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Countrywide Financial Corp. was bought by Bank of America in 2008.
On March 8, 2008, government officials revealed the company was undergoing criminal investigation for securities fraud. In October 2008, it was revealed that the company is also under investigation for offering preferential treatment to selected customers, known as Friends of Angelo after former CEO Angelo Mozilo.KOAA.com: Feds probe Countrywide's 'V.I.P.' program (October 30, 2008)
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Fast Facts
- Stock symbol: CFC (NYSE)
- Annual revenue (2007): $25.11 billion
- Founders: David Loeb, Angelo Mozilo
- Year established: 1969
- Industry: Finance
- Phone: (818) 225-3000
- Fax: (818) 225-4051
- HQ: Calabasas, California
- Staff (2007): 50,600
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Key Dates
- March, 1969: Countrywide Credit Industries is founded
- September, 1969: Countrywide goes public
- 1974: First retail Countrywide office opens in California
- 1980: Countrywide has branches in 40 locations
- 1985: Stock ticker CCR listed on New York Stock Exchange, Forbes calls it one of the 200 Best Small Companies
- 1991: Countrywide becomes number one mortgage lender
- 2002: Renamed Countrywide Financial Corporation (CFC)
- 2008: Bank of America purchases Countrywide
- 2008: Undergoes criminal fraud investigation
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Countrywide Investigation
In March 2008, media revealed that federal authorities had started an investigation of securities fraud at Countrywide. In October 2008, it was revealed that the investigation had expanded to the preferential treatment selected customers allegedly received at Countrywide. The "VIP" customers, nicknamed "Friends of Angelo'" after former CEO Angelo Mozilo, allegedly received discounts on interest rates and other benefits. Friends of Angelo included former Fannie Mae CEO Franklin Raines and senators Christopher Dodd and Kent Conrad.MSNBC: Feds Probe Countrywide's 'VIP' program (October 30, 2008) -
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Countrywide Financial Corp. on Amazon | View All
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Countrywide Financial Corp. on Twitter Powered by Twitter
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@LegalRealEstate Alston v. Countrywide Financial Corp., 2009 WL 3448264 (3d Cir. October 28, 2009) --Good decision
@paulhoward | November 04, 2009 02:39 PM -
The actual subpoena pertaining to Countrywide Financial Corp.’s VIP Program opens as a .PDF document. http://bit.ly/4jhg8G
@KBHomeSUCKS | November 04, 2009 05:18 AM
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Questions and Answers About Countrywide Financial Corp. | View All | Ask a Question
View All Countrywide Financial Corp. Questions (253) | Ask a QuestionDo you feel your financial position has remained the same, improve, or decreased? (2 Answers)my situation has gone so far downhill. and the sad thing is, i had no clue what i was getting myself into. im 21 years old and $75,000 in debt ... read moreHow much financial leverage is too much? (1 Answer)It's extremely dangerous to regulate because you can have unintended consequences. Sometimes we don't know what's going to happen next. Does that mean we should try and stop it? My ... read more
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