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Keyword: countrywide

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  • Countryfried: Bank of America to pay Freddie Mac $404 million in mortgage settlement

    12/02/2013 8:08:29 AM PST · by whitedog57 · 13 replies
    Confounded Interest ^ | 12/02/2013 | Anthony B. Sanders
    Bank of America has agreed to pay Freddie Mac $404 million in a mortgage settlement over 716,000 loans, many purchased from Countrywide. This is one of many lawsuits by the Federal government over Countrywide and related mortgages. One wonders when the litigation will end. Here is the thing. These suits are largely about representations and warranties between the loan seller and the loan purchaser concerning underwriting standards. The reps and warranties provide relief to the loan purchaser if the underwriting of the loans by the loan seller proves to be misleading or false. But there is another issue called causality....
  • CNBC's Bartiromo Takes (Barney) Frank to Task Over Lack of ’08 Financial Crisis Prosecutions

    02/16/2013 8:27:39 AM PST · by DogByte6RER · 21 replies
    Washington Free Beacon ^ | February 15, 2013 | Washington Free Beacon Staff
    Bartiromo Takes Frank to Task Over Lack of ’08 Financial Crisis Prosecutions • Frank: 'Individuals' should be prosecuted on Wall Street, will not say who Former Massachusetts Congressman Barney Frank (D., Mass.) advocated criminal prosecutions against “individuals” involved in the 2008 financial crisis and the subsequent collapse on Wall Street Friday on CNBC. Maria Bartiromo reacted incredulously to Frank’s refusal to name specific individuals who may have perpetrated criminal wrongdoing, accusing the former Congressman of playing populist politics by making specious allegations against the financial industry. Frank attempted to deflect the criticism by stating as Chair of House Financial Services...
  • House Ethics closes Countrywide probe without taking action

    12/28/2012 12:42:26 PM PST · by ColdOne · 31 replies
    thehill.com ^ | 12/27/12 | Peter Schroeder
    The House Ethics Committee has decided to close its investigation into preferential mortgages doled out under a controversial VIP program without taking any action. The panel said it was not taking any action on members who received more affordable mortgages under the program, instituted by the now-defunct Countrywide Financial because while allegations surrounding the program and lawmakers involved "serious matters," they largely fell outside its jurisdiction. For example, many of the allegations pertain to actions outside the Ethics Committee's statute of limitations — greater than three Congresses ago — and many of those accused are no longer working in Congress...
  • CBS, AP: Dem chair of House Oversight covered up ties to Countrywide for himself, colleagues,

    08/17/2012 7:14:11 AM PDT · by Hojczyk · 11 replies
    Hot Air ^ | August 17,2012 | ED MORRISSEY
    A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show. The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide’s VIP section, which was established to give discounts to favored borrowers. Issa exposed Towns’ coverup by issuing a second subpoena, which disgorged all of the records: The effort at secrecy was reversed...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • Robosigning Is Now History - US Announces $26 Billion Foreclosure Settlement (shakedown)

    02/09/2012 9:54:42 AM PST · by Para-Ord.45 · 27 replies
    http://www.zerohedge.com ^ | February 9 2012 | Tyler Durden
    As reported yesterday, the cost of terminal abrogation of contractual rights in the US is, drumroll, $26 billion. Bloomberg notes: -$26 BILLION FORECLOSURE SETTLEMENT ANNOUNCED IN WASHINGTON -FORECLOSURE ACCORD RESOLVES 16-MONTH ROBO-SIGNING INVESTIGATION -FORECLOSURE ACCORD IS SUBJECT TO APPROVAL BY FEDERAL JUDGE -FORECLOSURE DEAL PRESERVES U.S., STATE RIGHTS TO OTHER CLAIMS -FORECLOSURE ACCORD COULD CLIMB TO $40 BLN IF 14 SERVICERS JOIN And a whole lot of corner offices for America's Attorneys General. As for what the market thinks of this "severe" settlement: BAC +1.2%, WFC +0.6%, JPM +0.4%, C -0.1%. For those who don't understand what just happened, US...
  • DOJ Steers Countrywide Settlement Cash to Leftist Groups With Dem Ties

