Countrywide Financial Corp.

Recent Events

News & Analysis

bank and countrywide financial corp. - All News and Analysis

• Beyond borrowers.(predatory lending)

  - 2008-05-01

  Municipalities themselves have sued lenders and related companies, saying they have lost money protecting or demolishing foreclosed homes and through lost tax revenue. Baltimore has sued Wells Fargo Bank for predatory lending in black neighborhoods. Cleveland has sued 21 Wall Street banks under state public-nuisance law...

  Tags: bank, Countrywide Financial Corp., Government, Litigation

• The big scramble

  - 2007-12-01

  Mortgage lenders have moved quickly to adjust their product offerings and business strategies in the wake of the liquidity crisis. The shutdown of major funding sources, combined with mounting defaults for certain products, has prompted quick adjustments in business models. There's at least one silver lining: The exit of many...

  Tags: agency, bank, borrower, Citigroup Inc., Countrywide Financial Corp., FINANCE, Kelly, Miller, mortgage, Mortgages, Pick-A-Payment, Wachovia Corp., Wells Fargo & Co.

• A new era: what does the future hold for the securitization model of mortgage lending? Could the era of the independent mortgage banking firm be a thing of the past?

  - 2007-11-01

  Countrywide Financial Corporation, Calabasas, California, became the nation's largest mortgage lender by thriving in chaotic times. After past periods of turmoil--such as the unexpected April 1994 interest-rate spike--Countrywide has been able to increase its market share in both originations and servicing. [??] Warning shots signaling coming challenges were fired earlier...

  Tags: asset, bank, banking, bond, borrower, Countrywide Financial Corp., FINANCE, financial, Financial Times, Investment, investor, liquidity, mortgage, Mortgages, securitization, security

• Fitch: Countrywide's 'BBB+' IDR Remains on Watch Evolving on 3Q'07 Loss

  - 2007-10-26

  NEW YORK -- While Countrywide Financial Corp's CFC just announced third-quarter-2007 (3Q'07) net loss of $1.2 billion is significant, Fitch Ratings had anticipated extreme pressure on CFC's near term operating performance when the company was downgraded on Aug. 16, 2007. As a result, the 'BBB+' long-term Issuer Default Rating IDR...

  Tags: bank, CFC, Countrywide Financial Corp., deposit, FINANCE, Fitch, Investment, liquidity, mortgage, Mortgages

• BofA reports falling profits

  - 2007-10-19

  CHARLOTTE, N.C. -- Bank of America Corp., the nation's second- largest bank, said Thursday its profit fell 32 percent in the third quarter as trading losses and write-downs on a wide variety of loans offset solid revenue growth in most businesses. As a result, the company is...

  Tags: bank, Bank of America Corp., Countrywide Financial Corp., FINANCE, Lewis, revenue

• Anatomy of a meltdown

  - 2007-10-01

  The subprime meltdown spilled over into other financial markets over the summer. Investors fled the private-label residential mortgage-backed securities market, shutting it down in early August. Facing margin calls, falling asset values, no buyers for non-agency bonds and no buyers for mortgages originated for the private-label market, mortgage companies large...

  Tags: agency, asset, bank, Bear Stearns & Co. Inc., Better Business Bureau, bond, borrower, Countrywide Financial Corp., Federal Reserve Board, FINANCE, financial, Investment, investor, meltdown, Moody's Corp., mortgage, Mortgages, security, Turmoil, U.S.

• Wall Street edges down

  - 2007-08-24

  NEW YORK -- Wall Street ended a mildly erratic day slightly lower Thursday after anxiety about widening credit problems offset investor optimism about a $2 billion capital infusion into troubled mortgage lender Countrywide Financial Corp. The market gave up a moderate early gain, but fluctuations were to...

  Tags: bank, Bank of America Corp., Countrywide Financial Corp., Federal Reserve Board, stock

• Wall Street mixed as credit worries linger despite Countrywide

  - 2007-08-23

  NEW YORK -- Wall Street pulled back Thursday as ongoing anxiety about widening credit problems was enough to offset initial investor optimism about a $2 billion capital infusion into troubled mortgage lender Countrywide Financial Corp. The market gave up a moderate early gain, but fluctuations were to be...

  Tags: bank, Countrywide Financial Corp., Federal Reserve Board, investor

• Sebastian MALLABY A market run on rationality

  - 2007-08-21

  THE MOST vivid image amid last week's financial turmoil came from Calabasas, home to the nation's biggest mortgage lender, Countrywide Financial Corp. At a retail branch down the street from Countrywide's California headquarters, depositors reportedly "besieged" a representative on Thursday, demanding to get their money out. The next day similar...

  Tags: bank, Countrywide Financial Corp., FINANCE, financial, Investment

• Countrywide slashes 500 jobs

  - 2007-08-21

  LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Monday it had eliminated about 500 jobs as it tries to ride out problems from a credit crunch that has rocked the home loan industry. The company said the cuts came in the subprime lending...

  Tags: bank, Countrywide, Countrywide Financial Corp., FINANCE, job, Mortgages