Countrywide Home Loans ( Countrywide ) Essay

829 Words Dec 9th, 2015 4 Pages
Countrywide Home Loans
The Company, Customers, History, Products, Services, and State
Countrywide Home Loans (Countrywide HL) primarily provide, service, and sell mortgage loans. Mortgage loan and after-loan servicing include service such as collections and payment processing. As a leader in the mortgage industry, they provide these products and services to homeowners through prime and subprime mortgage loans and subsequently resell these loans to investors. In 2009, the United States (US) Treasury Department (Treasury) invested (i.e., US taxpayer-based funding) in Countrywide HL under the Treasury’s 2009 Troubled Asset Relief Fund (aka TARP.) (Source 1)
In 1969, David S. Loeb (1924 - 2003) and Angelo Mozilo (1938 -) founded Countrywide with a < $1.00 per share stock offering. During the growth years, the investors in Countrywide Funding Corporation (CFC), ticker symbol CFC, called CFC the “23,000% stock”. The investors claimed a 23,000% return. In 1996, CFC became Countrywide Home Loans. In 1997, Countrywide HL sold their mortgage investment component, IndyMac Bank. In 2008, federal Regulators seized IndyMac Bank and Bank of America (BoA) acquired Countrywide HL. https://en.wikipedia.org/wiki/Bank_of_America_Home_Loans Source 1
Today, Countrywide HL does mortgage and other financial business as Countrywide Financial (CF) under Bank of America Home Loans and the parent corporation BoA. Websites such as bloomberg.com and Nasdaq.com do not display current CFC or Countrywide…

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