Countrywide Financial

Bank of America Completes $4 Billion Acquisition of Countrywide Financial After Predatory Lending and Fraud Schemes Targeting Minorities Caused $50 Billion in Losses, with CEO Angelo Mozilo Paying Only $67.5 Million SEC Settlement and Facing Zero Criminal Charges

2008-07-01 00:00:00 +0000 UTC | Importance: 9/10

Bank of America completed its acquisition of Countrywide Financial on July 1, 2008, purchasing the nation’s largest mortgage lender for approximately $4 billion in a Federal Reserve-approved transaction that would ultimately cost Bank of America and its shareholders at least $50 billion in …

Angelo Mozilo Countrywide Financial Bank of America Securities and Exchange Commission (SEC) Department of Justice +1 more financial-crisis regulatory-capture predatory-lending fraud accountability-crisis +1 more

Housing Bubble Peaks as Predatory Subprime Lending Reaches Maximum, Setting Stage for Collapse

2006-07-01 00:00:00 +0000 UTC | Importance: 9/10

The U.S. housing bubble reaches its peak in mid-2006, with national home prices having risen 124 percent since 1997. Subprime mortgage originations hit $600 billion, representing 23 percent of all mortgage originations, up from 8 percent in 2003. The bubble’s apex represents the culmination of …

Countrywide Financial New Century Financial Washington Mutual Ameriquest Federal Reserve +1 more housing-bubble predatory-lending subprime-mortgages systemic-risk housing