    01/06/2012 9:39:54 AM PST · by Nachum · 21 replies · 1+ views
    Big Government ^ | 1/6/12 | Tom Fitton
    The untold story of the Obama Administration’s widely reported, $335 million discrimination settlement with Countrywide Financial Corporation is that, under a secret Justice Department program, a chunk of the money won’t go to the “victims” but rather leftist groups not connected to the lawsuit. The Department of Justice (DOJ) will determine which “qualified organizations” get leftover settlement cash and Democrat-tied groups like the scandal-plagued Association of Community Organizations for Reform Now (ACORN) and the open-borders National Council of La Raza (NCLR) stand to get large sums based on the
  • Countrywide Probe is Chance for Ethics Committee to do 'Something Significant'

    12/21/2011 9:21:15 AM PST · by jazusamo · 6 replies
    National Legal & Policy Center ^ | December 21, 2011 | NLPC Staff
    It appears that four current members of the United States House of Representatives received loans via the VIP program of Countrywide Financial Corporation. Once again the motives of the former giant mortgage institution have been brought into question. Where they trying to peddle influence with these loans? Congressman Darrell Issa (R-CA) is the Chairman of the House Oversight and Government Reform Committee and he has been investigating the VIP program for a number years. Issa reportedly learned about the four loans after issuing a subpoena to Bank of America. Countrywide was purchased by Bank of America in 2008 and...
  • Investigators say 4 Reps got discounted loans [Countrywide -- Friends of Angelo]

    12/19/2011 5:16:37 AM PST · by Hunton Peck · 9 replies
    Associated Press ^ | Dec 19, 2011, 7:36 AM EST | LARRY MARGASAK
    WASHINGTON (AP) -- Congressional investigators said Monday that four House members received VIP discounted loans from the former Countrywide Financial Corp., the lender whose subprime mortgages was largely responsible for the nation's foreclosure crisis. Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee, declined to name the four but wrote the House Ethics Committee that it should investigate the lawmakers. Issa, in a letter dated Friday and released Monday, said there could be additional lawmakers who received discounted loans. The most favored customers of Countrywide were known as "Friends of Angelo," who were given discounts in...
  • Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company

    12/08/2011 6:34:35 AM PST · by Wolfie · 29 replies
    Business Insider ^ | Dec. 5, 2011
    Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business. "From what I saw, the types of things I saw, it was — it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft. Foster, an ex-senior vice president at the mortgage lender tasked with monitoring and investigating possible fraud, said she found evidence of widespread mortgage fraud during...
  • Bank of America stock nearing $5 danger zone

    11/29/2011 4:49:30 PM PST · by rabscuttle385 · 23 replies
    CNN Money ^ | 2011-11-29 | Maureen Farrell
    NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock. Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009. After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P. Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for...
  • BofA employees flood bank's rivals with resumes

    11/03/2011 4:49:39 PM PDT · by rabscuttle385 · 8 replies
    Reuters ^ | 2011-11-02 | Rick Rothacker
    CHARLOTTE, North Carolina (Reuters) - Bank of America Corp employees are flooding rival companies with resumes as a major cost-cutting program gets under way at the second-largest U.S. bank. Competitors say they are getting an influx of calls, emails and LinkedIn connection requests as the bank embarks on a plan to slash 30,000 jobs over the next few years. The employees are scouting jobs in retail, commercial and investment banking, bankers and recruiters said. "It's definitely picking up," said a senior executive at a rival consumer bank.
  • Pelosi supports Occupy Wall St. but does she oppose her son's preferential treatment from bankers?

    10/10/2011 5:37:08 PM PDT · by matthewreporter · 6 replies
    The Daily Caller ^ | October 10, 2011 | Matthew Boyle
    House Minority Leader Nancy Pelosi’s strong statements in support of the “Occupy Wall Street” movement raise an interesting question: Does she, then, oppose the preferential treatment her son received at the hand of the financial industry? Pelosi’s son, Paul Pelosi, Jr., was protected from a round of layoffs when he was a mortgage broker for Countrywide, according to “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” a 2011 book by Pulitzer Prize-winning New York Times columnist Gretchen Morgenson. “Paul Pelosi, Jr., the son of Nancy Pelosi, the former Speaker of the House, worked as a mortgage...
  • Rick Perry Flying High in Iowa

