5 Articles match "Countrywide","Foreclosures","Houses"

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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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• 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. As more lenders go bankrupt and more Americans default on home loans, a jump in foreclosures is expected. Growing trouble in the subprime mortgage industry could Panic is spreading in the U.S. The mortgage industry plunged deeper into distress this month as two of the biggest subprime lenders — London’s HSBC Holdings and Irvine-based New Century Financial Corp. —
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• What's Causing the Credit Crunch?
  
  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. Skyrocketing foreclosure filings on subprime loans, those made to borrowers with poor credit, have caused huge losses for Wall Street hedge funds and other buyers of securities backed by those mortgages. In the last year, dozens of mortgage lenders have 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.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• And the Hits' Just Keep On Coming!
  
  Countrywide. For Countrywide , the second quarter of the year was a real let down with the company drawing from an $11.5 Ongoing weakness in the housing market, along with held-for-sale mortgages, net losses in the company’s trading securities portfolio and losses on investment grade mortgage-backed securities were cited as key contributors to the projected loss for the quarter. Tightened lending guidelines are already in place at the national Citigroup. Washington Mutual and Merrill Lynch.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Not Enough Rope in Administration's Lifeline' Program
  
  Last week Treasury Secretary Henry Paulson threw out what the administration considers to be a life preserver to homeowners facing foreclosure. Called “Project Lifeline,” it has the backing of Alphonso Jackson, Secretary of Housing and Urban Development, and Faith Schwartz, Executive Director of the Hope Now Alliance, a foreclosure prevention coalition of the public and private sectors. The Administration has encouraged six of the nation’s 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
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