Items Tagged with 'David Sambol'

ARTICLES

  • SEC Charges Countrywide's Mozilo with Insider Trading

    Former Countrywide Financial CEO Angelo Mozilo and two other company executives face civil fraud charges today. The case, by the Securities and Exchange Commission (SEC), alleges Mozilo profited $140m from insider trading. The SEC charges Mozilo with "deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share" -- along with former COO David Sambol and former CFO Eric Sieracki.
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  • California, Illinois AGs Sue Countrywide; Shareholders Approve Merger Anyway

    As shareholders gathered in Calabasas, Calif. on Wednesday for a key vote over Bank of America's proposed takeover of Countrywide Financial Corp. [stock CFC][/stock] -- eventually approving the merger by a wide margin -- two state Attorneys General said they had sued Countrywide over alleged unfair and deceptive conduct. California AG Edmund Brown and Illinois AG Lisa Madigan became the latest to pile on legal liabilities to the nation's largest lender and servicer, with separate lawsuits filed just ahead of the key shareholder vote.
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  • Sambol Out After Countrywide/BofA Merger

    Buried in a press statement from Bank of America Corp. [stock BAC][/stock] earlier Wednesday that discussed the company's new consumer banking structure in a post-Countrywide-merger world was an industry bombshell that current Countrywide Financial Corp. [stock CFC][/stock] president David Sambol would "retire" after the acquisition and transition was complete.
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  • Countrywide's Sambol Tapped to Lead Combined BofA/Countrywide Mortgage Business

    Bank of America and Countrywide Financial said Thursday that Countrywide president and COO David Sambol will lead the combined consumer mortgage business once BofA's planned purchase of Countrywide is complete. Sambol will continue in his current role, reporting to Countrywide chairman and CEO Angelo Mozilo until completion of the transaction, which is targeted for the third quarter. Mozilo is largely expected to step down after the merger.
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  • Countrywide Sees Production Drop 40 Percent in November; Delinquencies Jump

    Countrywide said Thursday morning that mortgage loan production in November dropped 40 percent versus year-ago levels, falling to $23.2 billion. Subprime production fell precipitously, with the Calabasas-based lender funding just $17 million in non-prime mortgages during November -- Countrywide had funded more than $3 billion worth of subprime loans in the year-ago period.
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  • Countrywide Commits to $16 Billion Home Preservation Program

    Countrywide Financial Corporation, responding to widespread criticism that the mortgage industry hasn't done enough to help troubled borrowers, today announced a $16 billion home preservation program targeting troubled borrowers facing an ARM reset by the end of 2008. The program will entail $10 billion in borrower refis and $4 to $6 billion in loan modifications, Countrywide said. From the press statement:
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  • Countrywide Sees Funding Activity Drop 44 Percent; Delinquencies Continue to Head Upward

    Countrywide's operational results for September 2007 are out today, and show that the nation's largest lender continues to ratchet operations downward. Mortgage loan fundings for the month of September 2007 totaled $21 billion, a 44 percent decline from September 2006, while foreclosures and delinquencies continued to rise. From the press release:
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  • Countrywide Sees More Growth; Pending Foreclosures Reach Record High

    Countrywide Financial released its June 2007 operational summary this morning, which showed that pending foreclosures at the nation's largest lender and servicer have reached what appears to be record levels. Pending foreclosures reached nearly 1 percent of the company's loan portfolio volume, and ratcheted up to 0.75 percent of the total number of loans serviced.
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  • Countrywide Pushes Ahead: Fundings, Apps Jump

    In spite of tightening its underwriting standards in response to turmoil in both the subprime and Alt-A credit sectors, Countrywide Financial Corporation (NYSE:CFC) reported Monday morning that fundings at the mortgage giant jumped 10 percent in Feburary, hitting $35 billion in 2007 versus $31 billion funded in February 2006. Applications also rose, the company said, with average daily application volume in Feburary 2007 jumping 20 percent versus year-ago levels and reaching $3.0 billion. In spite of its growth, the company's deliquencies and foreclosure levels remained elevated in February, with pending foreclosures increasing for the eighth consecutive month. February's pending foreclosures represented 0.70 percent of the company's servicing portfolio, up 49 percent from year-ago levels.
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