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Time will tell if Bank of America's purchase of Countrywide Financial Corp. winds up being a bargain or a boondoggle.
Countrywide Financial Corp. once again found itself mired in red ink, reporting a loss Tuesday of nearly $900 million as higher housing-related credit losses engulfed the mortgage lender's results.
Forget Countrywide. What about the environment?
The two top executives at Countrywide Financial Corp. -- the nation's largest mortgage lender -- are slated to receive a combined $19 million in payouts as part of the company's pending takeover by Bank of America, according to regulatory filing this week.
The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.
The FBI is looking into fraud allegations against Countrywide Financial Corporation, a U.S. government official told CNN.
Stocks fell early Monday as recession fears fueled by last week's discouraging jobs report continued to curb investors' appetite for risk.
Stocks pointed to a slightly higher open Monday, although the retreating dollar and economic concerns could lead to a shaky session.
Three chief executives with ties to the mortgage crisis were paid $460 million over five years, according to a congressional report issued Thursday.
It's been a rough couple of years for Bill Miller. His $16.5 billion mutual fund, Legg Mason Value Trust, just turned in its worst two-year performance relative to the S&P 500 since 1990, trailing the index by ten percentage points in 2006 and by 12 last year. That would be a poor stretch by any standard, but it's even worse by Miller's own: Until 2006 his value-oriented fund outperformed the index every calendar year for an astounding decade and a half (see "The Man Who's Beaten the Market 15 Years Running," Nov. 27, 2006).
Time will tell if Bank of America's purchase of Countrywide Financial Corp. winds up being a bargain or a boondoggle.
Countrywide Financial Corp. once again found itself mired in red ink, reporting a loss Tuesday of nearly $900 million as higher housing-related credit losses engulfed the mortgage lender's results.
Forget Countrywide. What about the environment?
The two top executives at Countrywide Financial Corp. -- the nation's largest mortgage lender -- are slated to receive a combined $19 million in payouts as part of the company's pending takeover by Bank of America, according to regulatory filing this week.
The two top executives at struggling Countrywide Financial Corp., the nation's largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.
The FBI is looking into fraud allegations against Countrywide Financial Corporation, a U.S. government official told CNN.
Stocks fell early Monday as recession fears fueled by last week's discouraging jobs report continued to curb investors' appetite for risk.
Stocks pointed to a slightly higher open Monday, although the retreating dollar and economic concerns could lead to a shaky session.
Three chief executives with ties to the mortgage crisis were paid $460 million over five years, according to a congressional report issued Thursday.
It's been a rough couple of years for Bill Miller. His $16.5 billion mutual fund, Legg Mason Value Trust, just turned in its worst two-year performance relative to the S&P 500 since 1990, trailing the index by ten percentage points in 2006 and by 12 last year. That would be a poor stretch by any standard, but it's even worse by Miller's own: Until 2006 his value-oriented fund outperformed the index every calendar year for an astounding decade and a half (see "The Man Who's Beaten the Market 15 Years Running," Nov. 27, 2006).
Countrywide Financial said Monday it will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.
One of the last sources of ready cash for homeowners looking to get money from their house appears to be shutting down and the results aren't likely to be pretty for the economy.
Bank of America Chairman and CEO Kenneth Lewis said Tuesday his company planned to forge ahead with deal to acquire embattled mortgage lender Countrywide Financial, which had just reported a steep quarterly loss.
U.S. stocks rose early Tuesday as Federal Reserve policy makers began a 2-day meeting expected to produce another interest rate cut.
The hope of further rate cuts had investors hopeful in the early going Tuesday, as they awaited a raft of earnings and economic readings.
Countrywide Financial Corp. CEO Angelo Mozilo will give up $37.5 million in severance pay, fees and perks he was eligible to collect upon his retirement from the troubled mortgage lender.
At first glance, the consummation of the merger between Countrywide Financial Corp. and its savior, Bank of America, looks like a no-brainer.
My first article for money appeared in 1980, and since then I've learned two things about the stock market.
Kenneth Lewis brought calm to the rattled financial industry by agreeing to take over Countrywide. But he doesn't want to save banking -- just dominate it
If you're struggling with a mortgage you got from Countrywide Financial, you may be wondering what Bank of America's takeover plan bodes for your loan.
Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.
A home finance colossus is being born as Bank of America has struck an agreement to purchase collapsing lender Countrywide Financial Corp. in a $4 billion stock deal.
Bank of America's $4 billion deal to rescue Countrywide Financial is getting decidedly mixed reviews from Wall Street. Investors fret that CEO Ken Lewis is overpaying for a ruined franchise to save face, following his ill-timed $2 billion investment in Countrywide late last year.
Bank of America said Friday it would purchase embattled mortgage lender Countrywide Financial Corp. for $4 billion in an all-stock transaction.
Concerns about financial sector earnings and the details of the Bank of America-Countrywide Financial deal helped send stocks lower at Friday's open.
