgages where the initial pay rate was less than the amortization rate. In 2007 it became apparent much of this interest had become uncollectable.
473:
activities encompass the assumption of the risk of buying a new issue of securities from the issuer and reselling the securities to investors, either directly or through dealers. Capital Markets primarily underwrites mortgage-related debt securities.
380:
Loan servicing also generates income in the form of interest on monies received and held before paying scheduled advances to the trustee, fees charged for late payments, force-placed insurance, document requests, legal fees, payoff statements, etc.
370:
Loan servicing services loans, i.e., collect payments from the borrower, handles escrow accounts, tax and insurance payments (if applicable), then remit "advances" to the investor's trustee as specified in the Pooling and Servicing Agreement (PSA).
556:
A second venture in the UK, Valuation Services, provided one of the first electronic residential property valuation services to third parties in the United Kingdom through a majority-owned joint venture. This was sold to First American in 2007.
647:
reported that numerous Washington D.C. politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders "FOA's" — "Friends of Angelo" (Countrywide Chief Executive
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Following the acquisition of Woolwich by Barclays plc, this relationship developed further, with GHL acquiring the Barclays mortgage portfolio through a transfer of ownership of the Barclays mortgage operation in Leeds to GHL in 2003.
700:, a former CEO of Fannie Mae, received below market rates loans at Countrywide Financial because the corporation also considered him an "FOA". He received loans for over $ 3 million while CEO of Fannie Mae. On July 16, 2008,
957:
approved the deal on June 25, 2008, and it closed July 2, 2008. Bank of America announced on June 26, 2008, that the takeover of Countrywide Financial Corp. will result in the loss of 7,500 jobs over the next two years.
687:, had received loans under the "Friends of Angelo". Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008, in order to avoid being a distraction to Obama's campaign.
942:
At the same time, having watched Countrywide dramatically retool its operations in a bid to survive, Bank of America executives began to believe Countrywide's big U.S. mortgage business might be worth having.
938:
After more than six months of financial deterioration at Countrywide—despite a $ 2 billion infusion of cash from Bank of America in August—Mozilo said he was ready to throw in the towel, according to Lewis.
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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 single mortgage lender.
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on August 6, 2007, attention returned to Countrywide Financial which at the time had issued about 17% of all mortgages in the United States. Only days later, Countrywide Financial disclosed to the
672:
had made large donations to Dodd's campaign. Senator Dodd proposed that the federal government buy up to $ 400 Billion in defaulted mortgages. Citizens for Responsibility and Ethics in Washington (
914:
tell the Countrywide story to all". Those who signed the pledge received a green rubber Protect Our House wristband while according to the companies CFC those not signing would lose their jobs.
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505:; Voluntary Homeowners and Auto, which underwrites retail homeowners insurance and home warranty plans for consumers; and Life and Credit, which underwrites term life, credit life, and credit
834:
This raised speculation that Countrywide was a potential bankruptcy risk. On August 10, a run on the bank began as the secondary mortgage market shut down, curtailing new mortgage funding.
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421:. Countrywide Bank is the 3rd largest Savings and Loan institution and is the fastest-growing bank in United States history. Assets from deposits are currently approaching $ 125 billion.
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and unfair business practices. The lawsuit also claims the defendant mislead many consumers by misinforming them about the workings of certain mortgages such adjustable-rate mortgages,
311:
The Mortgage Banking segment produces mortgage loans through various channels on a national scale. Nearly all the mortgage loans the company produces in this segment are sold into the
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882:. The same day, Countrywide Financial obtained $ 2 billion of new capital from Bank of America Corp. For this the Bank of America brokerage arm would get convertible preferred stock.
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Wholesale Lending offers loans to consumers whose loans are originated by another mortgage broker. These loans are funded and sold by Countrywide but originated by other lenders.
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Countrywide subprime documents show a policy of lending to families with as little as $ 1000 of disposable income, often compromising their ability to pay living expenses.
429:, through the Internet, call centers, and more than 200 financial centers, many of which were located in Countrywide Home Loans' retail branch offices as of April 1, 2007.
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323:. The company generally performs the ongoing servicing functions related to the mortgage loans that it produces. It also provides various loan closing services, such as
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for mortgage backed securities to aid in liquidity. This also helped calm the stock market and investors promptly responded positively with the Dow posting gains.
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lines of credit from Countrywide Warehouse Lending to help originate loans, then sell those loans to Countrywide through Correspondent Lending or Capital Markets.
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minority applications, "lenders have had to stretch the rules a bit." Countrywide's commitment to low-income loans had grown to $ 600 billion by early 2003.
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409:, and Countrywide Warehouse Lending. Formerly, the bank was known as Countrywide Bank, N.A.. This nationally chartered bank was regulated jointly by the
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sold much of his CFC stock realizing $ 291.5 million in profits. A class action suit was filed on behalf of shareholders alleging securities violations.
