Countrywide Financial

Bank Of America Completes Countrywide Transaction

jredz — Tue, 01 Jul 2008 23:24:41 -0500

With the completed purchase of Countrywide, Bank of America is now the largest mortgage lender and mortgage servicer in America. The deal closed Tuesday morning with a final price tag of $2.5 million, a 37 percent discount from the original price tag.

California Joins Illinois In Suing Countrywide

Armen Hareyan — Thu, 26 Jun 2008 13:44:35 -0500

California Attorney General Jerry Brown echoed the sentiments of his Illinois counter-part, citing lending practices that encouraged risky borrowing behavior as the key reason for filing a civil suit against Countrywide today in California court. The lawsuit also names Angelo Mozilo and President Dave Sambol in the suit.

Fed approves BofA, Countrywide purchase

Armen Hareyan — Sat, 07 Jun 2008 09:12:42 -0500

The Federal Reserve has approved the purchase of Countrywide by Bank of America. Not surprising really - at this point the Fed will probably approve the purchase of any bank by another just to save the public from “BANK FAILURE” headlines. While the acquisition is approved there has been some rumblings that Bank of America is not quite sure whether they’ll complete the transaction; but so far all signs and sounds coming from BofA point to moving forward.

Countrywide's Debt Lowered to Junk, Still Worth More Than Analyst's Opinion

Armen Hareyan — Mon, 05 May 2008 12:48:14 -0500

Countrywide's Debt is still worth more than analyst's opinion despite being lowered to junk level as debt.

Bank Of America May Not Back $38 B. Countrywide's Debt

Armen Hareyan — Fri, 02 May 2008 15:42:10 -0500

Bank of America has indicated that it may not guarantee $38.1 billion in Countrywide's debt despite its determination to close the acquisition of CFC in the third quarter.

Countrywide consolidates 16 wholesale fulfillment centers

Armen Hareyan — Fri, 02 May 2008 15:23:59 -0500

Countrywide announced the migration closing of 16 wholesale fulfillment centers in a consolidation move in the wholesale channel. While I wouldn’t call it winding down, they definitely are a) responding to reduced demand and b) moving to the retail-centric strategy that is kicking butt for Bank of America and surely being evangelized, driven-down by the new ownership.

BofA to Modify 265,000 Countrywide Loans

Armen Hareyan — Tue, 29 Apr 2008 15:01:31 -0500

Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it’s acquisition of the failed mortgage lender.

Bank of America Neuters Countrywide?

Armen Hareyan — Tue, 22 Apr 2008 15:47:21 -0500

CNN reports that Bank of America will eliminate all but the most sound mortgage products as it attempts to complete its takeover of Countrywide. Countrywide was made famous by its option ARM and other non-traditional products which have clearly back-fired. Which begs the question - why Countrywide mortgage at all?

Bank of America Makes Investment in Countrywide Financial

Anastvatz — Fri, 24 Aug 2007 05:42:48 -0500

Buys convertible preferred stock for $2 billion