Stocks looked set to slide Friday after the prospect of a big writedown from Merrill Lynch, combined with a profit warning from American Express, spooked investors.
Stocks rallied Thursday, ending a volatile session higher, as investors hailed reports that Countrywide Financial is in merger talks - and took a mixed response to Federal Reserve Chair Ben Bernanke's pledge to cut rates again.
Shares of embattled mortgage lender Countrywide Financial Corp. surged in Thursday afternoon trade following a report that the company was in takeover talks with Bank of America Corp.
Question: I would like to invest in stocks, but I can't afford to buy large quantities. Earlier this year, for example, I would have loved to have bought Countrywide Financial when it was trading at $8.21 a share, but I only had enough money for 15 to 20 shares. Is there a way for someone like me to buy small amounts of stock a few times a year without getting killed by fees? -J. Parker
Countrywide Financial, the nation's leading mortgage lender, is facing a federal probe into its foreclosure practices, according to a published report.
Countrywide Financial, the nation's largest mortgage lender, said Tuesday that big losses at Freddie Mac are unlikely to significantly dent its business.
Countrywide Financial, the nation's leading mortgage lender, reported a staggering $1.2 billion third-quarter loss Friday that was much larger than Wall Street expected, but predicted it would quickly return to profitability.
Despite $1.2 billion third quarter loss, Countrywide Financial Corp. shares soared and officials say the company expects to return to profitability
The Nasdaq composite index soared more than 2 percent at Friday's open after Microsoft's earnings report, while Countrywide's rosy outlook helped lift the broader market.
Stock futures moved higher Friday as an upbeat earnings outlook from embattled mortgage lender Countrywide and solid results from software giant Microsoft offset fears about record-high oil prices.
Everyone knows the mortgage market has been very bad for the last few months.
Countrywide Financial, the nation's largest mortgage lender, announced a program Tuesday to refinance or modify up to $16 billion of its loans.
Countrywide Financial Corp., will launch an aggressive new campaign aimed at repairing its image following this summer's subprime debacle, according to a transcript of a conference call obtained by the Wall Street Journal.
Countrywide Financial Corp. Chairman and CEO Angelo Mozilo cashed in $138 million in stock options over the last year, switching his trading plans as the mortgage company went into a tailspin, it was reported Saturday.
Countrywide Financial Corp. Chairman and CEO Angelo Mozilo delivered a bullish outlook Tuesday for his company as it grapples with the ongoing housing downturn.
Countrywide Financial Corp. said Thursday it lent less money during August as a protracted housing slump kept prospective home buyers out of the market.
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.
Troubled mortgage lender Countrywide Financial is putting together its second multi-billion dollar bailout plan in less than a month as it continues to face a cash crunch, according to a report published Tuesday.
Two of Countrywide Financial Corp.'s largest shareholders said in regulatory filings Monday that they have cut their stakes in the mortgage lender, which has slashed jobs and borrowed billions of dollars to stay in business.
Troubled subprime mortgage lender Countrywide Financial Corp. plans to slash as many as 12,000 jobs over the next three months, according to company statement released late Friday.
Struggling mortgage lender Countrywide Financial said Wednesday it will cut about 900 more jobs nationwide, primarily from its mortgage production divisions. The cuts followed the elimination of about 500 positions last month.
The Nasdaq slipped and the broader market struggled Thursday after comments by the CEO of troubled lender Countrywide Financial revived investor worries about the ongoing turmoil in the credit and mortgage markets.
Countrywide Financial, the nation's biggest home lender and one of those most affected by the subprime mortgage crisis, found itself the target of stinging criticism Thursday from an organization trying to help homeowners in peril.
An emergency $2 billion cash injection by Bank of America didn't lift Countrywide Financial Corp. stock for long. That's because the only things that will get investors excited about the troubled mortgage company is much more extensive data on Countrywide's loan portfolio - and a CEO who knows when to keep his mouth shut.
Countrywide Financial Corp. Chief Executive Angelo Mozilo warned on Thursday that the U.S. housing downturn could lead the country into recession and the Federal Reserve should cut its discount rate to boost liquidity.
The Nasdaq slipped and the broader market struggled Thursday afternoon after comments by the CEO of troubled lender Countrywide Financial revived investor worries about the ongoing turmoil in the credit and mortgage markets.
Stocks turned lower Thursday morning, erasing early gains sparked by a $2 billion investment in Countrywide Financial after its CEO made comments that revived worries about the turmoil in the credit and mortgage markets.
Moody's on Thursday said it may still downgrade Countrywide Financial's debt ratings because its liquidity remains strained despite a $2 billion capital infusion.
Stocks were mixed Thursday morning, as investors welcomed Bank of America's $2 billion investment in lender Countrywide Financial, but remained concerned about the credit and mortgage markets.
U.S. stocks crept higher at Thursday's open as investors welcomed Bank of America's stake in troubled mortgage lender Countrywide Financial and bet on a Fed rate cut soon.