1934:
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in all 50 states. Its products include Lender-Placed Property and Auto, which includes lender-placed auto insurance and lender-placed, real-property
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to settle claims against it relating to the sale of toxic mortgage-linked securities, a large percentage of which had been sold by Countrywide.
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1714:, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, SEC, August 16, 2007
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coverage to primary mortgage insurers through two business units: Balboa Life and Casualty Operations, and Balboa Reinsurance Company.
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typically retains a fraction of the payment made (normally 25 – 75 basis points of the unpaid principal balance) as a "servicing fee".
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The Capital Markets segment primarily operates as a registered securities broker-dealer, a residential mortgage loan manager, and a
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had extended a large amount of its credit to Countrywide to offset its inability to raise funds in the private market. Senator
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deal valued at $ 4 billion for Countrywide—a fraction of the company's $ 24 billion market value a year ago. Countrywide
866:
lowered the discount rate 0.5% in a last-minute, early morning conference call. The Fed accepted about $ 17.2 billion in
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266:. During the year ended December 31, 2005, the Mortgage Banking segment generated 59% of the company's pre-tax earnings.
2003:
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765:
also brought suit against Countrywide, alleging that deceptive lending practices had ripped off Connecticut homeowners.
742:, followed suit by filing a similar lawsuit on June 25, 2008, accusing the lender of breaking the state's laws against
545:, the joint venture partner. As of December 31, 2005, Global's subservicing portfolio was ÂŁ59 billion ($ 102 billion).
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By 2005, GHL operation processed more than ÂŁ11.3 billion ($ 20.3 billion) in loans, all of which are subserviced for
2081:
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926:'s $ 4 billion takeover of Countrywide Financial began with a December phone call from Countrywide Chief Executive
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activities include trading debt securities in the secondary market after the original issuance of the security.
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magazine. Between 1982 and 2003, Countrywide delivered investors a 23,000.0% return, exceeding the returns of
1942:
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There is also a shareholder class action lawsuit for investors in asset-backed securities from Countrywide.
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coverage for losses between minimum and maximum specified amounts to the insurance companies that provide
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When Countrywide finances mortgage loans, they usually packaged them for sale to large investors as
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750:, low-documentation loans and home-equity loans while telling borrowers they would be able to
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services, automated credit reporting products, flood determination services, and residential
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315:, mainly in mortgage-backed securities. In 2006, 45% of those mortgages were conventional
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status. The cost of insuring its bonds rose 22% overnight. This also limited its access to
417:. Still, it converted its charter to a federally chartered thrift that is regulated by the
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825:(SEC) that these disruptions in the secondary mortgage markets could hurt it financially:
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The Blotter: A Deal Too Good To Be True?: Katrina Victims Say Mortgage Lender Misled Them
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The Insurance segment activities include offering property, casualty, life, and credit
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called for an investigation as to the prudence of the FHLBB's action in this regard.
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652:). The politicians extended such favorable financing included the chairman of the
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1136:"Crisis Deepens as Big Bank Fails: IndyMac Seized In Largest Bust In Two Decades"
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1991:
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The Mortgage Banking segment comprises three distinct sectors: Loan Production,
2384:
Timeline of events leading to Countrywide Financial's buyout by Bank of America
930:
to his Bank of America counterpart, Kenneth D. Lewis. And on January 11, 2008,
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320:
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credit ratings agencies downgraded Countrywide 1 or 2 grades, some to near
676:) has called for House and Senate to investigate Senators Conrad and Dodd.
298:
Global Operations, which provides mortgage loan application processing and
207:
at less than $ 1 per share. In 1985 Countrywide stock was re-listed on the
1521:
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https://news.yahoo.com/s/ap/20080613/ap_on_go_co/senators_vip_mortgages_4
771:
Ohio, Texas, and Washington. Other states may also join the settlement.
243:
593:
Countrywide agreed to a settlement with New York state attorney general
497:
Balboa Life and Casualty Group underwrite property, casualty, life, and
242:. Federal regulators seized IndyMac on July 11, 2008, after a week-long
223:
1886:
Response to request for exemption to section 23A of Regulation W (pdf)
585:
to independent brokers. The validity of this is questionable however.
1935:"Euroshares higher midday, Dow seen up on Countrywide cash injection"
1551:
1522:"BofA to pay $ 8 billion over subprime suit",'MSNBC', October 6, 2008
617:
Some customers have complained that after the devastating hurricanes
389:
LandSafe and its subsidiaries offer loan closing services, including
328:
2130:
683:, former CEO of Fannie Mae and an adviser to presidential candidate
2312:
1533:
Countrywide Mortgage-Backed Securities Certificate Investor Lawsuit
463:
guarantee proceeds relating to defaulted FHA and VA program loans.
