2 Articles match "America","Countrywide","May"

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From $2B Bailout to $4B Buyout at Countrywide
Just late last year Bank of America infused $2 billion into the coffers of Countrywide Financial to support the floundering lender’s attempt to survive the subprime mortgage mess — which reportedly almost forced the firm into filing for bankruptcy protection earlier this week. Now with Countrywide’s stock weak and its value depressed, it is being widely reported that Bank of America is paying $4 billion in stock to buy out the company — in which it already had a 16 percent stake in convertible preferred stock after the bailout. It didn’t take long from a historical perspective.
www.foreclosurepulse.com - Tuesday, December 16, 2008
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Not Enough Rope in Administration's Lifeline' Program
The Administration has encouraged six of the nation’s largest lenders — Bank of America, Citigroup, Countrywide Financial Corp., A last-chance opportunity to take a step back and get a final break from the process long enough to consider other financial options may bring some light into an otherwise dark tunnel of financial ruin for these homeowners. The Lifeline program is a baby step that simply doesn’t go far enough. Just a few short months ago President Bush stood in front of the press and swore that it was not the federal government’s job to bail out either lenders who made bad loans or speculative homebuyers who purchased more home than they could rightly afford utilizing the so-called “exotic” or “liar loans” popularized over the past few years.
www.foreclosurepulse.com - Tuesday, December 16, 2008
READ MORE
  • The Best from RealtyTrac MORE
  • From $2B Bailout to $4B Buyout at Countrywide
    Just late last year Bank of America infused $2 billion into the coffers of Countrywide Financial to support the floundering lender’s attempt to survive the subprime mortgage mess — which reportedly almost forced the firm into filing for bankruptcy protection earlier this week. Now with Countrywide’s stock weak and its value depressed, it is being widely reported that Bank of America is paying $4 billion in stock to buy out the company — in which it already had a 16 percent stake in convertible preferred stock after the bailout. It didn’t take long from a historical perspective.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE
  • Not Enough Rope in Administration's Lifeline' Program
    The Administration has encouraged six of the nation’s largest lenders — Bank of America, Citigroup, Countrywide Financial Corp., A last-chance opportunity to take a step back and get a final break from the process long enough to consider other financial options may bring some light into an otherwise dark tunnel of financial ruin for these homeowners. The Lifeline program is a baby step that simply doesn’t go far enough. Just a few short months ago President Bush stood in front of the press and swore that it was not the federal government’s job to bail out either lenders who made bad loans or speculative homebuyers who purchased more home than they could rightly afford utilizing the so-called “exotic” or “liar loans” popularized over the past few years.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE