NationMaster - Encyclopedia: Countrywide Financial

Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Image File history File links No higher resolution available. ... This article does not cite any references or sources. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Also: 1969 (Stargate SG-1) episode. ... Calabasas is a city located in Los Angeles County, California, in the western United States. ... Angelo R. Mozilo is the chairman of the board and chief executive officer of Countrywide Financial. ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Earnings before interest and taxes (EBIT), also known as operating income and operating profit, is a term used to describe a companys earnings. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... For the band, see Big Brother and the Holding Company. ...

During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the Company's pre-tax earnings. This article is about securitization in finance. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... A broker-dealer is an institution that has registered with the SEC in order to have the ability to buy and sell securities for customers as well as for its own account. ... Underwriting refers to the process that a large financial service provider takes a dump on your face and then uses it to assess the process of providing access to their product like providing equity capital, insurance or credit to a customer. ... A mortgage-backed security (MBS) is a bond whose cash flows are backed by homeowners mortgage payements. ... For other uses, see Bank (disambiguation). ... Home Equity Line of Credit (HELOC) differs from a lump sum mortgage in that the highest loan limit amount does not need to be received by the borrower upon the close of escrow. ... This article or section contains information that has not been verified and thus might not be reliable. ... This article or section does not cite its references or sources. ...

Financials

2005

2007

In its annual report to the SEC disclosed that 19% of its subprime loans were in default^[2]

In the second Quarter Countrywide took several hundred million in charges against impairment of collateral due to mortgage delinquencies. In August, it suffered liquidity problems due to its inability to sell securities collateralized by mortgage loans. The Company announced cessation of subprime home equity loans, and tighter scrutiny of borrowers' creditworthiness.

History

Countrywide was founded in 1969 by David Loeb and Angelo R. Mozilo. Loeb died in 2003.^[3] The initial public offering was less than successful, with company stock trading over the counter at less than $1 per share. In 1985 Countrywide stock was re-listed on the New York Stock Exchange under the ticker symbol CFC. Angelo R. Mozilo is the chairman of the board and chief executive officer of Countrywide Financial. ... â€œIPOâ€ redirects here. ... Over-the-counter (OTC) trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...

CFC has been described as the "23,000% stock" by Fortune magazine. Between 1982 and 2003, Countrywide delivered investors a 23,000% return, exceeding the returns of Washington Mutual, Wal-Mart, and Warren Buffett's Berkshire Hathaway.^[4] On August 15, 2007, Merrill Lynch advised its clients to sell their stock in Countrywide. The stock has lost over 57% YTD as of September 7, 2007. â€œWaMuâ€ redirects here. ... Wal-Mart Stores, Inc. ... Warren Edward Buffett (b. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ...

Businesses

Mortgage banking

The Mortgage Banking segment produces mortgage loans through a variety of channels on a national scale. Nearly all of the mortgage loans the Company produces in this segment are sold into the secondary market, primarily in the form of mortgage-backed securities. In 2006, 45% of those mortgages were conventional non-conforming loans, loans too large to sell to Fannie Mae.^[3]ALUMNI: Thomas J. Walkins, Sr., Michael T.Szcisewski, Jason A. Rossi. All of the above made an immense impact in their respective fields. The secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. ... A non-conforming loan is a loan that fails to meet bank criteria for funding. ... The United States Federal Government created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). ...

The Company generally performs the ongoing servicing functions related to the mortgage loans that it produces. It also provides various loan closing services, such as title, escrow and appraisal. Title is a legal term for an owners interest in a piece of property. ... This article is about the legal arrangement. ... Appraisal is the act of estimating the monetary value of real, personal, or intangible property, usually performed as a service by someone recognized as an expert or certified by an organization. ...

The Mortgage Banking segment consists of three distinct sectors: Loan Production, Loan Servicing and Loan Closing Services.

Loan production

The role of Loan Production is to originate and fund new loans, and to acquire already-funded loans through purchases from other lenders. Loan Production produces mortgage loans through four divisions of Countrywide Home Loans: Consumer Markets, Full Spectrum Lending, Wholesale Lending, and Correspondent Lending.

Consumer Markets and Full Spectrum Lending offer loans directly to consumers. Loans produced by these two retail division are originated, funded, and sold by Countrywide. Consumer Markets offers a wide variety of products, whereas Full Spectrum Lending focuses primarily on products appropriate for customers with less than prime-quality credit.

Wholesale Lending offers loans to consumers whose loans are originated by another mortgage broker. These loans are funded and sold by Countrywide, but originated by other lenders.

Correspondent Lending purchases mortgage loans from other lenders, which include mortgage bankers, commercial banks, savings and loan associations, home builders and credit unions. These loans may be sold by Countrywide to end-investors on the secondary market, but are originated and funded by other lenders.

Loan servicing

Loan Servicing services loans, i.e. collect payments from the borrower, then remit those payments to the investor. Loan Servicing generates income in the form of servicing fees which are deducted from remittances to the investor.

Loan closing services

LandSafe and its subsidiaries offer loan closing services. LandSafe Appraisal Services, Inc. provides real estate appraisal services. LandSafe Credit Services, Inc. provides automated credit reporting products[1]. LandSafe Flood Determination, Inc. offers flood determination services. LandSafe Title provides residential title services for the six major counties of Southern California. A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. ... Title is a legal term for an owners interest in a piece of property. ...

Capital markets

The Capital Markets segment primarily operates as a registered securities broker dealer, a residential mortgage loan manager and a commercial mortgage loan originator. CFC also operates broker dealers in Japan and the United Kingdom, an introducing broker dealer of futures contracts, an asset manager and a broker of mortgage servicing rights. With the exception of its commercial mortgage activities, the Company transacts only with institutional customers, such as banks, other depository institutions, insurance companies, asset managers, mutual funds, pension plans, other broker dealers and governmental agencies. Customers of its commercial real estate finance business are the owners or sponsors of commercial properties, who can be individuals or institutions.

Countrywide Asset Management Corporation manages the acquisition and disposition of loans from third parties, as well as loans originated by Countrywide Home Loans, on behalf of Countrywide Home Loans. These are typically delinquent or otherwise illiquid residential mortgage loans, which have primarily been originated under Federal Housing Administration (FHA) and Veterans Administration (VA) programs. The Company attempts to rehabilitate the loans, using the servicing operations of Countrywide Home Loans, with the intent to securitize those loans that become eligible for securitization. The remaining loans are serviced through foreclosure and liquidation, which includes the collection of government insurance and guarantee proceeds relating to defaulted FHA and VA program loans. The FHAs logo The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. ... The United States Department of Veterans Affairs (VA) is a Cabinet department of the United States government responsible for administering programs of veterans benefits for veterans, their families, and survivors. ...

Securities trading activities include the trading of debt securities in the secondary market after the original issuance of the security. Underwriting activities encompass the assumption of the risk of buying a new issue of securities from the issuer and reselling the securities to investors, either directly or through dealers. Capital Markets primarily underwrites mortgage-related debt securities.

Banking

The Banking segment consists of Countrywide Bank, FSB and Countrywide Warehouse Lending. Formerly, the bank was known as Countrywide Bank, N.A., a nationally chartered bank that was regulated jointly by the Office of the Comptroller of the Currency and the Federal Reserve, but it converted its charter to a federally chartered thrift that is regulated by the Office of Thrift Supervision. ^[5]^[6] Federal savings associations (also called federal thrifts), in the United States, are institutions chartered by the Office of Thrift Supervision pursuant to the provisions of the Home Owners Loan Act, a U.S. federal statute. ... The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... The Office of Thrift Supervision (OTS), an agency in the U.S. Treasury Department, is the primary regulator of federal savings associations (sometimes referred to as federal thrifts). ...

Countrywide Bank primarily originates and purchases mortgage loans and home equity lines of credit for investment purposes. The majority of these loans are sourced through its mortgage banking subsidiary, Countrywide Home Loans. The Bank obtains retail deposits, primarily certificates of deposit, through the Internet, call centers and more than 100 financial centers, many of which are located in Countrywide Home Loans' retail branch offices as of April 1, 2007.

Countrywide Warehouse Lending provides warehouse lines of credit to mortgage bankers, who use these funds to originate loans. These mortgage bankers are primarily customers of Countrywide Home Loans' Correspondent Lending division and the Capital Markets divisions; the mortgage bankers use warehouse lines of credit from Countrywide Warehouse Lending to help originate loans, then sell those loans to Countrywide through Correspondent Lending or Capital Markets.

Insurance

The Insurance segment activities include offering property, casualty, life and credit insurance as an underwriter and as an insurance agency, and providing reinsurance coverage to primary mortgage insurers, through two business units: Balboa Life and Casualty Operations, and Balboa Reinsurance Company.

Balboa Life and Casualty Group underwrite property, casualty, life and credit insurance in all 50 states through the Balboa Life and Casualty Group. Its products include Lender-Placed Property and Auto, which includes lender-placed auto insurance and lender-placed, real-property hazard insurance; Voluntary Homeowners and Auto, which underwrites retail homeowners insurance and home warranty plans for consumers, and Life and Credit, which underwrites term life, credit life and credit disability insurance products.

Balboa Reinsurance Company provides a mezzanine layer of reinsurance coverage for losses between minimum and maximum specified amounts to the insurance companies that provide private mortgage insurance (PMI) on loans in its servicing portfolio. It provides this coverage with respect to substantially all of the loans in the Company's portfolio that are covered by PMI, which generally includes all conventional loans with an original loan amount in excess of 80% of the property's appraised value. In return for providing this coverage, it earns a portion of the PMI premiums. Reinsurance is a means by which an insurance company can protect itself against the risk of losses with other insurance companies. ... PMI is Private Mortgage Insurance. ...

Global operations

The primary activities of the Global Operations segment was Global Home Loans (GHL): a UK third party administrator (TPA) formed out of a joint venture between Countrywide and Woolwich plc in 1998. Activities included Loan Processing and Subservicing; providing mortgage loan application processing and mortgage loan subservicing in the United Kingdom.

Following the acquisition of Woolwich by Barclays plc, this relationship developed further, with GHL acquiring the Barclays mortgage portfolio, through a transfer of ownership of the Barclays mortgage operation in Leeds to GHL in 2003.

By 2005, GHL operation processed more than 11.3 billion pounds sterling ($20.3 billion) in loans, all of which are subserviced for Barclays, PLC, the joint venture partner. As of December 31, 2005, Global's subservicing portfolio was 59 billion pounds sterling ($102 billion). The Barclays Group is based in One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is a global financial services provider and sportswear consultancy operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. ... The initials PLC after a UK or Irish company name indicate that it is a public limited company, a type of limited company whose shares may be offered for sale to the public. ...

In November 2005, Barclays announced that it intended to terminate the third party administration arrangement with GHL and bring the mortgage originations and servicing operations back in-house. This resulted in Countrywide buying out Barclays' remaining 30% stake in GHL. Barclays brought the operation back in house in February 2006.

Since then Global's presence in the UK has been confined to providing support to Barclays and Prudential Assurance, who continue to use the proprietary originations, servicing and arrears processing systems developed for GHL and Countrywide by Countrywide Technology Group (CWTG).

A second venture in the UK, Valuation Services, provided one of the first electronic residential property valuation services to third parties in the United Kingdom through a majority-owned joint venture. This was sold to First American in 2007.

Offshore Services commenced operations in India in 2004. Set up to exploit the strategic advantage of employing systems specialists based in the sub-continent, it provides business process and technology services to the Parent Company and its subsidiaries in both the United States and the United Kingdom.

Management

The phrase Chairman of the Board has several meanings: Chairman of the Board is the term used to denote the leader of a corporations board of directors. ... â€œChief executiveâ€ redirects here. ... A Chief Operating Officer (COO) is a corporate officer responsible for managing the day-to-day activities of the corporation. ... â€œCFOâ€ redirects here. ... Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ... CAO is the bizspeak acronym for Chief Accounting Officer. ... A chief administrative officer (or CAO) is a corporate officer responsible for management of the personnel of the corporation. ...

Controversies

Employee and contract labor issues

In 2003, Countrywide was the subject of a class-action lawsuit alleging overtime violations. Countrywide was charged with working employees 10-15 hours per day, 6 to 7 days per week without compensating them for overtime wages. ^[7]. The lawsuit was settled in May 2005, with the payment of 30 million dollars in compensation to 400 account executives ^[8]. Additionally, Countrywide is one of many companies that conducts in-depth background searches of new employee applicants. The background search goes beyond typical employment, education, and criminal history searches, and enables a company to view the applicant's credit, and public record documents such as lawsuits and divorce records. Although it must be authorized by the applicant, Countrywide explicitly does not consider applicants who deny authorization for a search. This policy has led to otherwise qualified applicant complaints and dispute filings which claim this policy is discriminatory, invasive, and compromises the applicant's privacy.