2936:
2393:
578:
Countrywide maintains a policy of not filing the legally required
178:
from 1969 to 2008. In 2008, Bank of America purchased the failing
2287:"Bank of America to pay nearly $ 17 bn to settle mortgage claims"
1635:"Countrywide, Washington Mutual Fall on Mortgage Slump (Update3)"
1251:
Countrywide to Settle Rosemead Call Center Employees Class Action
837:
The perceived risk of Countrywide bonds rose. Fitch, Moody's and
214:
Countrywide's stock has been described as the "23,000% stock" by
2613:
2317:
2004:"Countrywide Falls as Schumer Seeks Probe of Advances (Update2)"
3359:
List of banks acquired or bankrupted during the Great Recession
3193:
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2728:
American Security and Trust Company Building (Washington, D.C.)
2397:
2231:"Bank of America's Countrywide purchase will cost 7,500 jobs"
1449:"State's suit to target mortgage lender for unfair practices"
1240:
TheStreet.com : Countrywide's Thrifty Move | Banks | CFC
397:
services for the six major counties of Southern California.
1966:"$ 2 billion infusion lets Countrywide Financial buy time"
3225:
Dodd–Frank Wall Street Reform and Consumer Protection Act
512:
Balboa Reinsurance Company provides a mezzanine layer of
174:. It previously existed as an independent company called
1992:
CFC: Basic Chart for COUNTRYWIDE FNL CP – Yahoo! Finance
521:
the PMI premiums in return for providing this coverage.
1282:"The Real Scandal – How feds invited the mortgage mess"
95:, President of Bank of America Home Loans and Insurance
3336:
National fiscal policy response to the Great Recession
2340:"SEC Charges Former Countrywide Executives With Fraud"
530:
and mortgage loan subservicing in the United Kingdom.
2313:"SEC Charges Ex-Countrywide CEO with Insider Trading"
1475:"Illinois AG sues Countrywide over lending practices"
805:
can only buy loans which conform to the standards of
203:
was less than successful, with company stock trading
2131:
CFC: Summary for COUNTRYWIDE FNL CP – Yahoo! Finance
284:
Capital Markets, which operates as an institutional
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2431:
2372:"What the Countrywide deal means for your mortgage"
1423:"Linking Obama to Ex-Fannie Mae Chief Is a Stretch"
405:The Banking segment consisted of Countrywide Bank,
153:
141:
124:
107:
99:
86:
70:
60:
46:
3455:(Europe, Middle East and North Africa, Asia; 2009)
754:before the interest rate on their loans adjusted.
1477:. Associated Press. June 25, 2008. Archived from
1036:"UPDATE 3-Bank of America drops Countrywide name"
3585:Financial services companies established in 1969
1134:Paletta, Damian; Enrich, David (July 12, 2008).
258:Mortgage Banking, which originates, purchases,
3306:American Recovery and Reinvestment Act of 2009
3171:Office of Federal Housing Enterprise Oversight
2040:Countrywide to lay off 20 percent of workforce
1089:
1087:
1085:
1083:
613:Hurricanes Katrina, Gustav and Rita complaints
269:Banking, which operates a federally chartered
2952:
2409:
273:that primarily invests in mortgage loans and
8:
3230:Emergency Economic Stabilization Act of 2008
2783:Bank of America Corporate Center (Charlotte)
2022:"Countrywide Financial Corp, Insider trades"
1398:"On the Outside Now, Watching Fannie Falter"
1063:"Bank of America's great mortgage give-away"
908:
639:Countrywide financial political loan scandal
32:
2059:"'Protect our house' is lender's new motto"
254:Bank of America Home Loans is composed of:
3364:
3321:Fraud Enforcement and Recovery Act of 2009
3260:
3245:Term Asset-Backed Securities Loan Facility
3190:
2959:
2945:
2937:
2416:
2402:
2394:
2201:"BoA Completes Acquisition of Countrywide"
1605:"Credit Fears Chill Countrywide Financial"
1547:"Secondary Market Stalls Mortgage Lenders"
1123:, "Meet The 23,000% Stock", September 2003
549:operation back in-house in February 2006.
288:that primarily specializes in trading and
38:
31:
3501:Effects of the Great Recession on museums
3331:Housing and Economic Recovery Act of 2008
3215:China–Japan–South Korea trilateral summit
2564:Farmers and Merchants Bank of Los Angeles
2114:"Factbox: Countrywide's subprime lending"
1578:"Countrywide: Debt Market Woes Pose Risk"
490:and as an insurance agency and providing
411:Office of the Comptroller of the Currency
3575:Companies based in Calabasas, California
3195:Government policy and spending responses
3161:Government National Mortgage Association
1740:"Countrywide Breaks Into The Piggy Bank"
1335:"Dodd Defends Housing Plan, Blasts Bush"
3255:2008 United Kingdom bank rescue package
2344:U.S. Securities and Exchange Commission
2171:"Countrywide Shareholders Approve Deal"
1904:"Fed bends rules to help two big banks"
1027:
972:U.S. Securities and Exchange Commission
823:U.S. Securities and Exchange Commission
668:. The article also noted Countrywide's
66:April 2009 (Bank of America Home Loans)
3580:American companies established in 1969
2289:. Philadelphia Herald. August 21, 2014
1712:SEC Accession No. 0000950148-07-000204
1263:"Home Lender to Repay Minority Buyers"
1096:"Inside the Countrywide Lending Spree"
1094:Gretchen Morgenson (August 29, 2007).
