Countrywide

Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.

 

Countrywide hit with 3 more investor suits

Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.

Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »

Countrywide’s Mozilo settles suit for $67.5 million

Angelo R. Mozilo, who presided over the spectacular rise and devastating fall of Countrywide Financial Corp., struck a deal Friday to avoid going to trial next week on accusations of investor fraud and insider trading. Mozilo agree to pay $22.5 million in fines to the SEC and to turn over $45 million in ill-gotten gains to former shareholders who have sued him.

SEC: Mozilo OK’d Countrywide preferential loans

Federal regulators say former Countrywide CEO Angelo Mozilo personally approved mortgages for favored borrowers that violated the company’s policies and lending standards.

The Securities and Exchange Commission had previously accused Mozilo of civil fraud and illegal insider trading. Now, the agency says Mozilo played a direct role in a program for preferential borrowers that has been the focus of congressional ethics inquiries. Get the full story »

Illinois sues Countrywide over subprime loans

The state of Illinois sued former mortgage giant Countrywide Financial Corp. on Tuesday for allegedly using discriminatory lending practices for minority borrowers.

The lawsuit, filed in Cook County Circuit Court by Illinois Attorney General Lisa Madigan, said an investigation revealed that African-American and Latino borrowers were much more likely to be given risky subprime loans by the lender than similarly situated whites from 2005 to 2007.