Items Tagged with 'Countrywide'


DOJ again rebuked in effort to enforce massive BofA 'Hustle' mortgage fine

Billion-dollar settlement for Countrywide home loans denied
Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That's because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.
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Mortgage bond investors finally get paid $8.5 billion Countrywide settlement

Five-year wait to receive settlement funds is over
Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened.
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Countrywide's Mozilo reportedly off the hook for all those subprime mortgages

Bloomberg reports that Justice is abandoning malfeasance case
One of most notorious people at the center of the housing crisis is reportedly off the hook for any supposed malfeasance, as Bloomberg is reporting that the Department of Justice is abandoning its attempt to sue Angelo Mozilo, the founder of Countrywide, for his company’s lending practices in the run-up to the housing crisis.
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FDIC wins $190M settlement for toxic Countrywide mortgage bonds

Settlement stems from failure of five banks
The ghosts of Countrywide past just struck again, as the Federal Deposit Insurance Corporation announced Thursday that eight major financial institutions will pay $190 million total to settle a series of lawsuits tied to toxic Countrywide mortgage bonds that subsequently led to the failure of five banks during the housing crisis.
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Bank of America to consolidate North Texas mortgage operations

Closing down former Countrywide location in Ft. Worth
Another one of the vestiges of Countrywide's past is about to disappear, as Bank of America is set to close and sell a facility in Ft. Worth, Texas that once housed as many as 3,000 Countrywide employees. But the move will not lead to any job cuts, according a report from the Dallas Morning News.
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'Face of the housing crisis' exonerated by Appeals Court Countrywide Hustle ruling

Former Countrywide exec Rebecca Mairone cleared
Lost in the shuffle of the United States Court of Appeals for the Second Circuit's decision to toss the $1.27 billion penalty against Bank of America was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone. Mairone is the same person who the New York Times once referred to as the "face of the housing crisis."
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HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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Appeals Court overturns Bank of America's $1.27 billion fine in 'Hustle' case

BofA handed victory in row over Countrywide mortgages
The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, on Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide. The case stems from the government suing Bank of America over Countrywide's "Hustle" loan origination process.
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Finally: $8.5B Countrywide mortgage bond settlement gets green light

Payouts set to reach burnt investors as soon as June
Ending a legal quagmire that stretched back to 2011, investors are finally set to receive their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon, which acted as the trustee for the mortgage bond investors.
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Bank of America nearing halfway mark in $7 billion consumer relief effort

Payment part of $16.65 billion settlement over toxic mortgages
Bank of America is approaching the halfway point in delivering on its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and others to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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