3565:Mortgage lenders of the United States
3240:Temporary Liquidity Guarantee Program
3210:Banking (Special Provisions) Act 2008
3131:Federal Deposit Insurance Corporation
2713:555 California Street (San Francisco)
2539:Citizens & Southern National Bank
2143:"Behind Bank of America's Big Gamble"
2094:from the original on January 13, 2008
1964:Gregory J. Wilcox (August 25, 2007).
1874:High-risk mortgages become toxic mess
853:Announcement of problems and bailouts
355:with less than prime-quality credit.
27:Home loan division of Bank of America
7:
3126:Consumer Financial Protection Bureau
2919:
1368:"Countrywide Friends Got Good Loans"
1366:; Hagerty, James R. (June 7, 2008).
1280:Liebowitz, Stan (February 5, 2008).
1229:OTS Approves Countrywide Application
456:Federal Housing Administration (FHA)
3416:Collateralized mortgage obligations
1831:Evelyn M. Rusli (August 16, 2007).
1771:"Countrywide, Markets On The Ropes"
1738:Evelyn M. Rusli (August 16, 2007).
1725:"Countrywide Bank Reassure Clients"
1667:. Associated Press. August 15, 2007
1324:Conde Nast Portfolio, June 12, 2008
191:Countrywide was founded in 1969 by
2082:"BofA to buy Countrywide for $ 4B"
1687:"Top US lender 'risks bankruptcy'"
1661:"Countrywide Plunges on Downgrade"
1603:Evelyn M. Rusli (August 9, 2007).
1584:. Associated Press. August 9, 2007
1385:Countrywide Friends Got Good Loans
1210:from the original on July 14, 2008
1155:"Regulators Seize Mortgage Lender"
570:Employee and contract labor issues
25:
3590:1969 establishments in California
3511:2007–2008 world food price crisis
3311:Chinese economic stimulus program
3296:2008 European Union stimulus plan
3220:Commercial Paper Funding Facility
2644:Provident Institution for Savings
2350:from the original on June 7, 2009
2080:Ellis, David (January 11, 2008).
2065:. October 4, 2007. Archived from
3539:List of countries by public debt
3166:National Asset Management Agency
2918:
2907:
2906:
2462:
1864:Federal Reserve Bank of New York
1862:Temporary Open Market Operations
1545:Alistair Barr (August 7, 2007).
996:
807:government-sponsored enterprises
518:private mortgage insurance (PMI)
133:
132:
116:
115:
3494:2008 Central Asia energy crisis
3411:Collateralized debt obligations
2574:First Republic Bank Corporation
2519:Benj. Franklin Savings and Loan
2177:. June 26, 2008. Archived from
1902:Peter Eavis (August 24, 2007).
1833:"Countrywide Starving For Cash"
1396:Huslin, Anita (July 16, 2008).
1153:Story, Louise (July 12, 2008).
909:'Protect Our House' PR campaign
633:"Friends of Angelo" VIP program
589:Minority and subprime borrowers
3301:2008–2009 Keynesian resurgence
3146:Federal Housing Finance Agency
3141:Federal Housing Administration
2207:. July 1, 2008. Archived from
1503:. CNN Money.com. June 25, 2008
1202:Lacter, Mark (July 11, 2008).
277:primarily sourced through its
1:
3595:2008 mergers and acquisitions
3316:Economic Stimulus Act of 2008
3250:Troubled Asset Relief Program
3176:Office of Financial Stability
3151:Federal Housing Finance Board
3085:Société Générale trading loss
2629:National Westminster Bank USA
2599:Gibraltar Savings Association
1800:Liz Moyer (August 16, 2007).
1769:Liz Moyer (August 16, 2007).
1501:"California sues Countrywide"
738:California Attorney General,
342:, and Loan Closing Services.
319:, loans too large to sell to
211:under the ticker symbol CFC.
77:, USA (Countrywide Financial)
3235:Irish emergency budget, 2009
2639:North Carolina National Bank
2584:Fourth Financial Corporation
2486:Bank of America, Los Angeles
2444:Bank of America Private Bank
1802:"Countrywide Is On Its Side"
1322:Countrywide's Many 'Friends'
1012:United States housing bubble
717:Attorney General of Illinois
460:Veterans Administration (VA)
419:Office of Thrift Supervision
64:March 14, 1969 (Countrywide)
2614:MBNA/Maryland National Bank
1179:US Lender IndyMac Collapses
1061:Martin, Ray (May 9, 2012).
