Countrywide’s Mozilo Gets Off Easy

Earlier this week, we mentioned a Rolling Stone article that asked why Wall Street wasn’t in jail.  That article took a step toward answering that question with some harsh realities.  Now, Abigail Field at Daily Finance takes the analysis further with her in-depth report on the wholly unsatisfactory treatment of former Countrywide Financial leader Angelo Mozilo.  Mozilo, like several other architects of …

Is Bank of America’s $10 Billion Estimate Too Low?

Ten days ago, Bloomberg reported that Bank of America, which had set aside $4.1 billion in the fourth quarter of 2010 to resolve disputes over faulty mortgages, believed that an additional $7-10 billion might be required to settle remaining outstanding claims.  CFO Charles Noski called the $7-10 billion figure the “upper range” and emphasized that the number was only a …

The Lawsuit to be Heard ‘Round the World?

Investors, including New York Life, have filed a 194-page complaint against Countrywide and Bank of America, alleging…essentially, what homeowners and consumer attorneys have been pointing out all along.  You can read an excellent summary at Mandelman Matters, but this allegation is worth spotlighting again here: Countrywide routinely failed to comply with the requirements of applicable state laws and the PSAs for valid transfers of …