Countrywide maintains a policy of not filing the legally required Internal Revenue Service Form 1099 to independent brokers.^[3] Seal of the Internal Revenue Service Tax rates around the world Tax revenue as % of GDP Part of the Taxation series IRS redirects here. ... Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is...

Minority and subprime borrowers

Countrywide claims to be the top lender to minorities, but they agreed to a settlement with New York state attorney general Elliot Spitzer because of alleged overpayments by minorities.^{[citation needed]} Countrywide agreed to compensate minorities borrowers and improve minority lending oversight. Eliot Spitzer Eliot Spitzer (born June 10, 1959) is the Attorney General for the State of New York. ...

Countrywide subprime documents show policy of lending to families with as little as $1000 of disposal income, often compromising their ability pay living expenses. Employees were given scripts to induce target customers into taking out loans.

Hurricane Katrina/Rita Scam

After the devastating hurricanes of Katrina and Rita, Countrywide told loan customers in the affected areas that they could take a break on payments without any late fees, and the payments would be added back to the end of the loan. Countrywide then forced the loan customers to pay the missed payments in a lump sum along with late fees they were told they didn't have to pay within 30 days or face foreclosure. ^[9] This article is about the Atlantic hurricane of 2005. ... Lowest pressure 895 mbar (hPa)[1] Damages $10 billion (2005 USD)[1] Fatalities 7 direct, 113 indirect Areas affected Bahamas, Florida, Cuba, YucatÃ¡n Peninsula, Louisiana, Texas, Mississippi, Arkansas Part of the 2005 Atlantic hurricane season Hurricane Rita is the fourth-most intense Atlantic hurricane ever recorded and the most...

2007 mortgage financial crisis

Secondary market disruption

When Countrywide finances mortgage loans, they usually package them for sale to large investors as mortgage backed securities. Fannie Mae or Freddie Mac can only buy loans which conform to the standards of government sponsored enterprises. Non-conforming mortgages securities must be sold in the private, secondary market to alternative investors. On August 3, 2007, this secondary market essentially stopped the sales of most of the non-conforming securities. Secondary mortgage market disruptions had happened previously, but, the new disruption appeared more serious, both larger in range and likely duration. Alt-A mortgages (loans given to apparently creditworthy borrowers without much or any documentation) completely stopped at ratings lower than AAA. Difficulties extended to much of AAA-rated mortgage-backed securities. Only securities with conforming mortgages were trading. Countrywide Financial issued a statement that its mortgage business has access to a nearly $50 billion funding cushion.^[10] A mortgage-backed security (MBS) is a bond whose cash flows are backed by homeowners mortgage payements. ... The United States Federal Government created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). ... The Federal Home Loan Mortgage Corporation (Freddie Mac) (NYSE: FRE) is a stockholder-owned, publicly-traded company chartered by the United States federal government in 1970 to purchase mortgages and related securities, and then issues securities and bonds in financial markets backed by those mortgages in secondary markets. ... The government sponsored enterprises (GSEs) are a group of financial services corporations created by the United States Congress. ...

After the collapse of American Home Mortgage on August 6, attention returned to Countrywide Financial which at the time had issued about 17% of all mortgages in the United States. Only days later Countrywide Financial disclosed to the SEC that these disruptions in the secondary mortgage markets could hurt it financially: The current version of the article or section reads like an advertisement. ... SEC is a TLA which can refer to: In general context, an abbreviation for second. ...

This raised speculation that Countrywide was a potential bankruptcy risk.^[11] ^[12] On August 10, a run on the bank began as the secondary mortgage market shutdown, curtailing new mortgage funding. ^[13]

The perceived risk of Countrywide bonds rose. Fitch, Moody's and Standard and Poors credit ratings agencies downgraded Countrywide 1 or 2 grades, some to near junk status. The cost of insuring its bonds rose 22% overnight. This also limited its access to short-term debt called commercial paper. This is often cheaper than bank loans. Some institutional investors admitted trying to sell the Countrywide paper. ^[14] Fifty other mortgage lenders had already filed for Chapter 11 bankruptcy, and Countrywide Financial was cited as a possible bankruptcy risk by Merrill Lynch and others on August 15. This combined with news that its ability to issue new commercial paper might be severely hampered put severe pressure on the stock. Its shares fell $3.17 to $21.29, which was its biggest fall in a single day since the crash of 1987 - the shares had fallen 50% so far that year.^[15] The Standard and Poors Corporation (S&P), a subsidiary of McGraw-Hill, is a company that performs financial research and analysis on stocks and debt instruments. ...

