Countrywide Sued By States Over Lending Practices
- By:
- MortgageLoan.com | June 27, 2008
Countrywide Financial, the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures as well as being widely blamed for worsening the U.S housing crisis through discriminatory lending has been sued by California and Illinois.
In a statement, California Attorney General Jerry Brown said, "Countrywide exploited the American dream of homeownership and then sold its mortgages for huge profits on the secondary market."
He called Countrywide, "in essence, a mass-production loan factory, producing ever increasing streams of debt without regard for borrowers."
California's lawsuit which was filed in Los Angeles Superior Court names the company president, David Sambol and the company's founder, chairman and CEO, Angelo Mozilo as defendants.
As Countrywide's shareholders approved the sale of the embattled lender to the Bank of America, reports were circulating of another lawsuit due to be directed from the state of Washington.
Hope Now Gaining in Foreclosure Prevention as Loan Modifications Increase
- By:
- Bill Rice - MortgageLoan.com | December 03, 2008
The Hope Now initiative, a private mortgage lender and servicer alliance, is increasing its effectiveness in preventing foreclosures. In October, Hope Now set a new record in foreclosure prevention modifying 225,000 mortgages. That total exceeds September's loan modifications by 13,000.
Law Firms and Banks Collaborating to Streamline Loan Modifications
- By:
- Bill Rice - MortgageLoan.com | December 02, 2008
Increasingly loan modifications are becoming the preferred mechanism to help defaulting homeowners and troubled bank mortgage asset portfolios. All of the major banks, Bank of America, JP Morgan Chase, and Citigroup have announced streamlined loan modification programs.
US Retailers Hope for a Big Cyber Monday
- By:
- Bill Rice - MortgageLoan.com | December 01, 2008
Retailers got a welcome Holiday gift on Black Friday, with retail sales actually rising 2 percent over last year. Despite the doom and gloom of economic prognosticators consumers lined the sidewalks in the wee-hours of the morning for "door-buster" deals.
Retailers Caught Flat-footed by Rapid Economic Slowdown
- By:
- Bill Rice - MortgageLoan.com | November 28, 2008
It's Black Friday, will they come? Black Friday a term linked to the fact that traditionally all retailers "make their year" by blasting into profitable territory for the entire year on the strength of holiday sales. This year may be a stark contrast.
President-elect Obama Subtlety Taking the Reigns of US Economic Policy
- By:
- Bill Rice - MortgageLoan.com | November 27, 2008
In his regular press conferences behind the very Presidential-looking "Office of the President-Elect" podium Obama quietly is absorbing the Presidency. Despite being 11 weeks away from inauguration and still two weeks away from officially being declared President-elect by the convening of the Electoral College, he is undeniably taking the reigns of US economic policy.
Federal Reserve Starts Printing Money to Jumpstart Lending
- By:
- Bill Rice - MortgageLoan.com | November 26, 2008
The Federal Reserve and US Treasury have announced another bailout, this one theoretically for consumers and small businesses. This plan involves another $800 billion.
5.22
5.65