    09/19/2011 9:00:05 AM PDT · by winoneforthegipper · 176 replies
    The Iowan Republican ^ | 09/17/11 | Jeff Patch
    COUNCIL BLUFFS, Iowa—Gov. Rick Perry (R-Texas) blitzed through Iowa Friday with the swagger of a rock star, elevating his high-octane campaign with a series of stage-managed campaign events. As the only sitting governor pursuing the GOP nomination for president, Perry’s Texas-sized entourage and personality project an aura of authority that other candidates envy. His style, though, may risk alienating Iowans accustomed to lower key campaigning and more time for back-and-forth over issues. For example, Perry traveled to campaign events throughout Iowa in a 22-seat Gulfstream IV jet owned by Wells Fargo Equipment Finance, Inc., a subsidiary of the banking conglomerate....
  • Bank Of America's Legal Woes Go Global After Norway's Sovereign Wealth Fund Sues For Mortgage Fraud

    09/08/2011 1:28:37 PM PDT · by Neidermeyer · 42 replies
    zerohedge.com ^ | Sept 8 , 2011 | Tyler Durden
    It was only a matter of time. A few weeks after every money losing firm in the US and the kitchen sink disclosed it would sue Bank of America in an accelerating attempt to salvage something through litigation, the worst case scenario for Brian Moynhian just got real. As of minutes ago, Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the...
  • U.S. Bancorp sues Bank of America over bad mortgages

    08/30/2011 5:28:11 PM PDT · by WOBBLY BOB · 11 replies
    pioneer press ^ | 8-30-11 | ap
    The lawsuits against Bank of America are piling up. The latest comes from Minneapolis-based U.S. Bancorp, which wants Bank of America Corp. to repurchase poorly-written mortgages sold by Countrywide Financial in 2005. Bank of America bought Countrywide Financial Corp. in 2008. The lawsuit, which was filed in New York on Monday, claims Countrywide sold U.S. Bancorp a pool of over 4,000 loans originally valued at $1.75 billion. U.S. Bancorp claims Countrywide ignored its own mortgage underwriting guidelines when issuing those loans. According to the complaint, Countrywide agreed to repurchase loans within 90 days if any of the statements made in...
  • Bank of America Reports Loss of $8.8 Billion

    07/19/2011 5:17:02 AM PDT · by markomalley · 43 replies
    NY Times ^ | 7/19/11
    Bank of America reported a loss of $8.8 billion in the second quarter, as the nation’s biggest bank by assets doled out huge payments to settle legal claims related its troubled mortgage division. The loss, which amounted to 90 cents per share, was steep, but was fully baked into expectations. Analysts predicted the bank would lose 90 cents per share, compared with the second quarter of 2010 when it notched a $3.1 billion profit, or 27 cents a share. The mortgage problems also ate into the bank’s revenue, which fell by roughly 55 percent to $13.2 billion. The revenue drop...
  • Justice Denied: Why Countrywide Chief Fraudster Mozilo Isn't Going to Prison

    02/23/2011 12:28:45 PM PST · by Kartographer · 18 replies · 1+ views
    Daily Finance ^ | 2/23/11 | ABIGAIL FIELD
    Mark Malone, a former federal and state prosecutor who spent eight years prosecuting the mob, white collar criminals and political corruption, said: "Mozilo was the boss of bosses of predatory lending. He was the inspiration for MERS, the electronic database used to facilitate much of the fraud surrounding predatory lending, mortgage securitization and fraudulent foreclosure practices. If prosecutors are not going to go after low-hanging fruit like Mozilo, the rest of the bankster bosses can sleep well, assured that their fortunes are secure."
  • SEC Charges Former Countrywide CEO Angelo Mozilo with Fraud

    06/06/2009 6:10:22 AM PDT · by FromLori · 13 replies · 735+ views
    The Securites Exchange Commission (SEC) formally charged former Countrywide Financial CEO Angelo Mozilo and two other company executives with civil fraud. The SEC also charged Mozilo with illegal insider trading, an agency spokesman said Thursday. Civil fraud charges also were filed against Countrywide's former Chief Operating Officer David Sambol and ex-Chief Financial Officer Eric Sieracki. Countrywide Financial, the California-based mortgage lender, was a key component to the subprime mortgage crisis in 2007, which was the beginning of the financial decline and current recession in the U.S. Mozilo is the most high-profile individual to face formal charges from the federal government...
  • FRIENDS OF CHRIS

