Countrywide Home Loans ( Countrywide Hl )

1466 Words Dec 10th, 2015 6 Pages
Countrywide Home Loans (Countrywide HL) provide, service, and sell mortgage loans and after-loan services such as collections and payment processing. As a leader in the mortgage industry, they provide these products and services to homeowners through prime and subprime mortgage loans and subsequently resell these loans to investors. In 2009, the United States (US) Treasury Department (Treasury) invested (i.e., US taxpayer-based funding) in Countrywide HL under the Treasury’s 2009 Troubled Asset Relief Fund aka TARP (treasury.gov).
In 1969, David S. Loeb (1924 - 2003) and Angelo Mozilo (1938 -) founded Countrywide with a < $1 per share stock offering. During the growth years, the investors in Countrywide Funding Corporation (CFC), ticker symbol CFC, called CFC the “23,000% stock”. The investors claimed a 23,000% return. In 1996, CFC became Countrywide Home Loans. In 1997, Countrywide HL sold their mortgage investment component, IndyMac Bank. In 2008, federal Regulators seized IndyMac Bank and Bank of America (BoA) acquired Countrywide HL. (wikipedia.org).
Today, Countrywide HL does mortgage and other financial business as Countrywide Financial (CF) under Bank of America Home Loans and the parent corporation BoA. Websites such as bloomberg.com and nasdaq.com do not display current CFC or Countrywide HL data and refer readers to BoA’s stock symbol BOA information. (wikipedia.org).

From 1969 to 2003, the leadership of Countrywide HL was the company founders David Loeb and…
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