On June 27, 2006, Countrywide Financial, the nation’s largest mortgage lender, was about to close its books on a record-breaking six-month run. The housing market was on fire and Countrywide’s earnings were soaring. Despite all the euphoria inside the company, some executives noticed that Angelo R. Mozilo, the company’s brash and imperious chief executive, seemed [...]
A judge in New York has dismissed a lawsuit brought by investors who sought to compel mortgage giant Countrywide Financial and two subsidiaries to buy back home loans it modified, The Associated Press reports. New York state Supreme Court Justice Barbara R. Kapnick said in a decision announced Wednesday that Greenwich Financial Services Distressed Mortgage [...]
The PNC Financial Services Group has suspended sales of foreclosed homes for 30 days, according to a title insurer that received the memo from the bank, becoming the fourth major lender to impose a moratorium, David Streitfeld of The New York Times reports. PNC is alerting title insurance companies that it is postponing the closings [...]
The financial system is still at risk even after an overhaul of financial regulation in the United States and new capital requirements for international banks, says Paul A. Volcker, former chairman of the Federal Reserve and an adviser to President Obama. In a bleak assessment delivered Thursday at the Federal Reserve Bank of Chicago’s 13th [...]
It may make folks in our business unhappy, but the Financial Services Authority is telling British bankers to clam up about pending deals. The F.S.A., Britain’s financial watchdog, argued in a newsletter that leaking information about upcoming transactions would damage the markets, and that banks should take greater precautions to make sure that doesn’t happen. [...]
To lose one chief executive may be regarded as a misfortune; to lose more looks like carelessness, John Gapper suggests in his Financial Times blog, when he asks how Lady Bracknell might react to the current exodus of British high-profile banking chiefs. Recent weeks have seen the departure of John Varley from Barclays, Eric Daniels [...]
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