The Federal Reserve will hold public hearings next month in Los Angeles and Chicago before ruling on Bank of America Corp.’s planned acquisition of Countrywide Financial Corp.
The meetings will be held on April 22 in Chicago and April 28 and 29 in Los Angeles (see announcement). more…
Tags: Industry News · Inman Real Estate · Mortgages · bank of america · countrywide · federal reserve
Add Countrywide Financial Corp. to the list of banks and mortgage lenders who have seen their debt ratings lowered by Fitch Ratings over new concerns about the poor performance of home-equity loans.
Fitch announced Wednesday that it was cutting Countrywide Financial’s long-term issuer default rating two notches, to "BBB-" — the lowest investment-grade category. Fitch took the same action for the company’s subsidiaries, Countrywide Bank and Countrywide Home Loans Inc. more…
Tags: Industry News · Inman Real Estate · Mortgages · countrywide · fitch · home equity
Countrywide Financial Corp. released numbers today showing a refinancing boom helped push February mortgage loan fundings up 16.9 percent from the month before, to $25.6 billion, but purchase-loan activity fell to a new low.
Countrywide said refinancings grew 29.2 percent in February, to $19.5 billion, helping the company post the best numbers for total mortgage fundings since August. more…
Tags: Industry News · Inman Real Estate · Mortgages · countrywide · foreclosure · origination · purchase loan · refinancing · servicing
Countrywide Financial Corp. is reportedly one of more than a dozen companies under investigation by the FBI as it looks into the packaging of subprime loans as securities sold to Wall Street investors. more…
Tags: Industry News · Inman Real Estate · Mortgages · african american · countrywide · fbi · latino · securitization · subprime · wells fargo