Search for: "Countrywide Financial Corporation"
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27 Jun, 2008 4:17 pm
The drama of Countywide Financial Corporation is now playing in the Superior Court of the State of
California in and for the County of Los Angeles and the Circuit Court of Cook County, Illinois. The California Attorney General's website summarizes the allegations against Countywide
as follows: • Encouraging borrowers to refinance or obtain financing with complicated mortgage instruments like hybrid adjustable rate mortgages or payment option adjustable mortgages
...
22 Aug, 2008 12:21 pm
... (collectively "Countrywide"); the class action complaints, each purportedly seeking to represent a nationwide class, alleged that
Countrywide "engaged in discriminatory residential lending practices, including the imposition of discretionary fees/charges, which increased
the cost ... ; the Panel has the discretion to select any district it chooses, including a district that has not been recommended by any of the parties to the litigation. Download PDF
file of In re Countrywide Financial Corporation
10 Mar, 2008 1:50 am
[JURIST] The US Department of Justice and the Federal Bureau of Investigation (FBI) [official websites] have launched a criminal investigation into troubled mortgage lender
Countrywide Financial [corporate website], according to a New York Times report Sunday.
Federal authorities are investigating whether Countrywide criminally misrepresented its financial
condition. The FBI is also cooperating
27 Aug 6:42 am
Vice Chancellor Noble has approved a settlement in the class action arising from the merger of Countrywide Financial Corporation and Bank of America. The opinion approving the settlement can be viewed here.
8 Jan, 2008 10:19 am
Countrywide Financial Corporation, formerly one of the
nation's biggest subprime lenders, has admitted to fabricating documents in a Pennsylvania woman's bankruptcy case. The implementation of the so-called recreated letters took bankruptcy
attorneys and judges by surprise.
26 Mar 4:30 am
... Hechler, Risky Business: Did compliance programs fail the test during the financial industry meltdown? for the April edition of
Corporate Counsel. Hechler focused on Countrywide Financial Corporation and Tim Mazur, who was an ethics officer at Countrywide. Hechler ... change that front-line employee
compensation model, I do not think he could have prevented the problems at Countrywide. You need to align the institutional incentives of your
company for a compliant and ethical company. You also need ...
29 Jan, 2008 7:21 am
There are some late-breaking updates to a story in the current issue of The Pomerantz Monitor regarding the Godzila-sized "severance" package for Countrywide Financial Corporation's CEO Robert Mozilo. As our readers
know, Countrywide is the poster ... are triggered by an acquisition are often referred to as "golden parachutes." These devices have a proper
place in corporate governance, because they encourage executives to make a sale that would be advantageous to the company, without fear that the ...
14 Jul, 2008 8:57 pm
A NYT article notes: With $32 billion in assets, IndyMac, a spinoff of the Countrywide Financial
Corporation, was the biggest American lender to fail in more than two decades. In the spirit of 1960's bumper stickers --Don't worry, they're
still 90 miles away--, the Times ... may be below the radar. See also http://ipbiz.blogspot.com/2008/07/nbc-nightly-news-on-countrywide.html
See also how a warehouse lender ( Southwest Securities) shut out Countrywide and IndyMac.
9 Jan, 2008 10:17 am
So reports the New York Times and I suggest those with mortgages read this article. The Countrywide Financial Corporation fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, court records
show, raising new questions about the ... under the 60-month bankruptcy plan, Ms. Hill's case was discharged and officially closed on March 9, 2007. Countrywide, the servicer on her loan, did not object to the discharge; court records from that date show she was current on her mortgage. ...
24 Aug, 2008 11:53 pm
... s largest mortgage lender, Countrywide Home Loans, Inc., and its parent company, Countrywide
Financial Corporation. Carter alleges that Countrywide
engaged in deceptive and misleading practices that led to borrowers obtaining potentially risky and costly loans. The ... allowing a borrower to be approved for loans he would have
failed to qualify for otherwise. For those who have Countrywide loans, the AG provides a useful Q&A about how the loans may be impacted.
Here is a brief Indianapolis Star ...
