Reform reading: Big banks take on CFTC over policing of derivatives

By Julie Vorman

A roundup of news and commentary to help consumers monitor the transparency and accountability of the Dodd-Frank financial reform law. ...

Excerpts from this story referencing "Countrywide":

"… rking just on mortgage defaults – many inherited with the acquisition of Countrywide.Critics of Moynihan complain that he needs to raise his profile to build m …"

Financial reform this week: How to handle a Too Big To Fail bank near collapse

By Julie Vorman

FDIC panel tackles tools needed to dismember biggest banks

Excerpts from this story referencing "Countrywide":

"… al meltdown in 2008 when several large institutions such as Merrill Lynch, Countrywide, and Washington Mutual saw their liquidity and stock prices rapidly plunge …"

Mortgage industry tanks, fraud continues at Countrywide

By Michael Hudson

As the mortgage industry melted down, fraud investigator kept up the pressure, soon lost her job

Excerpts from this story referencing "Countrywide":

"… f of this story here.The mortgage market was struggling in March 2007 when Countrywide promoted Eileen Foster to executive vice president and tapped her to take …"

"… unit that Foster had taken over, many of the operating divisions, such as Countrywide’s subprime unit, had their own smaller investigative teams.This didn’t …"

"… e who claimed he’d been fired because he’d objected to fraud at one of Countrywide’s subprime loan offices in the Boston area.Foster arranged to have the c …"

"… tolerated by management,” Foster later said in a witness statement in a Countrywide shareholders lawsuit in federal court in Los Angeles. After the compa …"

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Too big to jail?

By David Heath

Executives unscathed as regulators let banks report criminal fraud

Excerpts from this story referencing "Countrywide":

"… criminal investigations against major banks such as Washington Mutual and Countrywide, as well as investment bank Goldman Sachs.Fewer Cops on the BeatThe Justic …"

Raging against the foreclosure machine

Automated foreclosure process creates errors, stifles modifications and enrages helpless homeowners

Excerpts from this story referencing "Countrywide":

"… l Street bank that created the investment. Bank of America, which acquired Countrywide’s notoriously troubled loan portfolio (along with its legal headaches), …"

"… caring whether the loans they were making were sound. Mortgage giants like Countrywide approved as many loans as possible knowing that Wall Street would purchase …"

"… e from late fees alone, representing 9 percent of its total revenue.Before Countrywide imploded, late fees reportedly covered the company’s entire servicing op …"

Weekly watchdog 2/23/12

Watchdog

Excerpts from this story referencing "Countrywide":

"… iety of Business Writers and Editors for our coverage of mortgage fraud at Countrywide, GE, Washington Mutual and other banks. …"

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New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Excerpts from this story referencing "Countrywide":

"… leblower case filed in 2009 but not unsealed until last month detailed how Countrywide Financial Corp., now owned by Bank of America, developed a scheme to …"

"… nsuccessfully to get the company stop.Instead, these relationships allowed Countrywide to “use its market power to pressure appraisers to inflate values to wha …"

"… use its market power to pressure appraisers to inflate values to whatever Countrywide needed and punish appraisers who refused to ‘play ball,’” the compla …"

"… punish appraisers who refused to ‘play ball,’” the complaint stated.Countrywide also set up a review system of the appraisals that the complaint alleges w …"

Mel Watt enjoys close ties to financial industries

By Alison Fitzgerald

Bank leaders, PACs made prospective housing agency leader a top recipient of campaign cash.

Excerpts from this story referencing "Countrywide":

"… ank that got a government bailout after buying money-losing mortgage giant Countrywide and troubled investment bank Merrill Lynch, contributed $66,500 to Watt th …"