JPMorgan fue demandado por Sealink por hipotecas compradas entre 2005 y 2007

Bank of America’s Countrywide Sued by Sealink Funding

By Chris Dolmetsch and David McLaughlin - Sep 30, 2011

Bank of America Corp. (BAC)’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.

Sealink filed the suit against Countrywide in New York State Supreme Court yesterday, seeking unspecified compensatory, rescissory and punitive damages. Sealink is a fund created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed.

“Countrywide was an entity driven by only one purpose --to originate and securitize as many mortgage loans as possible into” mortgage-backed securities “to generate profits for the Countrywide defendants, without regard to the investors that relied on the critical, false information provided to them with respect to the related certificates,” lawyers for Sealink said in the lawsuit.

Sealink filed a similar suit yesterday in the same court against JPMorgan Chase & Co. (JPM) over $2.4 billion worth of residential mortgage-backed securities purchased between 2005 and 2007.

“This appears to be another sophisticated investor looking for someone to blame for investment losses suffered due to a downturn in the economy,” Lawrence Grayson, a spokesman for Bank of America, said in an e-mail. “We will vigorously defend this lawsuit.”

La FTC reintegra $108 millones a propietarios sobrecargados por Countrywide

Para Su Difusión: 07/20/2011

La FTC reintegra aproximadamente $108 millones de dólares a 450,000 propietarios de vivienda que fueron sujetos de sobrecargos por servicios de administración de préstamo de parte de Countrywide

La Comisión Federal de Comercio (Federal Trade Commission, FTC) está enviando por correo 450,177 cheques de reintegro por un valor total aproximado de $108 millones de dólares a los propietarios de vivienda que fueron sujetos de sobrecargos aplicados por la compañía Countrywide Home Loans, Inc. Como parte de los esfuerzos de la FTC para proteger a los propietarios de vivienda que atraviesan dificultades financieras, el año pasado la FTC estableció un acuerdo resolutorio con Countrywide para resolver las alegaciones que le imputaban cargos excesivos a los prestatarios que estaban luchando por conservar sus casas.

New Jersey Court Decision May Be Unique, but Still Bad for BofA and RMBS



Written by
David Fanger
Senior Vice President
David.Fanger@moodys.com
and

Yehudah Forster
Vice President - Senior Analyst
Yehudah.Forster@moodys.com
For:
MOODY ’S  RESI   LANDSCAPE, Dec. 9, 2010 Issue

On 16 November, a bankruptcy court in New Jersey dismissed Bank of America’s (BofA, Aa3 negative, C-/Baa2 stable) claim for standing to enforce a mortgage originated and securitized by Countrywide in 2006. The judge concluded Countrywide had failed to properly endorse and transfer possession of the mortgage note to the securitization’s trustee, leaving it unenforceable under New Jersey law. Last week BofA was reported in the press as saying that the facts upon which the judge based her conclusion may not have been correct.

We believe the case will lead to increased litigation, higher servicing costs, and more foreclosure delays. This will pressure BofA’s earnings. Increased foreclosure timelines and costs associated with potentially defective loans will also increase losses for Countrywide-sponsored RMBS. This is negative for both BofA and Countrywide-sponsored RMBS.

El escandalo MERS expuesto y explicado

MERS Scandal Exposed and Explained

Posted on December 9, 2008 by Neil Garfield


Kevin Lamson Said,


So can anyone guess the name of “organization” that was formed by Countrywide’s, Anthony Mazillo and Fannie Mae’s, James Johnson ten years ago, it start with an M? No not the Mafia. It’s Mortgage Electronic Registration Systems Inc. commonly referred to as MERS. Yes that’s right Countrywide and Fannie Mae were the lead organizers of MERS and are shareholders and “members” of MERS.


Here are excerpts from an investigative report on MERS I have been working on for the last several months. This may help shed some much needed light on MERS and the cozy relationships many of its so-called ‘members” have between each other and with our congress. It may also explain why no one in congress has bothered to investigate MERS and it crazy “paperless” system that these greedy mortgage executives invented so they could line their pockets by originating and flipping phony mortgage loans into so-called mortgage backed security trusts and then selling trillions of dollars of bonds to investors around the world. By reporting false profits from these sales Fannie Mae’s and Countrywide’s executives were able to make hundreds of millions of dollars in “bonuses”.


Given the extremely close relationship that MERS, its many corporate members have with the politicians who run our state and federal governments, it is not surprising that MERS and it members were able to pull off this gigantic global financial scheme without raising the brow of a State or Federal law enforcement or regulators. Only now are a few politicians and regulators paying lip service to what they refer to as the “Mortgage Meltdown”. What no politician or regulator ever seems to mention is that a millions of the mortgages that “melted down” have the name Mortgage Electronic Registration System Inc. on them.

Forbes: posiciona a Countrywide entre las 25 grandes compañias de USA de mayor crecimiento en el 2004

Fastest-Growing Big Companies
 
Countrywide Branches Out Beyond Mortgages 

Ari Weinberg, 04.16.04, 3:00 PM ET 

NEW YORK - The company is no longer known as Countrywide Credit Industries but the mortgage company founded in 1969 by Angelo Mozilo and the late David Loeb has been pumping out home loans with factory-like efficiency over the past few years.


On the back of historically low interest rates, the company now known as Countrywide Financial churned out $434 billion in new loans in 2003, compared with $252 billion in 2002, making it the largest independent mortgage lender, slightly ahead of $384 billion in home lending for Washington Mutual and just behind the $470 billion of production by Wells Fargo. 

But Calabasas, Calif.-based Countrywide earned its place on our list of America's 25 Fastest-Growing Big Companies for its 33% annual revenue growth over the last five years as the fastest-growing company among U.S. financial services firms on the Global 2000. Countrywide's earnings per share--at $8.31 per share in 2003 versus $3.25 per share in 2002--and stock price, up nearly 180% since the end of 2001 to just under $56, have shown that the company has been able to translate that revenue surge into earnings. 

At an investor meeting in late March, Chairman and Chief Executive Mozilo rolled out a five-year strategic plan for Countrywide to augment its position in the mortgage banking sector and reduce its sensitivity to interest rate changes. The company plans to grow out capital markets, banking and insurance such that those divisions contribute 50% of earnings by 2008. Additionally, the company is aiming for a more sustainable 15% cumulative annual earnings growth over that period in what it calls a "normal" market.