789:Secondary market disruption
275:home equity lines of credit
120:$ 1,310,274,000 US$ (2007)
103:$ 6,061,437,000 US$ (2007)
3611:
3534:2007–2008 financial crisis
3426:Mortgage-backed securities
3037:Automotive industry crisis
2594:Gibraltar Savings and Loan
2481:Banc of America Securities
2439:Bank of America Home Loans
2045:The Orange County Register
1535:. Shareholders Foundation.
795:mortgage-backed securities
781:
670:political action committee
660:, and the chairman of the
636:
293:mortgage-backed securities
168:Bank of America Home Loans
159:Bank of America Home Loans
33:Bank of America Home Loans
18:Countrywide Financial Corp
3570:Subprime mortgage lenders
3524:
3431:Secondary mortgage market
3352:rescues, and acquisitions
3350:Government interventions,
3341:Zero interest-rate policy
3189:
3052:Housing market correction
2902:
2732:Bank of America Building
2491:Bank of America NT&SA
2460:
2257:"Top Originators in Q108"
199:. Loeb died in 2003. The
137:$ 703,538,000 US$ (2007)
80:Charlotte, North Carolina
37:
3449:(United States; c. 2009)
3181:UK Financial Investments
3066:Banking losses and fraud
3057:Subprime mortgage crisis
3042:California budget crisis
2858:Hearst Tower (Charlotte)
2692:Western Savings and Loan
2609:Mercury Asset Management
2544:Commercial National Bank
784:Subprime mortgage crisis
778:Subprime mortgage crisis
654:Senate Banking Committee
580:Internal Revenue Service
170:is the mortgage unit of
3467:(worldwide; 2011–2012)
3406:Auction rate securities
3136:Federal Home Loan Banks
2752:Bank of America Center
2388:San Diego Union Tribune
2148:The Wall Street Journal
2063:The Wall Street Journal
1372:The Wall Street Journal
1339:The Wall Street Journal
693:The Wall Street Journal
662:Senate Budget Committee
448:institutional customers
427:certificates of deposit
351:Correspondent Lending.
209:New York Stock Exchange
201:initial public offering
82:, USA (Bank of America)
3156:Federal Reserve System
3030:United States-specific
2827:Bank of America Tower
2787:Bank of America Plaza
2619:Michigan National Bank
2589:G. H. Walker & Co.
2559:E. A. Pierce & Co.
2534:Central Bank and Trust
2261:National Mortgage News
2205:National Mortgage News
2175:National Mortgage News
1971:Los Angeles Daily News
950:
888:Federal Home Loan Bank
832:
819:American Home Mortgage
817:After the collapse of
3506:Decline of newspapers
3453:2009 May Day protests
3399:and financial markets
3289:Stimulus and recovery
2672:Standard Federal Bank
2664:Security Pacific Bank
2624:Montgomery Securities
2554:Countrywide Financial
2529:Cassatt & Company
1184:July 5, 2009, at the
1017:New Century Financial
970:On June 4, 2009, the
945:
868:repurchase agreements
839:Standard & Poor's
827:
735:beyond their means."
679:It was reported that
637:Further information:
391:real estate appraisal
385:Loan closing services
180:Countrywide Financial
176:Countrywide Financial
75:Calabasas, California
3529:European debt crisis
3421:Credit default swaps
3397:Securities involved
3203:stability and reform
2697:White Weld & Co.
2549:Continental Illinois
2524:Boatmen's Bancshares
2010:. November 26, 2007.
1890:Federal Reserve Bank
1843:on December 17, 2007
1781:on November 21, 2008
1429:. September 20, 2008
1292:on December 16, 2008
1204:"IndyMac taken over"
864:Federal Reserve Bank
645:Conde Nast Portfolio
507:disability insurance
317:non-conforming loans
3489:2000s energy crisis
3201:Banking and finance
3119:Government entities
2718:701 Brickell Avenue
2501:Bank of New England
2120:. October 16, 2010.
2048:, September 7, 2007
1933:(August 23, 2007).
1892:Board of Governors.
1812:on October 31, 2007
1750:on January 17, 2008
1615:on January 17, 2008
1427:The Washington Post
1402:The Washington Post
1269:. December 6, 2006.
1206:. LA Biz Observed.
1140:Wall Street Journal
974:charged former CEO
935:for $ 2.5 billion.
897:From 2005 to 2007,
748:interest-only loans
703:The Washington Post
443:commercial mortgage
34:
3471:Occupy Wall Street
3447:Tea Party protests
3105:Scott W. Rothstein
2654:Robertson Stephens
2390:, January 11, 2008
2380:, January 11, 2008
2181:on August 14, 2009
2151:. January 12, 2008
1945:on August 25, 2007
1727:. August 18, 2007.
