Tag Archives: countrywide financial corp

Should Banks Be Sued For Mortgage-Backed Securities Turned To Junk?

What was Wall Street’s role in the great economic crash of 2008? They principally played the role of suckers buying trillions of dollars of mortgage-based securities. They had no idea what they were buying. Nobody did. Because there were no … Continue reading

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Still Looking For Culprits In The Financial Crash Of 2008

The biggest culprits of the financial crash of 2008 were the politicians who forced lenders to lower lending standards and forced banks to open branches in areas where they did not want to do business and to lend to people … Continue reading

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Bank Of America Starts Mortgage Clean-Up Unit

Bank of America bought Countrywide three years ago and became the largest originator of mortgages in the United States. They also bought a mess and they are still trying to figure out what’s going on. The bank is narrowing its … Continue reading

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Bank of America’s Loan Modification Program

Can bankers do what they like and sleep securely knowing that the government will bail them out if they bet wrong? It sure seems like that sometimes. One thing that bankers dread however is being called to testify before Congress … Continue reading

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Countrywide’s VIP Lending Program

Important people such as senators and congressmen got special deals from Countrywide. The U.S. Congress is investigating. Were these sweet-heart deals a type of kickback for voting the way Countrywide would like? Were they illegal? A lot of politicians sure … Continue reading

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Did Big Lenders Employ Deception?

That’s what a House committee is looking into. The politicians would love to blame someone other than themselves for the economic collapse. I am sure they will be able to uncover some deceptive practices, but if lenders used wholesale dishonest … Continue reading

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Steps To Prevent Foreclosures

California has a new law to slow down foreclosures. Whether it will do the housing economy any good is an open question. In testimony to Congress Thursday, FDIC head Sheila Bare gave the example of IndyMac. Taken over by the … Continue reading

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Homeowners Breathing Easier

Alan Zibel writes about changes in the mortgage game. They’ve been brought about the FDIC taking over troubled banks. FDIC-controlled banks are slower to foreclose on homeowners delinquent with their mortgage payments. They are modifying mortgage deals and all they … Continue reading

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Senator Christopher Dodd Investigated For Possible Ethical Improprieties

From the AP: HARTFORD, Conn. – Connecticut Sen. Christopher Dodd says he’s awaiting for the conclusion of a Senate ethics inquiry before releasing information to two mortgages he received from Countrywide Financial Corp. Dodd told reporters in Hartford on Wednesday … Continue reading

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Countrywide Extends A Helping Hand

From Courant.com: Connecticut’s housing market could get a lift under a settlement with one of the nation’s largest mortgage lenders that could allow thousands of residents facing foreclosure to stay in their homes. Countrywide Financial Corp., now owned by Bank … Continue reading

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