U.S. DoJ sues Bank of America, citing alleged “fraudulent conduct”

October 24, 2012 by · Leave a Comment
Filed under: Legal News 

We all knew that the Countrywide merger was ill timed compared to what was happening in the mortgage industry at the time.  Most commentators on the subject talked about how this would become a potential problem down the road.  Well that saga and case is being continued today.  

The Washington Post mentioned that Countrywide loans were 9 times more likely to have “defects” in them compared to their peers.  That is a pretty startling figure when you put this into to context of how much more, other bad and mos likely fraudulent behavior that was happening in the time leading up to the crisis point.

People need to go to jail and credibility needs to be severely restoring in our banking and other credit institutions.  I love banks and the concepts they represent in a market system using other peoples capital to help get things done.  But this brazen handling of these affairs should not be tolerated.  

This types of companies already have inherently great advantages just because of the natural of their business, when you give people this type of responsibility, they need to take care and uphold its tenants no matter what.  They can affect everyone lives and that is a big weight that have chosen to carry.

Reuters – Wednesday’s case, originally brought by a whistleblower, is the U.S. Department of Justice’s first civil fraud lawsuit over mortgage loans sold to the big mortgage financiers, which were bailed out in 2008.

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Countrywide’s Mozilo target of SEC probe

August 8, 2008 by · Leave a Comment
Filed under: Industry News 

The formal U.S. Securities and Exchange Commission investigation of Countrywide Financial Corp concerns whether the mortgage lender’s former chief executive, Angelo Mozilo, violated insider trading laws and whether the company’s financial disclosures misled investors, the Los Angeles Times said Friday, citing people close to the probe.

Countrywide, its outside lawyers and the SEC did not immediately return calls seeking comment.

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Countrywide REO Database

July 10, 2008 by · 1 Comment
Filed under: National REO Banks 

Countrywide has online database for all of their properties. It is searchable by State and/or city. It also has the option to display between 40-100 real estate properties per search. After briefly reviewing the functionality it looks to have a bulk of properties for almost all areas of the United State and has a substantial amount of listings in California (CA), Florida (FL) and Nevada (NV).

REO Info:

Countrywide owned properties (lender-owned), also sometimes referred to as REO (real estate owned) homes or properties, are often seen by qualified borrowers as good investment and purchase opportunities. You can use the search tool below to search our inventory of Countrywide owned properties in your area.


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