Bank of America Corp. plans to invest $2 billion in Countrywide Financial Corp., the mortgage lender that recently faced a liquidity crunch, The Wall Street Journal reported Wednesday.
Billionaire investor Warren Buffett could buy parts of Countrywide Financial Corp., some investors are speculating andThe Wall Street Journal reported, sending shares of the beleaguered mortgage lender sharply higher in pre-market trading.
Countrywide Financial Corp has sought to reassure customers it is safe to do business with the company, while media reports said the largest U.S. mortgage lender cut 500 jobs to help cope with a credit crunch.
Troubled mortgage lender Countrywide Financial Corp. has started laying off employees in an effort to cut costs as it faces a credit crunch, according to a report published Monday.
Withdrawal slips in hand, customers lined up at Countrywide Bank branches on Friday to take back their money, as parent Countrywide Financial Corp. tried to assure investors and depositors that it and its bank were stable.
Stocks staged a big comeback Thursday, erasing most of the session's losses by the close as investors worked through the panic about the mortgage and credit markets which was sparked by Countrywide Financial's latest financial problems.
Embattled Countrywide Financial, the nation's No. 1 mortgage lender, was forced to tap an $11.5 billion line of credit Thursday to run its business during the credit crunch, and said it's toughening underwriting standards on home loans.
Stocks tanked Thursday morning, extending the recent bloodletting, as investors took lender Countrywide Financial's latest woes as evidence of bigger problems for the credit and mortgage markets.
Stocks slumped early Thursday, extending the recent selloff, as more problems for lender Countrywide Financial kept worries about the credit and mortgage markets in focus.
Wall Street was bracing for another down day Thursday after credit worries sent overseas market tumbling, more worrisome news from mortgage lender Countrywide Financial and the housing sector.
Stocks tumbled Wednesday, with the Dow industrials closing at a four-month low as talk of more trouble for lender Countrywide Financial revived worries about the credit and mortgage markets.
Countrywide Financial Corp. shares tumbled Wednesday after being downgraded by a Merrill Lynch analyst and on rumors that the mortgage lender was not able to raise money in the commercial paper market.
Talk of further trouble for mortgage lender Countrywide Financial sent stocks lower Wednesday afternoon, forcing the market to give up an earlier attempt at a recovery.
Shares of Countrywide Financial Corp. dropped as much as 19 percent Wednesday on market rumors the mortgage company has been unable to raise money from the commercial paper market.
Foreclosures and delinquencies among home loans that Countrywide Financial Corp. services rose in July to their highest in at least several years, the largest U.S. mortgage lender said Tuesday.
Countrywide Financial shares were off lows but fell more than 8 percent Friday, a day after the nation's largest mortgage lender said disorder in credit and mortgage markets could hurt the company and its financial condition.
Countrywide Financial Corp. said Monday it had access to $186.5 billion of cash as of June 30, as the largest U.S. mortgage lender attempts to assure nervous investors it expects to survive a credit crunch that has claimed dozens of smaller rivals.
Mortgage lender American Home Mortgage Investment Corp. is closing its doors Friday, and has told employees they will be laid off, according to the Long Island newspaper Newsday, citing an e-mail to employees from Chief Executive Michael Strauss.
The subprime mortgage meltdown has begun to spread to prime loans as even credit-worthy borrowers have started to fall behind on payments.
Stocks continued to retreat Tuesday, with the Dow falling more than 150 points, amid renewed fears about the housing and mortgage sectors and following some disappointing earnings news from a number of blue chip companies.
Countrywide Financial Corp. Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices and the excesses of recent lax lending standards in much of the mortgage industry.
Three former Countrywide Financial executives agreed to plead guilty to charges they conducted insider trading in shares of the large U.S. mortgage lender, and each reaped tens of thousands of dollars in illegal profits, federal prosecutors said.
After getting crushed as problems in the subprime market came to light, Countrywide Financial has regained most of its lost ground.
Outside of people swinging hammers for a living, few fortunes are more closely tied to the housing market than Countrywide Financial's. And for years, that was just the way investors liked it.
Everyone is blaming "explosive ARMs" for the crisis in subprime loans. But several spokesmen for the mortgage industry told Congress this Thursday that these variable mortgages have not contributed much to rising default rates.
Can fund managers be too smart for their own good? You might think so, given the way so many top mutual funds have been crushed by their bets on subprime mortgage lenders and housing-related stocks.
Tucked away in the briefcase of Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., is a chart so scary she's hesitant to show it to investors. It plots the National Association o...
Countrywide Financial ranks no. 351 on FORTUNE's Global 500 this year, with $18.5 billion in revenues, up 31.9% from the previous year. The Calabasas, California-based company was ranked no. 439 on the 2005 list. Its 2005 profits were $2.5 billion, up 15% from a year earlier.
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A BETTER MOUSETRAP is only half the reason Countrywide Credit Industries, of Pasadena, has grown to be the nation's largest mortgage lender. The other half? Blind luck. You can't force fortune to d...
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