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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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Can An Ohio Judge Reduce The Foreclosure Glut?
A federal bankruptcy judge has set a new precedent that could stop huge numbers of foreclosures nationwide. Her demand: Countrywide Home Loans must document every foreclosure claim it submits in Ohi
RealtyTrac Financial Library
- Wednesday, September 16, 2009
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Can An Ohio Judge Reduce The Foreclosure Glut?
A federal bankruptcy judge has set a new precedent that could stop huge numbers of foreclosures nationwide. Her demand: Countrywide Home Loans must document every foreclosure claim it submits in Ohi
RealtyTrac Article Library
- Wednesday, September 16, 2009
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What's Causing the Credit Crunch?
Wall Street analysts, main street investors, corporate executives and government bureaucrats all disagree on which mortgage company will be the next to trip and fall into bankruptcy. Countrywide Financial Corp., And this week Countrywide said it was having trouble borrowing money on a short-term basis, sparking fears about the possibility of a Countrywide bankruptcy. A lively debate is ensuing as to why the mortgage industry is unraveling and who’s to blame for the growing credit crunch that is sabotaging the housing industry. But they all agree on one thing — the mortgage
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Good Morning Mr. Bernanke!
The early morning newscast today got me wondering if Angelo Mozilo, CEO of Countrywide Financial Corp., Still, this comes a day after Countrywide Financial announced it was going to have to dig into it’s $11.5 Speculations were rampant that the company may even be on the verge of bankruptcy. has Ben Bernanke’s number on his cellphone? As head of the nation’s largest mortgage lender, maybe Mozilo woke the Federal Reserve Chairman at some ungodly hour this morning from his long hibernation and complained, “Wake up and do something already!!!”
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Subprime meltdown means jump in foreclosures
subprime mortgage market after the bankruptcy of at least 20 lenders in the last two months, triggering a mass liquidation of securities on Wall Street and an avalanche of foreclosure activity on Main Street. filed for bankruptcy on Feb 7, sounding the alarm and bringing the total failure of subprime lenders to 20 since December, according to Bloomberg News . As the Panic is spreading in the U.S. As more lenders go bankrupt and more Americans default on home loans, a jump in foreclosures is expected.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