Announcement of problems and bailouts

On Thursday, August 16 the company expressed concerns over liquidity because of the decline of the secondary market for securitized mortgage obligations. Countrywide also announced its intent draw on the entire $11.5 billion credit line from a group of 40 banks including JPMorgan Chase.^[16] On Friday August 17, many depositors sought to withdraw their bank accounts. ^[17] It also planned to make 90% of its loans conforming. ^[18] By this point stock shares had lost about 75% of their peak value and speculation of bankruptcy broadened. ^[19] ^[20] ^[21] At the same time the Federal Reserve Bank lowered the discount rate 0.5% in a last-minute, early morning conference call. The Fed accepted about $17.2 billion in repurchase agreements for mortgage backed securities to aid in liquidity. This also helped calm the stock market and investors promptly responded positively with the Dow posting gains.^[22] JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. ... Federal Reserve Districts The United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches. ...

Additionally, the firm was forced to restate income it had claimed from accrued but unpaid interest on "exotic" mortgages where the initial pay rate was less than the amortization rate. In 2007 it became apparent much of this interest had become uncollectable ^[23]

In a letter dated August 20, Federal Reserve agreed to waive banking regulations at the request of Citigroup and Bank of America. The Fed agreed to exempt both banks from rules that limited the amount that federally-insured banks can lend to related brokerage companies to 10% of bank capital. ^[24] Until then, banking regulation was that banks with federally insured deposits should not be put at risk by brokerage subsidiaries' activities. ^[25] On August 23, Citibank and Bank of America said that they and two other banks accessed $500 million in 30-day financing at the Fed's discount window The same day, Countrywide Financial obtained $2 billion of new capital from Bank of America Corp. For this the Bank of America brokerage arm would get convertible preferred stock. ^[26] ^[27]

From 2005 to 2007 Angelo R. Mozilo sold much of his CFC stock realizing $291.5 million in profits.^[3] ^[28] A class action suit was filed on behalf of shareholders alleging securities violations. Angelo R. Mozilo is the chairman of the board and chief executive officer of Countrywide Financial. ...

'Protect Our House' PR Campaign

In September 2007 Countrywide announced a major public relations campaign titled "Protect Our House" to address negative reactions to its corporate downsizing and mortgage defaults and foreclosures. The campaign was to be run by Burson-Marsteller, a firm run by prominent pollster Mark Penn. [2] Countrywide employees were given the opportunity to sign a pledge of support to the company and the campaign, whereupon they were issued green wrist bands.^[29]^[30] Burson-Marsteller is one of the largest public relations agencies in the world. ... Mark J. Penn is worldwide CEO of the public relations firm Burson-Marsteller and president of the polling firm Penn, Schoen and Berland Associates. ...

See also

Home $weet Home: cover of the June 13, 2005 issue of Time magazine[1] illustrating the mania[2] for home buying. ... The subprime mortgage financial crisis, which has yet to be resolved, is the sharp rise in foreclosures in the subprime mortgage market that began in the United States in 2006 and became a global financial crisis in July 2007. ... New Century Financial Corporation is an American mortgage REIT headquartered in Irvine, California. ...

