Countrywide Financial

Play Video Layoffs Grow At Countrywide Financial KPHO Phoenix, Arizona - (KPHO) Sep. 08, 2007. 04:48 AM EST Countrywide Cuts Foretell Loss of U.S. Mortgage Jobs The worst U.S. housing slump in 16 years may lead the to elimination of almost 100,000 mortgage related jobs, more than double the number already cut this year. As many as 20 percent of the nation’s real estate loan officers and mortgage brokers will be fired, according to Josh Rosner, managing director at the New York...Read Full Story

Countrywide Savings Bank Pulls in $50 Million of Deposits a Day, According to Wall Street Journal; Countrywide COO Sambol Tells WSJ that Deposits Will Fund Mortgage Loans; Moody’s Reduced Servicing Rating on Countrywide Financial; CEO Mozilo Lined Up $12 Billion in Financing Earlier This Month; Portales Partners’ Peabody Says “Countrywide Will Be Survivor” Countrywide Financial, mortgage news, Mortgage VideoRead Full Story

Countrywide Slashes 900 More JobsCountrywide Financial (CFC) cut another 900 jobs in a move to trim costs in the wake of falling lending volumes and defaults. The online edition of The Wall Street Journal reported late Wednesday that the layoffs were primarily in its mortgage-production division. Last month, Countrywide slashed 500 jobs in two units which deal with subprime and broker-originated loans. "Any further changes to the Countrywide organization will reflect our ongoing strategy to...Read Full Story

Countrywide Denies Rumors of Liquidity Crunch Amid Stock Drop of 22%Read Full Story

This article nailed it right on Angelo Mozilo's orange head.Countrywide's Misguided Pride Seth Jayson October 3, 2007 The Wall Street Journal broke a great (and by "great," I mean "pathetic") story about the PR campaign launched by lousy-lending poster child Countrywide Financial (NYSE: CFC) in hopes of salvaging its reputation. The company recently hired crisis-PR managers Burson-Marsteller to try and turn things around, but I can't say I'm a fan of their approach. Blame-shifting...Read Full Story

According to Wall Street Journal; Deal with BoA and Countrywide Could Come SoonRead Full Story

HO HO HO, looks like I might have some money for Christmas gifts.Report: Countrywide to Report Wider LossBy ALLEN P. ROBERTS Jr. - 10/4/2007Los Angeles Business Journal Staff An analyst said Thursday that he expects Countrywide Financial Corp. will report a much bigger third-quarter loss than previously predicted.Friedman Billings Ramsey analyst Paul J. Miller Jr. said that the Calabasas-based lender will have to record accounting charges reflecting how much value the company's mortgage debt...Read Full Story

Bank of America is in advanced talks to acquire Countrywide Financial, the nation's No. 1 mortgage lender, the Wall Street Journal reported. Two people familiar with the matter said a deal could occur very soon, the Journal said, but it also cautioned that any agreement could be delayed or fall apart altogether.Countrywide shares have tumbled recently on concern it might not survive the nation's housing crisis. On Wednesday, the company said it made more loans than expected in the fourth...Read Full Story

In a strange and uncommon posture, Countrywide Financial declined to comment late Tuesday on published reports that said it is working on a “strategic investment” with a possible suitor. The company said, “Regarding media reports today about Countrywide Financial Corporation, it is the company’s policy not to comment on market rumors.” A few weeks ago, Bank of America invested $2 billion in CFC, bolstering its liquidity. Countrywide said it has already taken “decisive steps to address the...Read Full Story

Schumer Urges Review of Countrywide Financial Collateral Senator Charles Schumer has urged the regulator of the Federal Home Loan Banks to undertake a special review of the loans that Countrywide Bank has pledged to collateralize $51 billion in advances from the FHLBank of Atlanta. The thrift subsidiary of Countrywide Finance increased its advance borrowings in the third quarter by $28.2 billion, up nearly 80% from those of the previous quarter. In a letter to the Federal Housing Finance...Read Full Story