2 Nov 3:51 am
... Third Circuit Holds Plaintiffs filed a putative class action against Countrywide Financial
Corporation, Countrywide Home Loans and Balboa Reinsurance Company alleging violations of ... ],
codified at 12 U.S.C. § 2607(d)(2)." Alston v. Countrywide Fin. Corp., ___ F.3d ___ (3d Cir. October 28, ... Plaintiffs appealed, and the Third
Circuit reversed. The class action was premised on the theory that Countrywide steered homebuyers who needed PMI insurance to companies that
would "reinsure" the PMI policies ...
5 Jan 9:05 am
... of fiduciary duty against Countrywide's former directors and officers arising out of Countrywide's exposure to the subprime crisis. In re Countrywide Financial
Corporation Derivative Litigation, Case No. CV-07-06923-MRP (December 11, 2008 ... discussed the decision in which the US District Court for
the District of Delaware dismissed a shareholder derivative action against Countrywide's directors and officers here. Applying reasoning
similar to that employed in the court's decision in the derivative ...
4 Oct, 2007 6:06 am
... well worth reading, so here is an excerpt: "On its way to becoming the nation's largest mortgage lender, the Countrywide Financial Corporation encouraged its sales force to court customers over the telephone with a seductive pitch that
seldom varied. "I ... steering them away from lower-cost loans to those that were more expensive to homeowners and more profitable to Countrywide. Now, with the entire mortgage business on tenterhooks and industry practices under scrutiny by securities regulators and ...
10 Nov, 2008 12:00 pm
... 2008, the United States District Court for the District of Delaware granted the defendants' motion to dismiss in In re Countrywide
Financial Corporation Derivative Litigation, a consolidated shareholder derivative action alleging
breach of fiduciary duty against certain of ... , were exchanged for shares of Bank of America. The court reasoned that, since the plaintiffs were no longer Countrywide shareholders as result of its acquisition by Bank of America, they did not have standing to pursue their ...
9 Dec, 2008 6:56 pm
Greenwich Financial Services brought a purported class-action lawsuit against the Countrywide
Financial Corporation in New York state court last week. The lawsuit challenges Countrywide's attempts to modify and reduce payments on as many as 400,000 subprime and pay-option adjustable-rate mortgages with borrowers who are seriously
delinquent or about to become seriously delinquent. Countrywide agreed in [...]
19 Jan 1:45 am
Virginia Attorney General Bob McDonnell joined a nationwide settlement agreement with Countrywide Financial Corporation. The settlement will provide about $8.4 billion in home loan and foreclosure relief to as many
as 397,000 ... the country, including projected relief of $212.8 million for more than 8,900 homeowners in Virginia. Countrywide was acquired
by Bank of America Corporation in July 2008. In addition, the Attorney General will propose legislation in the General Assembly to … Read
More...
29 Oct, 2007 5:36 pm
According to a Countrywide press release issued on October 26, 2007, things aren't looking so rosy for the country's largest mortgage lender.
The figures tell the story: COUNTRYWIDE FINANCIAL CORPORATION [...]
13 Nov, 2008 10:17 am
Mortgage lender Countrywide Financial Corporation has
agreed to provide approximately $8 billion in home loan and foreclosure relief to as many as 397,000 homeowners across the country including more than 1,000 in Kansas, ... with Kansas,
attorneys general in Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington are participating in the agreement with
Countrywide. The eleven states including Kansas reached the agreement with … Read More...
6 Oct, 2008 2:22 am
[JURIST] Officials for Bank of America [corporate website] announced Monday that they have agreed to an $8.4 billion settlement [press release] in response to allegations by 11
state attorneys general that subsidiary Countrywide Financial [corporate website] engaged in
deceptive business practices that harmed consumers. California Attorney General Jerry Brown, a leading figure in the negotiations
16 May, 2008 3:44 pm
[JURIST] A federal judge ruled [PDF text] this week that a shareholder derivative lawsuit brought against the directors and officers of mortgage lender Countrywide Financial [corporate website] for misrepresenting its financial condition could proceed. The court held that the plaintiffs, including a number of state pension funds, met the requisite heightened pleading
standards under the Private
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