1267:The New York Times
1159:The New York Times
763:Richard Blumenthal
467:Securities trading
232:Berkshire Hathaway
3547:
3546:
3516:Retail apocalypse
3461:(MENA; 2010–2012)
3392:
3391:
3388:
3387:
3284:
3283:
3264:Bank stress tests
2934:
2933:
2723:Albuquerque Plaza
2342:(Press release).
2267:on August 2, 2008
2211:on August 5, 2009
2069:on June 10, 2008.
1931:Thomson Financial
1693:. August 15, 2007
1641:. August 10, 2007
1364:Simpson, Glenn R.
948:our shareholders.
761:Attorney General
744:false advertising
525:Global operations
454:originated under
220:Washington Mutual
165:
164:
93:Barbara J. Desoer
16:(Redirected from
3602:
3440:Social responses
3365:
3261:
3191:
2961:
2954:
2947:
2938:
2922:
2921:
2910:
2909:
2466:
2418:
2411:
2404:
2395:
2360:
2359:
2357:
2355:
2346:. June 3, 2009.
2336:
2330:
2329:
2327:
2325:
2311:(June 4, 2009).
2305:
2299:
2298:
2296:
2294:
2283:
2277:
2276:
2274:
2272:
2263:. Archived from
2253:
2247:
2246:
2244:
2242:
2227:
2221:
2220:
2218:
2216:
2197:
2191:
2190:
2188:
2186:
2167:
2161:
2160:
2158:
2156:
2139:
2133:
2128:
2122:
2121:
2110:
2104:
2103:
2101:
2099:
2077:
2071:
2070:
2055:
2049:
2036:
2030:
2029:
2018:
2012:
2011:
2000:
1994:
1989:
1983:
1982:
1980:
1978:
1961:
1955:
1954:
1952:
1950:
1941:. Archived from
1927:
1921:
1920:
1918:
1916:
1899:
1893:
1883:
1877:
1871:
1865:
1859:
1853:
1852:
1850:
1848:
1839:. Archived from
1828:
1822:
1821:
1819:
1817:
1808:. Archived from
1797:
1791:
1790:
1788:
1786:
1777:. Archived from
1766:
1760:
1759:
1757:
1755:
1746:. Archived from
1735:
1729:
1728:
1721:
1715:
1709:
1703:
1702:
1700:
1698:
1683:
1677:
1676:
1674:
1672:
1657:
1651:
1650:
1648:
1646:
1631:
1625:
1624:
1622:
1620:
1611:. Archived from
1600:
1594:
1593:
1591:
1589:
1574:
1568:
1567:
1565:
1563:
1557:Associated Press
1542:
1536:
1530:
1524:
1519:
1513:
1512:
1510:
1508:
1497:
1491:
1490:
1488:
1486:
1481:on June 28, 2008
1471:
1465:
1464:
1462:
1460:
1445:
1439:
1438:
1436:
1434:
1419:
1413:
1412:
1410:
1408:
1393:
1387:
1382:
1376:
1375:
1360:
1354:
1349:
1343:
1342:
1331:
1325:
1319:
1313:
1308:
1302:
1301:
1299:
1297:
1288:. Archived from
1277:
1271:
1270:
1259:
1253:
1248:
1242:
1237:
1231:
1226:
1220:
1219:
1217:
1215:
1199:
1193:
1192:. July 13, 2008.
