Could Bank Of America Put Countrywide Into Bankruptcy?

Could Bank Of America Put Countrywide Into Bankruptcy?

Three years after breathing life into a drowned Countrywide Financial, Bank of America is probably wishing it had just let the lender sink. BofA has already lost $8.5 billion in one lawsuit, with others still pending that could more than double that amount. So what’s the nation’s largest bank to do? Maybe put Countrywide in bankruptcy. [More]

Bank Of America Sued Again Over Countrywide Loans

Bank Of America Sued Again Over Countrywide Loans

We’re willing to bet that Bank of America CEO Brian Moynihan’s office has two dartboards: one featuring the curiously orange face of former Countrywide head honcho Angelo Mozilo, whose company made countless loans to people it knew could never properly repay them; the other with the smirking face of Moynihan’s predecessor Ken Lewis, who was stupid enough to think Countrywide was worth buying, a decision that continues to haunt the nation’s largest bank. [More]

FTC Sends Out $108 Million In Refund Checks To Overcharged Countrywide Customers

FTC Sends Out $108 Million In Refund Checks To Overcharged Countrywide Customers

Earlier today, the Federal Trade Commission announced it is mailing out refund checks to the nearly half million American homeowners who were charged excessive fees on their mortgages by former Worst Company In America champ Countrywide Home Loans. [More]

Investors To Challenge $8.5 Billion Bank Of America Settlement

Investors To Challenge $8.5 Billion Bank Of America Settlement

Last week’s $8.5 billion settlement agreement between Bank of America and 22 investment groups over tainted securities, is being challenged but not by BofA. Rather, one group of bondholders claim the bank got off too easy. [More]

Analyst: Bank Of America's Takeover Of Countrywide "The Worst By A Mile"

Analyst: Bank Of America's Takeover Of Countrywide "The Worst By A Mile"

Three years ago this week, the acquisition-hungry CEO of Bank Of America looked at the menu of failing financial institutions and came upon a bargain bit of junk food called Countrywide that he could gobble up for only a couple billion dollars in BofA stock. Surely this little trifle couldn’t do any damage to his bank’s ironclad insides, right? But since that first bite of Countrywide, the nation’s largest bank has been praying at the porcelain god, barfing up billions in losses. [More]

Bank Of America Posts 36% Drop In Profits

Bank Of America Posts 36% Drop In Profits

Perhaps hoping to garner sympathy votes in our Worst Company in America contest, Bank of America today reported a 36% drop in profits for the first quarter. One of the big drags on business continues to be the toxic landfill of mortgages the bank gobbled up when it bought Countrywide Home Loans. Never trust a man who is completely orange, I always say. [More]

Homeowner Turns SUV Into Anti-BofA Collage

Homeowner Turns SUV Into Anti-BofA Collage

A homeowner has affixed their SUV with a creative anti-Bank of America collage and slogans on posterboard and parked it outside a BofA branch in Austin, Texas. Reader Jeff is at the SXSW festival and sent in this picture he snapped of the scene. The driver of the car apparently has a loan with Bank of America and is accusing them of “fraud” though I can’t decipher from the medley of images what kind they had in mind. Nice pirate flag, though. [More]

Congress Issues Subpoena For Info On Countrywide's VIP Mortgage Program

Congress Issues Subpoena For Info On Countrywide's VIP Mortgage Program

Let’s look back to the summer of 2008, when it was revealed that Angelo Mozilo, the curiously orange former CEO of Countrywide, had the company offer below-market “VIP” mortgages to certain politicians and other influence peddlers. Fast forward to the present, where Congressman Darrell Issa, chairman of the House Committee on Oversight and Government Reform, has issued a subpoena to Bank of America, looking for related documents, e-mails and names. [More]

Allstate Sues Bank Of America Over Bad Countrywide Mortgages

Allstate Sues Bank Of America Over Bad Countrywide Mortgages

Think Bank of America is regretting the day it decided to salvage Countrywide? The acrid aftertaste of that acquisition just got a little worse with the news that Allstate Corp has sued BofA and 18 other defendants, alleging losses on more than $700 million of mortgage securities Allstate purchased from Countrywide. [More]