References

^ 10-K (2006)
^ Andrew Farrell. "Deadbeats Dog Countrywide", Forbes, 2007-03-01. Retrieved on 2007-08-26.
^ ^a ^b ^c ^d Gretchen Morgenson. "Inside the Countrywide Lending Spree", New York Times, 2007-08-29. Retrieved on 2007-08-29.
^ Fortune, "Meet The 23,000% Stock", September 2003
^ http://www.ots.treas.gov/docs/7/777014.html
^ http://www.thestreet.com/_rmdm/newsanalysis/banking/10321374.html
^ Countrywide Employees File Class Action Lawsuit Against Employer
^ [http://www.gdblegal.com/press.php?menuItem=5&article=43 Countrywide to Settle Rosemead Call Center Employees Class Action
^ http://blogs.abcnews.com/theblotter/2007/09/a-deal-too-good.html
^ Alistair Barr. "Secondary Market Stalls Mortgage Lenders", Forbes (Associated Press), 2007-08-07. Retrieved on 2007-08-26.
^ Associated Press. "Countrywide: Debt Market Woes Pose Risk", Forbes, 2007-08-09. Retrieved on 2007-08-26.
^ Evelyn M. Rusli. "Credit Fears Chill Countrywide Financial", Forbes, 2007-08-09. Retrieved on 2007-08-26.
^ "Countrywide, Washington Mutual Fall on Mortgage Slump (Update3)", Bloomberg, 2007-08-10. Retrieved on 2007-08-29.
^ Associated Press. "Countrywide Plunges on Downgrade", Forbes, 2007-08-15. Retrieved on 2007-08-26.
^ "Top US lender 'risks bankruptcy'", BBC News, 2007-08-15. Retrieved on 2007-08-16.
^ SEC Accession No. 0000950148-07-000204, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, SEC, 2007-08-16
^ "Countrywide Bank works to reassure clients", Los Angeles Times.
^ Evelyn M. Rusli. "Countrywide Breaks Into The Piggy Bank", Forbes, 2007-08-16. Retrieved on 2007-08-26.
^ Liz Moyer. "Countrywide, Markets On The Ropes", Forbes, 2007-08-16. Retrieved on 2007-08-26.
^ Liz Moyer. "Countrywide Is On Its Side", Forbes, 2007-08-16. Retrieved on 2007-08-26.
^ Evelyn M. Rusli. "Countrywide Starving For Cash", Forbes, 2007-08-16. Retrieved on 2007-08-26.
^ Temporary Open Market Operations Federal Reserve Bank of New York
^ High-risk mortgages become toxic mess AP via yahoo
^ Response to request for exemption to section 23A of Regulation W (pdf), Federal Reserve Bank Board of Governors.
^ Peter Eavis. "Fed bends rules to help two big banks", Fortune, 2007-08-24. Retrieved on 2007-08-26.
^ Thomson Financial. "Euroshares higher midday, Dow seen up on Countrywide cash injection", Forbes, 2007-08-23. Retrieved on 2007-08-26.
^ Gregory J. Wilcox. "$2 billion infusion lets Countrywide Financial buy time", Los Angeles Daily News, 2007-08-25. Retrieved on 2007-08-26.
^ "Countrywide Financial Corp, Insider trades", New York Times.
^ Cite error 8; No text given.
^ Cite error 8; No text given.

Categories: Companies listed on the New York Stock Exchange | All articles with unsourced statements | Articles with unsourced statements since November 2007 | Companies established in 1969 This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 60th day of the year (61st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... The New York Times is an internationally known daily newspaper published in New York City and distributed in the United States and many other nations worldwide. ... 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Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... The Associated Press, or AP, is an American news agency, the worlds largest such organization. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 221st day of the year (222nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 221st day of the year (222nd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... Bloomberg L.P. is a Financial Media Company founded by Michael Bloomberg in 1982. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 222nd day of the year (223rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 241st day of the year (242nd in leap years) in the Gregorian calendar. ... The Associated Press, or AP, is an American news agency, the worlds largest such organization. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 227th day of the year (228th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... BBC News is the department within the BBC responsible for the corporations news-gathering and production of news programmes on BBC television, radio and online. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 227th day of the year (228th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 228th day of the year (229th in leap years) in the Gregorian calendar. ... This just IN !!!:paris hiltons new dog. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 228th day of the year (229th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 228th day of the year (229th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 228th day of the year (229th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 228th day of the year (229th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... Federal Reserve Districts The United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches. ... Look up fortune in Wiktionary, the free dictionary. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 236th day of the year (237th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... Thomson Financial is an arm of The Thomson Corporation, one of the worlds leading information companies, focused on providing integrated information solutions to business and professional customers. ... This article or section does not adequately cite its references or sources. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 235th day of the year (236th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... Los Angeles Daily News is the second largest circulating daily newspaper of Los Angeles, California. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 237th day of the year (238th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 238th day of the year (239th in leap years) in the Gregorian calendar. ... The New York Times is an internationally known daily newspaper published in New York City and distributed in the United States and many other nations worldwide. ...

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