1176:
1170:
1169:
1167:
1165:
1150:
1144:
1143:
1131:
1125:
1117:
1111:
1110:
1108:
1106:
1091:
1078:
1077:
1075:
1073:
1058:
1052:
1051:
1049:
1047:
1042:. April 27, 2009
1032:
1006:
1001:
1000:
999:
984:securities fraud
899:Angelo R. Mozilo
847:commercial paper
757:In August 2008,
658:Christopher Dodd
503:hazard insurance
499:credit insurance
313:secondary market
307:Mortgage banking
279:mortgage banking
205:over the counter
161:
136:
135:
119:
118:
110:Operating income
42:
35:
21:
3610:
3609:
3605:
3604:
3603:
3601:
3600:
3599:
3560:Bank of America
3550:
3549:
3548:
3543:
3520:
3477:
3465:Occupy movement
3435:
3398:
3384:
3363:
3351:
3345:
3280:
3259:
3202:
3196:
3185:
3114:
3061:
3025:
2970:
2968:Great Recession
2965:
2935:
2930:
2898:
2884:Amadeo Giannini
2872:
2811:Fort Lauderdale
2701:
2649:Rainier Bancorp
2473:
2467:
2458:
2449:BofA Securities
2427:
2425:Bank of America
2422:
2368:
2363:
2353:
2351:
2338:
2337:
2333:
2323:
2321:
2307:
2306:
2302:
2292:
2290:
2285:
2284:
2280:
2270:
2268:
2255:
2254:
2250:
2240:
2238:
2237:. June 27, 2008
2235:Chicago Tribune
2229:
2228:
2224:
2214:
2212:
2199:
2198:
2194:
2184:
2182:
2169:
2168:
2164:
2154:
2152:
2141:
2140:
2136:
2129:
2125:
2112:
2111:
2107:
2097:
2095:
2079:
2078:
2074:
2057:
2056:
2052:
2037:
2033:
2020:
2019:
2015:
2002:
2001:
1997:
1990:
1986:
1976:
1974:
1963:
1962:
1958:
1948:
1946:
1929:
1928:
1924:
1914:
1912:
1901:
1900:
1896:
1884:
1880:
1872:
1868:
1860:
1856:
1846:
1844:
1830:
1829:
1825:
1815:
1813:
1799:
1798:
1794:
1784:
1782:
1768:
1767:
1763:
1753:
1751:
1737:
1736:
1732:
1723:
1722:
1718:
1710:
1706:
1696:
1694:
1685:
1684:
1680:
1670:
1668:
1659:
1658:
1654:
1644:
1642:
1633:
1632:
1628:
1618:
1616:
1602:
1601:
1597:
1587:
1585:
1576:
1575:
1571:
1561:
1559:
1544:
1543:
1539:
1531:
1527:
1520:
1516:
1506:
1504:
1499:
1498:
1494:
1484:
1482:
1473:
1472:
1468:
1458:
1456:
1455:. June 25, 2008
1453:Chicago Tribune
1447:
1446:
1442:
1432:
1430:
1421:
1420:
1416:
1406:
1404:
1395:
1394:
1390:
1383:
1379:
1362:
1361:
1357:
1350:
1346:
1333:
1332:
1328:
1320:
1316:
1309:
1305:
1295:
1293:
1279:
1278:
1274:
1261:
1260:
1256:
1249:
1245:
1238:
1234:
1227:
1223:
1213:
1211:
1201:
1200:
1196:
1186:Wayback Machine
1177:
1173:
1163:
1161:
1152:
1151:
1147:
1133:
1132:
1128:
1118:
1114:
1104:
1102:
1093:
1092:
1081:
1071:
1069:
1067:www.cbsnews.com
1060:
1059:
1055:
1045:
1043:
1034:
1033:
1029:
1025:
1002:
997:
995:
992:
980:insider trading
968:
932:Bank of America
924:Bank of America
922:The endgame in
920:
911:
880:discount window
855:
791:
786:
780:
713:
698:Franklin Raines
641:
635:
615:
591:
572:
567:
527:
480:
439:
437:Capital markets
415:Federal Reserve
403:
387:
368:
348:
346:Loan production
309:
262:, and services
252:
189:
172:Bank of America
157:
148:Bank of America
129:
112:
89:
78:
65:
55:Bank of America
28:
23:
22:
15:
12:
11:
5:
3608:
3606:
3598:
3597:
3592:
3587:
3582:
3577:
3572:
3567:
3562:
3552:
3551:
3545:
3544:
3542:
3541:
3536:
3531:
3525:
3522:
3521:
3519:
3518:
3513:
3508:
3503:
3498:
3497:
3496:
3485:
3483:
3482:Related topics
3479:
3478:
3476:
3475:
3474:
3473:
3462:
3456:
3450:
3443:
3441:
3437:
3436:
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3433:
3428:
3423:
3418:
3413:
3408:
3402:
3400:
3394:
3393:
3390:
3389:
3386:
3385:
3383:
3382:
3380:General Motors
3377:
3371:
3369:
3362:
3361:
3355:
3353:
3347:
3346:
3344:
3343:
3338:
3333:
3328:
3326:Green New Deal
3323:
3318:
3313:
3308:
3303:
3298:
3292:
3290:
3286:
3285:
3282:
3281:
3279:
3278:
3273:
3267:
3265:
3258:
3257:
3252:
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3148:
3143:
3138:
3133:
3128:
3122:
3120:
3116:
3115:
3113:
3112:
3110:Allen Stanford
3107:
3102:
3097:
3092:
3087:
3082:
3081:
3080:
3069:
3067:
3063:
3062:
3060:
3059:
3054:
3049:
3047:Housing bubble
3044:
3039:
3033:
3031:
3027:
3026:
3024:
3023:
3018:
3017:
3016:
3006:
3001:
3000:
2999:
2994:
2984:
2978:
2976:
2972:
2971:
2966:
2964:
2963:
2956:
2949:
2941:
2932:
2931:
2929:
2928:
2916:
2903:
2900:
2899:
2897:
2896:
2894:Brian Moynihan
2891:
2886:
2880:
2878:
2874:
2873:
2871:
2870:
2865:
2860:
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2853:Boulder Towers
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688:
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646:
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2868:Museum Tower
2831:Jacksonville
2668:Shawmut Bank
2604:LaSalle Bank
2553:
2511:Barnett Bank
2438:
2375:
2352:. Retrieved
2334:
2322:. Retrieved
2316:
2309:Faber, David
2303:
2291:. Retrieved
2281:
2269:. Retrieved
2265:the original
2251:
2239:. Retrieved
2234:
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2209:the original
2195:
2183:. Retrieved
