June 2008

Investing in distressed assets, of course, can be extremely profitable. But Mr. Lewis’s shareholders have a right to be nervous about the deal, analysts say. As the nation’s largest home lender, Countrywide stands at the center of the mortgage storm [...]

Countrywide CEO, Angelo Mozilo is set to officially step down from his position Tuesday and hand over the keys to Bank of America. Ending a 4 decade long run where Countrywide went from a small fish start up in 1969 to [...]

Recent headlines have been gloomy: housing prices continue to sink, Wall Street executives knowingly pushed bad subprime investments, and mortgages keep failing in droves.  As Congress debates how to put the economy back on track, the good news is that [...]

LOS ANGELES–California Attorney General Edmund G. Brown Jr. today sued Countrywide Financial, its chief executive Angelo Mozilo, and president David Sambol, for engaging in deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose [...]

One of my long standing points of view on the mortgage and housing crisis is that, these creative loans that were invented, sold and sliced and diced over the last 3-5 years were incredibly unfair and deceptive. Defective credit instruments [...]

NEW YORK (CNNMoney.com) — While Congress has talked for a year about a federal response to the foreclosure crisis, attorney generals have been busy helping troubled homeowners at the state level. AGs are filing lawsuits, lobbying legislatures for tougher mortgage [...]

Proposed Legislation Rewards Risky Borrowers and Banks with Hundreds of Billions of Taxpayer Dollars at Risk, Potentially Bankrupting the Federal Housing Administration WASHINGTON–(BUSINESS WIRE)–As the Dodd-Countrywide mortgage bailout bill comes to the Senate floor this week for debate, leading taxpayer [...]

To protect and serve or just to serve is the question? Sometimes I am amazed that millions of Americans are suffering in their homes, and barley have enough money for food and gas. Yet, there are people making millions and billions off [...]

It looks like our president is more worried about saving his boys on Wall Street, like the $35 million dollar bail out of Bear Stearns , then helping millions of suffering homeowners who are losing their homes. AP: The White [...]

The word foreclosure is now one of the most used, and abused words in our English language. Every day, every newspaper, TV show, blog, or even the lady at the nail salon is talking about “foreclosures.” This media coverage is mainly in lower to [...]

The Financial Services Agency said losses stemming from US sub-prime lending increased by 41% to 850bn yen ($8bn; £4.1bn) at the end of March. Total losses on investments related to risky mortgages was far bigger, amounting to $23bn. But it [...]