Thrifts and Mortgage Finance
Company Overview of Countrywide Financial Corp.
As of July 1, 2008, Countrywide Financial Corp. was acquired by Bank of America Corporation. Countrywide Financial Corp. provides home loans. The company offers refinance mortgage solutions; home equity loans and home equity line of credits; home loans for new home purchases, as well as second, vacation, and investment homes; reverse mortgage products; and multi-family and commercial loans. The company was formerly known as Countrywide Credit Industries, Inc. and changed its name to Countrywide Financial Corp. in November, 2002. The company was founded in 1969 and is based in Calabasas, California.
4500 Park Granada
Calabasas, CA 91302
Founded in 1969
Key Executives for Countrywide Financial Corp.
Countrywide Financial Corp. does not have any Key Executives recorded.
Countrywide Financial Corp. Key Developments
U.S. District Court for the Central District Grants Final Approval of $500 Million Settlement of Securities Fraud Action against Countrywide Financial Corp
Feb 15 14
The U.S. District Court for the Central District of California granted final approval of the settlement of securities fraud class action claims brought against Countrywide Fin Corp. arising from alleged misstatements made in connection with the issuance of mortgage-backed securities (MBS). Purchasers or acquirers of certificates purchased in connection with 429 MBS offerings issued by Countrywide Financial Corp. brought numerous actions against Countrywide, certain of its officers and other parties, alleging securities fraud arising from misstatements made in connection with the offerings. The complaints alleged violations of Section 11, 12(a)(2) and 15 of the Securities Act of 1933. The cases came before the court on a joint motion for final approval of a settlement and request for an award of attorneys' fees. The district court found the proposed settlement, which involved a payment of $500 million plus interest, was fair, reasonable and adequate. The record indicates the parties submitted comprehensive mediation statements regarding the relative strengths and weaknesses of each side and subsequently engaged in two full-day mediation sessions with a court appointed mediator, followed by numerous mediated settlement discussions extending over a six-month period, resulting in the agreed settlement terms. Based on that record and additional evidence, the court found the settlement reflected an arm's-length transaction by counsel who as a result of extensive discovery, were adequately apprised of the relative strengths and weaknesses of their positions. The court found the plaintiffs faced several legal difficulties in continued prosecution of the actions, including the district court's prior precedent, which if applied, would reduce the number of certificates at issue to 58 'live' tranches from the over 9,000 tranches upon which the plaintiffs originally sued.
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