Items Tagged with 'Calabasas'

ARTICLES

  • NACA Targets Mortgage Investor as 'Predator'

    The Neighborhood Assistance Corporation of America and its leader, Bruce Marks, are moving their controversial and confrontational model of consumer activism towards Wall Street, as the nation's housing crisis moves onward. This past Sunday, Marks and 350 to 400 fellow protesters were bused in by his non-profit group to stage a protest in front of the Greenwich, CT home of William Frey, manager of Greenwich Financial Services.
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  • Ryland, Oaktree Form Distressed Property JV

    The Ryland Group, Inc. [stock RYL][/stock], a Calabasas, Calif.-based homebuilder and mortgage finance company, said Monday that it had formed a joint venture with Oaktree Capital to acquire and develop distressed residential real estate projects. Terms of the JV were not disclosed, and it was not immediately clear if the partnership involved the purchase of land and projects already owned by Ryland itself.
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  • A Tale of Two Loan Modifications, As Investors Sue Countrywide

    A predatory-lending settlement that will see Countrywide modify as many as 400,000 loans, reducing payments due on mortgages it services by as much as $8.4 billion, has led a group of investors to sue Bank of America Corp. [stock BAC][/stock] and Countrywide. In a complaint filed Monday morning by the New York-based law firm of Grais & Ellsworth LLP, investors say the language in their contracts require the Calabasas, Calif.-based servicer to purchase all modified loans out of affected securitization trusts.
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  • At Countrywide, Option ARM Woes Mount

    In case you haven't heard: option ARMs are a problem, and Countrywide holds 'em in spades. The Calabasas, Calif.-based lender's latest 10-Q filing with the Securities and Exchange Commission underscores the pain that's now flowing through the veins of Bank of America [stock BAC][/stock] (Countrywide filed a Q2 report because its acquisition wasn't complete until July 1, for those curious to know).
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  • West Virginia Latest to Sue Countrywide

    Add West Virginia to the growing list of states lining up to sue Countrywide Financial Corp. over alleged predatory lending practices. State Attorney General Darrell McGraw filed suit Tuesday against the nation's largest lender and servicer, it's former subsidiaries, and against former Countrywide CEO Angelo Mozilo. The Calabasas, Calif.-based lender was acquired on July 1 by Bank of America Corp. [stock BAC][/stock].
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  • BofA: Countrywide to Add to Earnings This Year

    Bank of America Corp. [stock BAC][/stock] kept this quarter's earnings streak going, reporting a sizeable drop in earnings that yet managed to be better than analysts had anticipated -- which has been all it's taken for investors to rally as of late. The nation's second-largest bank by assets said Monday before market open that net income declined 41 percent to $3.41 billion, or 72 cents a share, from $5.76 billion, or $1.28, a year earlier.
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  • At Bank of America, They Won't Be Cutting Lawyers

    A little tongue in cheek, perhaps, but news came on Thursday afternoon that Bank of America Corp. [stock BAC][/stock] is likely to cut 7,500 staff from Countrywide Financial Corp. [stock CFC][/stock] in the wake of its acquisition of the troubled Calabasas, Calif.-based lender.
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