CHRIS DODD UPDATE: Dodd’s lengthy record of ethical questions has clearly taken its toll. Among his transgressions: * In 2003, Dodd received two cut-rate mortgages totaling nearly $800,000 from subprime-mortgage lending giant Countrywide Financial. The special mortgages apparently came about because the senator was dubbed a “Friend of Angelo,” Countrywide co-founder Angelo Mozilo....
Lawsuit charges national price-inflation scheme to defraud consumers A Texas homeowner filed a class-action lawsuit today against KB Home (NYSE:KBH) , Countrywide Financial and LandSafe Appraisal Services, claiming the three conspired to rig housing prices in Texas and Colorado, costing home purchasers millions of dollars and pushing homeowners into dangerous loans. The suit, filed yesterday in [...]...
A homeowner in Texas has slapped a class-action lawsuit against a North Texas appraisal company, home builder KB Home and Countrywide Financial, claiming the entities concocted a scheme to control the appraisal process on various homes and inflated prices, potentially costing thousands of homeowners.
The right margin of this interesting article from Woman’s Day about an early FHA backed mortgage is missing because my grandmother who clipped it was interested in the quilt pattern on the other side (Star and Ring). From the clothing and hair styles, I’d place it about 1948 because the husband isn’t in uniform and those drapes look familiar. FHA has had an interesting history. On...
The swift acquittal of two Bear Stearns executives in the government's criminal case tied to the financial meltdown likely will force prosecutors to rethink the evidence they planned to present in a raft of cases that have yet to go to trial, legal specialists say. Criminal cases may be percolating against executives at fallen mortgage lender Countrywide Financial Corp. and bailed-out insurance giant...
Jason Schwarz submits: Back on December 5, 2007 I sent the following note to investors (economictiming.com): The rate of change of economic data is worsening so it’s time to short the following group of downside leadership: Financial Sector SPDR ( XLF) at $30.60, MGIC Investment Corp ( MTG ) at $23.75, Amabac ( ABK ) at $23.70, Countrywide Financial at $10.45, Freddie Mac ( FRE ) at $33.30,...
A federal judge rejected a request by Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp, to dismiss a US Securities and Exchange Commission lawsuit accusing him of securities fraud and insider trading. In a court filing, US District Judge John Walter in Los Angeles also rejected requests by David Sambol and Eric Sieracki, respectively Countrywide's former chief...
CHRIS DODD UPDATE: A bumpy ride for Democrats. “Five-term Sen. Christopher J. Dodd of Connecticut remains on the toss-up list as a result of the sweetheart mortgage loans he received from Countrywide Financial. The Senate ethics panel cleared him of wrongdoing, but the Countrywide investigation has been reopened by the House Government Reform [...]
Angelo Mozilo, the former CEO of Countrywide Financial which was bought by Bank of America (NYSE:BAC), tried to get out of facing government fraud charges, US District Judge John Walter told Mozilo that he will indeed stand trial despite his efforts to get the case dismissed. The SEC case against Mozilo seems simple. He knew that his [...]
ORLANDO, Fla., Nov. 3 /PRNewswire/ -- A Central Florida homeowner forced into foreclosure filed a class-action lawsuit last week against KB Home (NYSE: KBH), Countrywide Financial and LandSafe Appraisal Services, claiming the three conspired to rig housing prices in Florida, South Carolina and North Carolina, costing home purchasers millions of dollars, and fueling the collapse of the region's housing...
Values Voter News agrees with Daniel Hannan. See CSPAN Video of Geithner admitting that the perceived government safety net of financial institutions distorted the free market Obama administration admitting that Fannie and Freddie were a "core part" of the country's financial woes For more evidence that government intrusion into the free market created this economic crisis as even Geithner...
Sold At The Top submits: Decades from now the summer of 2008 will likely be remembered to mark the turning point where legislative blundering took an otherwise serious financial crisis and molested it into an epic financial collapse. By fully assuming the liabilities of Fannie Mae ( FNM ) and Freddie Mac ( FRE ), the two colossal and corrupt (and conduit of corruptness funneling junk Countrywide Financial...
In a press release last week, Chairman Edolphus Towns of the House Committee for Oversight and Government Reform announced a major investigation "into whether mortgage companies employed deceptive and predatory lending practices, or improper tactics to thwart regulation, and the impact of those activities on the current crisis." This investigation is much needed, and frankly, overdue, as...
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Banks and Mortgage Companies aren't the only ones
I am glad to see this investigation and I hope they also go after everyone who partook in deceptive practices to lure buyers in and feed personal greed...
Rep. Issa Connects Countrywide VIP Loan Program to Broader US Financial Collapse WSJ.COM: At last, there’s some good news for taxpayers in the Countrywide Financial loan scandal. On Friday night, House oversight committee chairman Edolphus Towns (D., N.Y.) and ranking member Darrell Issa (R., Calif.) reached an agreement to subpoena documents from the “Friends of Angelo” program....
It may be time to start planning Chris Dodd’s retirement party: House Oversight and Government Reform Chairman Ed Towns (D-N.Y.) said Friday he would issue a wide-ranging subpoena of Countrywide Financial, demanding the company hand over records that could show...
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