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CA Attorney General Urged to Seek Injunction Halting Foreclosure on Deceptive Countrywide Mortgages

The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure moratorium on mortgages that fit the profile of the deceptive loans and practices cited in [...]

Popularity: 51% [?]

Testimony Urging Passage of Foreclosure Moratorium Where Financial Institution Fraud Occurred

By Robert Gnaizda
No efforts by the banking industry, by the federal regulators or Secretary of the Treasury Paulson will protect the vast majority of those who live from paycheck-to paycheck from foreclosure. Hope Now’s failures are a classic example of the failure of voluntary action without the threat of effective action via either class action [...]

Popularity: 5% [?]

Where Are Congress’ Ethics Hearings into Countrywide’s VIP Loans?

Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ [...]

Popularity: 48% [?]

BofA CEO Lewis On Mortgage Business And Countrywide

He is speaking to a packed house at a Town Hall Los Angeles luncheon, and I will update later with video clips and Q&A. But here are highlights from an advanced copy of the speech.
Lewis says BofA wants to help struggling homeowners stay in there homes, but admits he can’t help everyone.
“The first step [...]

Popularity: 99% [?]

IndyMac Begins Dismantling Business As It Struggles to Keep Investors’ Faith

First, Countrywide Financial Corp. went down, as the nation’s biggest mortgage lender was acquired in a rescue operation July 1 by Bank of America Corp. Now Countrywide’s offspring, IndyMac Bancorp Inc., is on the ropes.
Popularity: 100% [?]

Popularity: 100% [?]

“Subprime Slime” — Bikini-wearing actresses against foreclosure

Foreclosure bus tours touring foreclosed homes and now bikini girls banding together to save foreclosure victims. What next?
I know sex sells, but does sex save homes? Only in America folks……..
From LA Land:

In general, the bar at L.A. Land In general, the bar at L.A. Land is set very high for news coverage. In this particular case, though, [...]

Popularity: 2% [?]

BofA CEO sees more consolidation in bank industry

 The head of the nation’s largest consumer bank says the ongoing U.S. economic downturn will accelerate consolidation in the banking industry.
Bank of America Corp. (nyse: BAC - news - people ) chief executive Ken Lewis spoke Thursday to business students at New York University. He said the nation’s financial service companies are likely to come [...]

Popularity: 30% [?]

Bank of America, Countrywide Announce $35 Million Package to Aid Distressed Homeowners and Communities

Direct grants and investments part of companies’ efforts to preserve
               neighborhoods and help families stay in homes
    CHARLOTTE, N.C., May 1 /PRNewswire/ — Bank of America and Countrywide
Financial Corporation today provided additional details regarding the $35
million neighborhood preservation and foreclosure prevention package
announced last week in Chicago. The commitment includes foreclosure
prevention efforts by both financial institutions.
    [...]

Popularity: 1% [?]

Bank of America Details Community Development, Foreclosure Relief Goals

CHARLOTTE, N.C., April 28 /PRNewswire/ — Bank of America today announced key initiatives to reduce the impact and number of foreclosures on communities as well as new goals in corporate philanthropy and community development and investment. Bank of America also said it will locate the combined national consumer mortgage headquarters in Calabasas, California, once it [...]

Popularity: 1% [?]

Will Bank of America Step Up to the Loan Modification Plate?

Bank of America is in the process of finalizing the deal in acquiring Countrywide Financial. Along with the Countrywide deal, B of A stands to inherit all of Countrywide’s baggage and this is no carry on bag for your favorite weekend getaway.
It’s a super duper, toxic sludge bag of mortgages with sprinkles of good loans [...]

Popularity: 1% [?]

Countrywide to Announce New Deal With ACORN

Countrywide Home Loans has cut a new deal with and organization that used to be a formidable foe, the Association of Community Organizations for Reform Now, or ACORN. Apparanetly this new agreement, states that Countrywide will work with struggling h0homeowners and to try to manage payment plans for borrowers that are already behind in payments, regardless of which type [...]

Popularity: 1% [?]

Bank of America Buys Countrywide for $4 Billion

This is huge news and it looks like Countrywide borrowers will now be dealing with Bank of America. I will get all the details I can on how this will affect Countrywide borrowers that are in the loan workout and loan modification process.
You need to know ASAP how this will affect you and what B [...]

Popularity: 2% [?]

Countrywide Named in Foreclosure Probe

Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that; 
Countrywide [...]

Popularity: 49% [?]

A Copy Of Senator Schumer’s Letter to the Federal Home Loan Bank of Atlanta

November 26, 2007
Ronald A. Rosenfeld
Chairman
Federal Housing Finance Board
1625 I Street NW
Washington, DC 20006
Dear Chairman Rosenfeld:
I write to express my serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank. I am concerned that the loans being pledged by [...]

Popularity: 49% [?]

April Has a Question for Countrywide

This comment is from a reader of my blog. I thought since it made perfect sense that I had to share it with everyone. Keep in mind this is a very experienced legal aid attorney who KNOWS what’s really going on. Thanks again April!
april wrote:
 Didn’t Countrywide just announce that it had terminated some 12,000 employees?
Based on the [...]

Popularity: 1% [?]

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    • I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship ...
      disillusionedVeteran | 3Sep08 | More
    • Did they change the terms of your loan to an arm? This is too risky
      catan785 | 13Aug08 | More
    • I am in limbo myself. Countrywide offered me a modification however the interest rate would adjust in five years. ...
      catan785 | 13Aug08 | More