    06/08/2009 2:55:13 AM PDT · by Scanian · 3 replies · 598+ views
    NY Post ^ | June 8, 2009 | Editorial
    Senate Banking Committee Chairman Chris Dodd (D-Conn.) seems to at tract friends who, in turn, attract scrutiny from the Securities and Exchange Commission. Thursday, the SEC hit subprime-mortgage giant Countrywide Financial's ex-CEO Angelo Mozilo with a fraud suit for allegedly deceiving investors on the true condition of the company. He was also charged with insider trading. In 2003, Dodd's role on the Banking Committee got him dubbed a "Friend of Angelo" by Countrywide -- and thus eligible for two sweetheart $800,000 loans. The Senate Ethics Committee is -- at a glacial pace -- investigating the circumstances behind Dodd's Countrywide-refinanced mortgages....
  • AP source: Feds drop criminal probe against Mozilo

    02/18/2011 8:59:36 PM PST · by Kartographer · 7 replies
    AP/YahooNews ^ | 2/18/11 | ANDREW DALTON
    Federal prosecutors have ended a criminal investigation of Countrywide Financial Corp. co-founder Angelo Mozilo, a person close to the investigation said Friday. The federal official told The Associated Press that the probe launched in 2008 into the actions of the former chief executive of the housing giant during the mortgage meltdown has been closed with no indictments. The person spoke on the condition of anonymity because the investigation was never publicly announced, and the Department of Justice as a policy does not announce the closing of investigations. In October, Mozilo agreed to a $67.5 million settlement to avoid civil trial...
  • U.S. drops criminal probe of former Countrywide chief Angelo Mozilo

    02/18/2011 9:00:05 PM PST · by Libloather · 23 replies
    LA Times ^ | 2/18/11 | E. Scott Reckard
    U.S. drops criminal probe of former Countrywide chief Angelo MoziloBy E. Scott Reckard, Los Angeles Times February 18, 2011, 4:11 p.m. Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • Issa demands details on Countrywide's VIP loan program (Friends of Angelo)

    02/16/2011 6:46:41 PM PST · by Libloather · 21 replies
    The Hill ^ | 2/16/11 | Peter Schroeder
    Issa demands details on Countrywide's VIP loan programBy Peter Schroeder - 02/16/11 06:31 PM ET Bank of America will have to turn over all documents and records tied to Countrywide Financial's VIP lending program after House Oversight Committee Chairman Darrell Issa (R-Calif.) issued a subpoena for them Wednesday. Issa announced the far-reaching subpoena, his first as chairman of the panel, and made clear that he wanted to know specifically what public employees or elected officials may have benefited from the program. Issa is looking for all documents about the program, and is particularly interested in what "covered borrowers" were involved...
  • No great loss for state, nation

    01/06/2011 8:44:06 AM PST · by Graybeard58 · 13 replies
    Waterbury Republican-American ^ | January 6, 2011 | Editorial
    As the final days of his long congressional career were falling from the calendar, corrupt Democratic Sen. Christopher Dodd was uplifted as one special interest after another heaped praise upon him. They were the beneficiaries of his years of generosity with other people's money and his advocacy of federal mandates that enriched them. And for all those years, they completed the quid pro quos by delivering copious sums and manpower for his re-election campaigns. In another context, prosecutors would call this extortion or racketeering; in this context, however, it's just called government. The news media, new and old, also kissed...
  • Bank of America Loses Key Battle In Mortgage Fraud Fight

    12/23/2010 9:27:55 PM PST · by DeaconBenjamin · 15 replies
    CNBC.com ^ | 23 Dec 2010 | 11:44 AM ET | By: John Carney
    Judge Eileen Bransten granted a motion to allow the insurer, MBIA, to use statistical sampling, turning down the objections by Bank of America. Bank of America had told investors that it intended to fight repurchase requests—also known as put-backs—on a “loan-by-loan basis.” That process would have required MBIA and others seeking to force Bank of America to buy back loans it pooled into mortgage securities to proceed one loan at a time, a costly and time-consuming process. MBIA has proposed that for each of the 15 securitizations—each of which contains thousands of home loans—it is challenging, it will sample 400...
  • Another Holbrooke/Hill Embarassment

