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The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.. In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's ...
Angelo Robert Mozilo (December 16, 1938 – July 16, 2023) was an American mortgage industry banker who was co-founder, chairman of the board, and chief executive officer of mortgage giant Countrywide Financial until July 1, 2008. Mozilo retired shortly after the sale to Bank of America for a total of $4.1 billion in stock.
Former Countrywide leaders Angelo Mozilo and David Sambol. Source: Company annual report. Countrywide Financial and its former, now-vilified CEO Angelo Mozilo are synonymous with the greed and ...
The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged ...
Countrywide's vast numbers of fraudulent mortgages-- which were created to feed a securitization machine, not to secure repayment of properly underwritten loans -- may still doom Bank of America ...
The Select Committee on Ethics said it found "no credible evidence" that Dodd knowingly sought out a special loan or treatment because of his position, but the panel also said in an open letter to Dodd that the lawmaker should have questioned why he was being put in the "Friends of Angelo" VIP program at Countrywide: "Once you became aware that ...
Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems ...
Those refunds represent repayment for excessive fees and improper charges the mortgage company levied on homeowners whose loans were serviced by Countrywide between January 1, 2005, and July 1, 2008.