Items Tagged with 'Countrywide'

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  • Rebecca Steele, the "face of the housing crisis," finds new home at nonprofit credit counselor

    Former Countrywide exec will now lead the National Foundation for Credit Counseling
    Once dubbed “the face of the housing crisis,” Rebecca Steele has now been hired as the president and CEO of the National Foundation for Credit Counseling. In her new role, Steele will build support and momentum for the NFCC national member network of nonprofit organizations, and in addition to this, she will leverage her 20 years of financial services experience to improve the organization and push forward its consumer-focused programs.
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  • Monday Morning Cup of Coffee: Countrywide, LandSafe accused of fraudulent appraisals during housing boom

    Plus, Mueller says Manafort committed mortgage malfeasance
    In today's Monday Morning Cup of Coffee: A federal judge recently granted class-action status to a lawsuit alleging that Countrywide Financial used LandSafe to conduct “sham” appraisals to increase the number of loans Countrywide originated during the mid-2000s. Plus, former Trump campaign manager Paul Manafort was accused of some mortgage misconduct. Click the headline for more.
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  • 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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