    03/23/2009 9:34:51 PM PDT · by Tailgunner Joe · 4 replies · 915+ views
    weeklystandard.com ^ | March 23, 2009
    According to Richard Holbrooke, Richard Holbrooke is essentially this country's top diplomat -- Hillary Clinton is merely his "pupil. This despite the fact that Holbrooke has hit the trifecta of shady business dealings over the last few years: a member of AIG's board with more than $800,000 in compensation, a managing director at Lehman Brothers, and the recipient of a "Friends of Angelo" loan from Countrywide (that alone was enough to get Jim Johnson thrown under the Obama campaign bus). Now comes another revelation from the New York Times. Despite repeated denials, according to three sources, Holbrooke did offer former...
  • Richard Holbrooke has died

    12/13/2010 4:59:54 PM PST · by Ravnagora · 234 replies
    ABC News ^ | December 13, 2010 | Jack Tapper
    ABC News has learned that Richard Holbrooke, the US Special Representative to Afghanistan and Pakistan, has died. On Friday, Holbrooke was rushed to the hospital with a torn aorta. He went through more than 20 hours of surgery. Earlier this evening, speaking at the US State Department, President Obama sang Holbrooke's praises and called him "a tough son of a gun." Holbrooke, 69, was a former ambassador to the United Nations and served as chief negotiator at the Dayton Peace Accords, which ended the war in Bosnia. The New Yorker's George Packer wrote a nice story about Holbrooke last year,...
  • BofA looks to sell toxic mortgages worth $1 billion: report

    12/13/2010 3:14:05 PM PST · by mdittmar · 27 replies
    Reuters ^ | Dec 13, 2010 | Abhinav Sharma
    Bank of America Corp has put up for sale at least $1 billion worth of toxic mortgage assets, the New York Post said on Monday, citing sources. Bids are due by the end of December for the assets, which includes already written-off loans and mortgage-servicing rights, the paper said.
  • BoA Is Worried Next WikiLeaks Dump Will Contain Evidence Of Fraudulent Countrywide Loans

    12/06/2010 1:42:17 PM PST · by The Magical Mischief Tour · 36 replies · 1+ views
    Business Insider ^ | 12/06/2010 | Business Insider
    Charlie Gasparino told Shep Smith today that Bank of America has set up a "legal swat team" in case the next big WikiLeak is directed at them. The official line thus far is that they've had "no indication" they're being targeted, however Gasparino says he's spoken to a person who claims to have seen some of the bank-related documents and says that while they couldn't make out how damaging the documents were they "clearly pointed to Bank of America." The big fear inside Bank of America, says Gasparino, is that the documents will lead back to (BofA-owned) Countrywide Financial, and...
  • Bank of America Is in Deep Trouble

    11/14/2010 9:27:06 AM PST · by The Comedian · 66 replies · 1+ views
    BeforItsNews.com ^ | November 11, 2010 | Joshua Holland
    Bank of America Is in Deep Trouble, and There May Be Financial Disaster on the Horizon Will Bank of America be the first Wall Street giant to once again point a gun to its own head, telling us it'll crash and burn and take down the financial system if we don’t pony up for another massive bailout? When former Treasury Secretary Hank Paulson was handing out trillions to Wall Street, BofA collected $45 billion from the Troubled Asset Relief Program (TARP) to stabilize its balance sheet. It was spun as a success story -- a rebuke of those who urged...
  • Senator Christopher Dodd’s Farewell Speech

    11/30/2010 7:07:15 PM PST · by Biggirl · 11 replies · 1+ views
    http://annem040359.wordpress.com/ ^ | November 30,2010 | annem040359
    Today, Connecticut’s United States Senator Christopher Dodd,(D/CT) had given his farewell speech in the USA Senate. As expected, he reviews all that he had done in the Senate. Also he made a special plea, recorded in the short video reports, as it was posted explaining:“Sen. Chris Dodd devoted his final speech to imploring the new Senate not to change the rules and to work with one another for the common good. Dodd has been Connecticut’s Democrat U.S. Senator since 1980.” Sen. Dodd even invoked the apostle Paul, using a passage from 2 Timothy about having “fought the good fight”. For...
  • Issa: Whole lotta probing will be going on