14 Reasons Why Countrywide Is In The Worst Company Hall Of Fame

14 Reasons Why Countrywide Is In The Worst Company Hall Of Fame

As the news breaks that Angelo R. Mozilo, the curiously orange former CEO of Countrywide Financial, has agreed to pay millions of dollars in fines, we decided to take a walk down Countrywide’s Memory Lane… which happens to be a street littered with abandoned and foreclosed houses. [More]

Bastard Ex-Countrywide CEO Must Pay $67.5 Million

Bastard Ex-Countrywide CEO Must Pay $67.5 Million

Angelo R. Mozilo, former CEO of Countrywide Financial Corp, winner of the 2008 Worst Company In America award, and oddly orange-tinted bastard, has settled with the Security and Exchange Commission and will to pay fines and forfeit ill-gotten gains in excess of $67 million. [More]

Countrywide Sued For Discriminating Against Black And Latino Mortgage Buyers

Countrywide Sued For Discriminating Against Black And Latino Mortgage Buyers

The Illinois AG filed a lawsuit this week against Countrywide, alleging that the now imploded mortgage lender steered blacks and Latinos into riskier subprime loans more often than whites, even when they qualified for safer mortgages. [More]

FTC: Countrywide Mowed Your Lawn, Marked Up The Cost And Called It A Fee

FTC: Countrywide Mowed Your Lawn, Marked Up The Cost And Called It A Fee

The FTC says that Countrywide (now part of Bank of America) has agreed to pay $108 million to settle charges that the company “collected excessive fees from cash-strapped borrowers were were struggling to keep their homes.” So, what exactly did they do? Well apparently, while acting as a mortgage servicer, the company actually hired vendors to service properties after the homeowners had fallen behind on their mortgages, marked up the cost of the services (lawn mowing and property inspections, for example,) and then passed the cost along as fees. Doesn’t sound legal? It wasn’t. [More]

Countrywide Settles Class-Action Suit For $624 Million

Countrywide Settles Class-Action Suit For $624 Million

Bank of America took a little kick in the shins today as Countrywide Financial Corp, the mortgage lender they acquired in 2008 as it suck into the quicksand, has agreed to a $624 million settlement of a class-action lawsuit accusing it of misleading investors about its lending practices. [More]

Reporters Buy Up Toxic Assets

Reporters Buy Up Toxic Assets

To dig right into the meat of the story they’ve been tracking for over a year, NPR Planet Money reporters David Kestenbaum, Chana Joffe-Walt plunked $1000 down and bought up a securitized pack of Countrywide mortgages. At one point it was worth $75,000. Will the homeowners pay their mortgages and the reporters make their money back or will too many houses get sold at a loss and the asset implode? Follow along and find out. [More]

Reach Countrywide Executive Customer Service

Reach Countrywide Executive Customer Service

Here is some Countrywide executive customer service info. Even though Bank of America acquired Countrywide, some of this contact info is still valid. Former Countrywide customers who experiencing post-integration account difficulties have reported success using it. [More]

Thanks To Bank Of America's Crappy Online Payment System, Your House Is Getting Foreclosed

Thanks To Bank Of America's Crappy Online Payment System, Your House Is Getting Foreclosed

Sally is 20 years ahead on her 30-year mortgage. So why is Bank of America about to foreclose on her? [More]

Will A Human At BofA Finally Please Modify My $160,000 Underwater Mortgage

Will A Human At BofA Finally Please Modify My $160,000 Underwater Mortgage

Jim and Susan’s mortgage is underwater by $160,000. They want to live up to their obligations, they want to keep their home, but they can’t do it with a $370,000 mortgage on a house that’s only worth $210,000. An attorney told them to send some “jingle mail,” just pop the house keys in an envelope, mail it to the bank, and move away. What they really want is a modification so they can stay in their house, but Bank of America has been jerking them around and they don’t have faith that this last hurdle will actually get them a mod. Isn’t there a decision-making human at BofA that can finalize this deal for them? [More]