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Is Countrywide Seeking New Investment?

Reuters
Posted: 2007-09-11 07:10:23
NEW YORK (Sept. 11) - Countrywide Financial Corp. is working to structure another strategic investment similar to the deal Bank of America Corp struck last month, the New York Post reported in its online edition on Tuesday.

Countrywide received a $2 billion injection from Bank of America, helping the largest U.S. mortgage lender shore up its finances as it struggles with a liquidity crunch.

Countrywide continues to work with Goldman Sachs and law firm Wachtell Lipton Rosen & Katz to structure another similar strategic investment, the Post reported, citing sources familiar with the company's plans.

It's unclear at this point who is involved in the investment, the report said. But a group that could include JPMorgan Chase & Co. and Citigroup Inc. as well as several hedge funds has expressed interest in Countrywide, the report said, citing unnamed sources.

A final deal could be announced by the end of the month, the report said.

Officials at Countrywide, JPMorgan and Citigroup were not immediately available for comment.

Reporting by Lewis Krauskopf

Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.
2007-09-11 06:46:43
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Recent Comments

1 - 10 of 132
132 comments

nycityltnboy5 08:37:29 PM Sep 12 2007

will tell you this and spread the word around. If you have ever had a loan with Countrywide and has been paid off. Check to see if they have released the mortgage lien from public record. There is many instances when countrywide fails to do so. The slander of title can contribute to the delay of financial transactions, headaches, unwarranted stress. Find out if they haven't ****** you over by not releasing your lien. If so, check your state laws you may be eliglble for compenstation. Just as Countrywide penalizes homeowners for not paying their mortgage on time, its time Countrywide was penalized for failure to uphold their end of the deal.

nycityltnboy5 08:36:32 PM Sep 12 2007

will tell you this and spread the word around. If you have ever had a loan with Countrywide and has been paid off. Check to see if they have released the mortgage lien from public record. There is many instances when countrywide fails to do so. The slander of title can contribute to the delay of financial transactions, headaches, unwarranted stress. Find out if they haven't ****** you over by not releasing your lien. If so, check your state laws you may be eliglble for compenstation. Just as Countrywide penalizes homeowners for not paying their mortgage on time, its time Countrywide was penalized for failure to uphold their end of the deal.

dwight1961 07:22:00 PM Sep 12 2007

EVERYTHING IS A SCAMMMMMMMM

Kmkgd 11:12:00 AM Sep 12 2007

Good luck. Most of those involved, including C W management don't understand the cash needs in a down market. Brand value is not going to carry the day.

mtgrates4u 10:53:00 AM Sep 12 2007

Countrywide can be saved if they higher Reddog as a loan officer!

mtgrates4u 10:03:00 AM Sep 12 2007

I can't wait until they crash and burn! More business for me! Don't let the door hit you in the ass!

ROYAL GR 09:42:00 AM Sep 12 2007

I was told a few weeks ago that only the Fed chairman is actually a fed employee. The others are part of corporate America. My financial planner told me that. Can someone confirm. It would explain some stuff.

drose416 09:33:00 AM Sep 12 2007

Anyone buying a home should stay away from Countrywide, I have had nothing but problems with them.

thebbco 08:09:00 AM Sep 12 2007

WARNING SIGNS SHOWED UP ONE YEAR AGO !!!!

Countywide increased Mortgage Escrow Account balances by as much as 120% of taxes, insurance and related costs go. This is a sure sign that the company was in trouble then. BEWARE AND QUESTION UNWARRANTED ESCROW COST INCREASES AS WELL AS OTHER COMPANY'S MAIL IN REBATES. They were well into a shortage of funds, as are other entities in America.

REMEMBER THAT A MAIL IN REBATE is an unsecured loan to that company. In case of a bankruptcy, you lose your money. It is your money. Tell the store that you want it taken off the cost of the goods. If the store declines, shop elsewhere and BEWARE. Look at Radio Shack. They were in bankruptcy and almost all of their items carry a mail in rebate.

BUYER BEWARE !!!!

aaaprecise 07:57:00 AM Sep 12 2007

Countrywide has new practices. They are asking you for a projected income and if it doesn't meet there debt to ratio index they continue to forclose and offer no assistance. They state you do not qualify to own that home. They accept your payment if you are behind and then tell you the forclosure can not be stopped because a default letter expired even if you stay in contact with them and make a payment arangement it will not be honored. Be careful Get something in writing stating they will not just take you payment and still forclose.

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132 comments

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