    11/08/2010 11:33:10 AM PST · by RobinMasters · 24 replies · 1+ views
    Hot Air ^ | NOVEMBER 8, 2010 | ED MORRISSEY
    The GOP takeover of the House holds the nightmare scenario for Democrats of putting Rep. Darrell Issa (R-CA) in charge of the House Oversight Committee. Issa spent the last two years attempting to get subpoena power for a range of inquiries into activities in the Obama administration, including the firing of Inspector General Gerald Walpin, and to get a much closer look at the Friends of Angelo program at Countrywide Mortgage that appeared to offer sweetheart loan packages to leading Democrats in position to help Angelo Mozilo with regulators and legislation. Issa told Chris Wallace that the latter scandal would...
  • BREAKING: Ethics Foundation Requests A.G. Holder Investigate Sen. Boxer

    10/26/2010 4:39:13 AM PDT · by Renfield · 13 replies
    Pajamas Media ^ | 10-26-2010 | Roger L. Simon
    In a breaking development that may affect the close California Senate race, Pajamas Media has learned The Foundation for Ethics in Public Service sent a letter to Eric Holder last Thursday requesting the attorney general “begin an investigation to determine whether United States Senator Barbara Boxer violated any criminal laws or should be liable for any civil penalty for failure to disclose real property on her Personal Financial Disclosure Reports between 2002 and 2010.” The Foundation for Ethics in Public Service is a 501(c)(3) tax-exempt organization “that seeks to bring a new level of transparency, accountability and integrity to all...
  • U.S. Housing Subprime Mortgage Market Securitization Debacle, They Knew What They Were Selling

    10/25/2010 12:54:08 PM PDT · by An Old Man · 17 replies
    The Market Oracle ^ | Oct 24, 2010 | John_Mauldin
    At the end of last week's letter on the whole mortgage foreclosure mess, I wrote: "All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses...
  • A European Lynch Mob Is Coming For Bank of America

    10/24/2010 11:10:05 PM PDT · by smokingfrog · 8 replies
    Forbes ^ | 25 Oct 2010 | Matt Schifrin
    I pity CEO Brian Moynihan and the 284,000 other employees of Bank of America Corp (BAC). That includes 15,000 Merrill Lynch brokers who are still recovering from the financial crisis and now have to explain to their clients why they work for a firm that is at the epicenter of America’s housing crisis. Not only have they seen $80 billion in stock market value evaporate since April but they also have to suffer the humiliation of having a parent company bone-headed enough to pay $4 billion for Countrywide, the financial firm created by subprime mortgage pimp Angelo Mozilo. That mess...
  • Video: McMahon ties Blumenthal to Countrywide collapse

    10/23/2010 7:43:02 PM PDT · by BAW · 19 replies
    Hot Air ^ | Oct 23, 2010 | Ed Morrissey
    Dick Blumenthal has tried to cast himself as a white knight in the Countrywide Mortgage scandal that forced Chris Dodd into retirement after the exposure of his sweetheart mortgage deals under the “Friends of Angelo” program at Countrywide. Blumenthal points to his $8.6 billion settlement with Bank of America over the mortgage giant’s remaining loans, one that supposedly “won’t cost taxpayers a dime,” as an example of his beneficial work for Connecticut voters and his ability to get tough with fraudsters. Linda McMahon takes aim at this argument with her new ad released yesterday titled “Taking Care,” which alleges that...
  • Mozilo cops $67.5M plea

    10/18/2010 11:38:22 AM PDT · by BigFinn · 9 replies
    New York Post ^ | October 16, 2010 | By PAUL THARP
    Just days before the start of his sensational trial, junk mortgage king Angelo Mozilo agreed to pay $67.5 million to settle fraud charges and avoid any public humiliation in court. Mozilo, the former CEO of Countrywide Financial, was the highest-ranking executive prosecuted following the financial collapse in 2008 due to toxic mortgage paper. Countrywide was one of the nation's largest originators of subprime loans. Their trial on charges of fraud and insider trading was set to open next week. Mozilo, who wasn't in the courtroom yesterday, agreed to give up $45 million in ill-gotten profits from illegal trades in Countrywide...
  • Countrywide's Mozilo Gets Record Penalty

