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Countrywide

Countrywide's Legacy: Doom for Bank of America

Adam Rust's picture

Posted November 23, 2010

Now we have news that the nation's largest mortgage originator, Countrywide, systematically skipped over the basic framework of how property is legally identified and represented in their transactions.

This administrative lapse could cost Bank of America billions of dollars, according to Daily Finance.

A team leader from B of A's Mortgage Litigation department testified at a New Jersey hearing that it was "customary for Countrywide to maintain possession of the original note and related documents." That is a surprise,

Comment on Bank of America and Countrywide

Adam R.'s picture

Posted May 15, 2009

Today (Friday, May 15th) is the last day to comment on the proposed re-organization of Bank of America, specifically with how it introduces Countrywide into is larger corporate framework.

The address for comment is:

regs.comments@federalreserve.gov

The comments are due by 5 pm, EST.

Comments should focus on how the re-organization will accommodate the needs of the public.  Its an important opportunity, and while the regulatory invitation is not specific in what will be reorganized, it is safe to bet that it involves Countrywide and perhaps First Franklin (a subprime lending operation owned by National City and later by Merrill Lynch).

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