Florida sues Countrywide
- By:
- MortgageLoan.com | July 01, 2008
Florida has joined the increasing number of states to take action against Countrywide, with Florida Attorney General, Bill McCollum filing the lawsuit against the mortgage lender for predatory lending practices.
The 12-page lawsuit names Countrywide Chief Executive, Angelo Mozilo as a defendant and was filed at the state court in Broward County, Florida.
McCollum who plans to hold a press conference on Tuesday to detail the allegations against the Countrywide said, "It is unthinkable a company would try to take advantage of someone's dream of home ownership."
"Florida homeowners who are trying to protect their homes from foreclosures shouldn't have to worry about their mortgage brokers or lenders unfairly profiting at their expense," McCollum said.
The Bank of America is expected to complete its buyout of Countrywide on Tuesday.
European and Asian Markets Rise On New International Assurances
- By:
- Bill Rice - MortgageLoan.com | October 13, 2008
Following a Friday meeting of the G-7 (Economic leaders of the top 7 industrialized nations) and the British government's initialization of a program to inject capital into their banks--Asian and European markets rally.
Market Hits Record Lows, Are We Doing Too Much?
- By:
- Bill Rice - MortgageLoan.com | October 10, 2008
The US Stock Market plummeted to record breaking lows Thursday despite increasingly extraordinary measures by the government. It seems that nothing will bring confidence back to the investor. Meanwhile, a lack of financial trust between banks and companies continues to tighten the credit knot that is strangling the markets.
Paulson Takes Page from British, May Directly Inject Capital into US Banks
- By:
- Bill Rice - MortgageLoan.com | October 09, 2008
On Wednesday the British government launched a plan to offer up to £50 billion ($87 billion) to major banks like Royal Bank of Scotland, Barclays, and HSBC Holdings shoring up their capital and directly strengthening their balance sheets. In exchange, the British government would get preferred equity positions in the banks.
US Fed and Major World Central Banks Coordinate Rate Cut
- By:
- Bill Rice - MortgageLoan.com | October 08, 2008
Major world central banks react to a broadening global economic crisis by taking extraordinary measures to coordinate monetary policy. In a move to reduce growing stress in the world credit markets central banks cut interest rates by a 0.5 percent.
Loan Modifications, Not Government Bailouts May Be the Answer
- By:
- Bill Rice - MortgageLoan.com | October 07, 2008
Bank of America is to launch an $8.6 billion loan modification program. Initiated as settlement for a mounting number of predatory lawsuits inherited in the acquisition of Countrywide. This loan modification program could trigger two historic landmarks: the largest predatory lending settlement and the largest loan modification program.
Understanding the Bailout Rescue Plan
- By:
- Tom Kerr - MortgageLoan.com | October 06, 2008
The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed after causing widespread controversy in Congress and an extreme backlash from the general public. It won't cure our economic problems, but should revive paralyzed credit markets.
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