    10/15/2010 1:55:11 PM PDT · by Toddsterpatriot · 17 replies · 2+ views
    The Street ^ | October 15, 2010 | Laurie Kulikowski
    LOS ANGELES (TheStreet) -- Countrywide's former Chairman, CEO and co-founder Angelo Mozilo and two other top ranking officials will pay a combined $73 million to settle with the Securities and Exchange Commission for misleading investors as the subprime mortgage crisis emerged. Without admitting any wrongdoing, Mozilo, 71, agreed to repay $45 million in "ill-gotten" gains to settle the SEC's disclosure violation and insider trading charges against him and another $22.5 million in civil penalties, the SEC said on Friday.
  • Countrywide Co-Founder Settles With SEC - Angelo Mozilo's latest dirty deal

    10/15/2010 12:29:27 PM PDT · by Fred · 8 replies · 1+ views
    WSJ ^ | 101510 | JOHN R. EMSHWILLER
    LOS ANGELES—Former Countrywide Financial Corp. Chief Executive Angelo Mozilo agreed to pay $67.5 million in financial penalties to settle the Securities and Exchange Commission's high-profile civil fraud suit against him. The two other defendants in the case, former Countrywide President David Sambol and former Chief Financial Officer Eric Sieracki, also reached settlements with the SEC. Mr. Sambol agreed to pay just over $5.5 million in penalties while Mr. Sieracki agreed to pay $130,000. All three defendants, who reached the settlements without admitting or denying wrongdoing, also agreed to injunctions against future violations of securities law. Additionally, Mr. Mozilo agreed to...
  • Foreclosure 'robo-signers' appear to be widespread

    10/12/2010 2:57:13 PM PDT · by Fred · 11 replies
    Palm Beach Post ^ | 111210 | Kimberly Miller
    Florida foreclosure law firms were using the same "robo-signer"-type practices to repossess homes that tripped up the nation's major lenders, a signal, defense attorneys argue, that should lead to a larger foreclosure moratorium. Banks that have not pulled back on foreclosure sales and evictions, such as lender CitiMortgage, gave firms power of attorney to sign documents on their behalf. In turn, some firms created assembly-line signing systems to keep up with bank deadlines on foreclosure cases.
  • Sen. Dodd Took Up to Six VIP Countrywide Loans, Says Oversight Committee

    08/24/2010 10:06:13 AM PDT · by jazusamo · 32 replies · 1+ views
    National Legal & Policy Center ^ | August 24, 2010 | Alana Goodman
      Sen. Christopher Dodd (D-CT) received up to six sweetheart home loans from Countrywide Financial, even though he has only publicly admitted to accepting two special deals, The Wall Street Journal reported on Friday. The revelations were brought to light by the House Committee on Oversight and Government Reform, raising questions about a previous Senate ethics committee investigation into Dodd’s dealings with Countrywide that just disclosed information about two of the loans. In 2008, Dodd was accused of accepting two very favorable home loans in 2003 from Countrywide Financial CEO Angelo Mozilo, through the bank’s “Friends of Angelo” program....
  • 'Reform' missed 'friends of Angelo'

    07/27/2010 2:35:29 AM PDT · by Scanian · 4 replies · 1+ views
    NY Post ^ | July 27, 2010 | STEPHEN B. MEISTER
    Democrats claim their sweeping financial-sector reforms will guard against the kind of problems that triggered the recent economic meltdown. But if they really wanted to do that, they would've focused on how so many US officials were simply . . . bought. Fat chance. Nonetheless, Rep. Darrell Issa (R-Calif.), ranking member of the House Committee on Oversight and Governmental Reform, is demanding just such a review -- and, for the sake of the nation, he should get one. Last week, Issa wrote to Alfred Pollard, general counsel to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,...
  • Video: Fannie Mae, Countrywide’s mutual backscratching

    07/21/2010 11:53:33 AM PDT · by DFG · 1 replies
    Hot Air ^ | 07/21/10 | Ed Morrissey
    Color me a little surprised that CBS covered this story this week — and credit it to Rep. Darrell Issa (R-CA), who has doggedly “followed the money” in this scandal for the last two years. While we knew about the Friends of Angelo program that counted Chris Dodd and others on Capitol Hill among its beneficiaries, the scale of the income involved for Fannie Mae execs and their reach within government is certainly worth a much closer look.
  • Fannie Mae 153, Freddie Mac 20