2179:the original
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2096:. Retrieved
2085:
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2067:the original
2062:
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2034:
2025:
2016:
2007:
1998:
1987:
1975:. Retrieved
1969:
1959:
1947:. Retrieved
1943:the original
1938:
1925:
1913:. Retrieved
1907:
1897:
1881:
1876:AP via yahoo
1869:
1857:
1845:. Retrieved
1841:the original
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1810:the original
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1779:the original
1774:
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1748:the original
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1695:. Retrieved
1690:
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1669:. Retrieved
1664:
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1643:. Retrieved
1629:
1617:. Retrieved
1613:the original
1608:
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1586:. Retrieved
1581:
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1560:. Retrieved
1550:
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1528:
1517:
1505:. Retrieved
1495:
1483:. Retrieved
1479:the original
1469:
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1431:. Retrieved
1426:
1417:
1405:. Retrieved
1401:
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1371:
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1306:
1294:. Retrieved
1290:the original
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1212:. Retrieved
1197:
1189:
1174:
1162:. Retrieved
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1120:
1115:
1103:. Retrieved
1099:
1070:. Retrieved
1066:
1056:
1044:. Retrieved
1039:
1030:
1004:Banks portal
969:
960:
955:shareholders
951:
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721:Lisa Madigan
714:
701:
691:
689:
685:Barack Obama
678:
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559:
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471:Underwriting
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310:
290:underwriting
253:
240:IndyMac Bank
236:
215:
213:
190:
179:
175:
167:
166:
71:Headquarters
47:Company type
29:
3459:Arab Spring
3368:Non-banking
3100:Tom Petters
2863:Miami Tower
2766:Los Angeles
2677:Sovran Bank
2634:NationsBank
2472:Historical
2155:October 17,
2098:January 11,
966:SEC charges
803:Freddie Mac
759:Connecticut
740:Jerry Brown
729:Cook County
666:Kent Conrad
514:reinsurance
492:reinsurance
488:underwriter
260:securitizes
3554:Categories
2877:Executives
2579:Fleet Bank
2506:BankBoston
2474:components
2293:August 22,
1977:August 26,
1949:August 26,
1915:August 26,
1847:August 26,
1816:August 26,
1785:August 26,
1754:August 26,
1697:August 16,
1671:August 26,
1645:August 29,
1619:August 26,
1588:August 26,
1562:August 26,
1105:August 29,
1072:August 10,
1023:References
799:Fannie Mae
723:, filed a
604:Economist
509:products.
321:Fannie Mae
281:operation.
250:Businesses
127:Net income
88:Key people
3078:Tom Hayes
2975:By region
2889:Ken Lewis
2836:Manhattan
2816:St. Louis
2796:Charlotte
2756:Baltimore
2736:Baltimore
2706:Buildings
2687:Suretrade
2432:Divisions
2377:CNN Money
2087:CNN Money
2008:Bloomberg
1639:Bloomberg
1433:April 26,
1407:April 26,
1164:April 26,
752:refinance
583:Form 1099
561:Kingdom.
484:insurance
478:Insurance
362:lenders.
333:appraisal
264:mortgages
3375:Chrysler
2987:Americas
2913:Category
2348:Archived
2271:July 24,
2241:June 27,
2215:July 24,
2185:July 24,
2092:Archived
1691:BBC News
1507:June 25,
1485:June 25,
1459:June 25,
1214:July 12,
1208:Archived
1190:Sky News
1182:Archived
1046:July 25,
990:See also
918:Takeover
711:Lawsuits
539:Barclays
413:and the
244:bank run
51:Division
3021:Oceania
3014:Iceland
2925:Commons
2841:Phoenix
2801:Chicago
2791:Atlanta
2771:Norfolk
2761:Houston
2746:Oakland
2741:Midland
2515:Baybank
2454:Merrill
2354:June 4,
2324:June 5,
2118:Reuters
1909:Fortune
1121:Fortune
1040:Reuters
619:Katrina
401:Banking
224:Walmart
216:Fortune
187:History
154:Website
100:Revenue
61:Founded
3009:Europe
2982:Africa
2806:Dallas
1939:Forbes
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1665:Forbes
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2318:CNBC
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2157:2014
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1979:2007
1951:2007
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1564:2007
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1487:2008
1461:2008
1435:2010
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1298:2008
1216:2008
1166:2010
1107:2007
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1048:2023
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