    07/20/2010 7:39:22 PM PDT · by smokingfrog · 3 replies
    fortune cnn blog ^ | July 20, 2010 | unattributed
    It's a tally of Countrywide loans extended on preferential terms to workers at the government-backed mortgage companies. The count was released Tuesday by Rep. Darrell Issa, who sent a letter to Fannie (FNMA) and Freddie's (FMCC) federal regulator requesting that the loans be investigated. This is not Issa's first bite at the rotten Countrywide apple. The California Republican has been investigating the big subprime lender's efforts to cash in on the mortgage boom by pulling strings in Congress. He was behind the release of last year's "Friends of Angelo" report, which rehashed the favorable terms longtime Countrywide chief Angelo Mozilo...
  • Countrywide probe snares Fannie, Freddie execs

    07/20/2010 12:06:58 PM PDT · by Sub-Driver · 22 replies
    Countrywide probe snares Fannie, Freddie execs By: Jake Sherman July 20, 2010 02:34 PM EDT Employees at Fannie Mae and Freddie Mac — including top executives — received more than 170 cut rate loans from Countrywide Financial, according to a congressional probe, the latest accusation that the lender tried to curry influence with people in power. The investigation revealed that Fannie Mae employees — including an assistant to the CEO, a government relations lobbyist and a vice president for sales — received 153 favorable loans, while 20 VIP loans were issued to employees at Freddie Mac. Countrywide Financial collapsed in...
  • Bennett denies knowledge of home loan deals to staffers (defeated RINO's staff was highly corrupt)

    07/16/2010 12:00:59 AM PDT · by rabscuttle385 · 5 replies · 1+ views
    The Salt Lake Tribune ^ | 2010-07-17 | Thomas Burr
    Washington • Sen. Bob Bennett said Thursday he was unaware that anyone on his staff got special home loans through CountryWide Finance Corp. as alleged in a congressional letter delivered to the Senate Ethics Committee. But the Utah Republican said he would cooperate fully with any ethics investigation that takes place. “I do not have a loan with CountryWide and I do not inquire as to where my staffers go to get their mortgages,” Bennett said in an interview with The Tribune. “I have full faith in the integrity of the staff and the matter is going to be in...
  • Senate VIP Loans Mount (Drain the swamp!)

    07/15/2010 5:36:53 AM PDT · by Islander7 · 6 replies
    WSJ ^ | July 15, 2010 | John R. Emshwiller
    U.S. senators or Senate employees received 30 loans—far more than had previously been known—under a controversial lending program at Countrywide Financial Corp. that provided cut-rate terms to favored borrowers. The information is contained in a letter sent to the Senate Select Committee on Ethics by Rep. Darrell Issa (R., Calif.), who has been spearheading the House Oversight and Government Reform Committee's investigation into Countrywide's so-called VIP mortgage program.
  • Dodd Prepares To Depart In Triumph

    05/25/2010 7:28:29 PM PDT · by Biggirl · 16 replies · 643+ views
    http://www.nytimes.com/ ^ | May 25,2010 | Mark Leibovich
    WASHINGTON — As Senator Christopher J. Dodd completed what might be the capstone of his legislative career last week by shepherding a major banking overhaul through the Senate, the guest book in his office offered a glimpse of why he is not seeking re-election. It includes these recent greetings from visitors who stopped by to pay their disrespects: “Good bye and good riddance to you,” wrote one guest on May 16. “I know it’s tough, but I expected better,” said another (April 15). “Thank you for being corrupt” (March 26).
  • The Democrats' Sinking Ship

    01/06/2010 4:41:56 PM PST · by Kaslin · 36 replies · 2,691+ views
    Investors.com ^ | January 6, 2010 | INVESTORS BUSINESS DAILY Staff
    Election 2010: The back-to-back Senate retirements of Byron Dorgan and Chris Dodd may be just the beginning. The people have seen the future of health care reform and found it doesn't work. Apres moi, le deluge. We don't know what the Mayan calendar says about 2010, but it's starting to look like the end of the world for Democratic electoral prospects. Americans who watched in shock as government tried to step between them and their doctors, may have the last laugh. The tea party isn't over until the angry mob votes. As rage grew over the attempt to nationalize one-sixth...