Countrywide gets $12 billion new financing
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Countrywide Financial Corp said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that will lead to widespread layoffs.
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Bank of America will pay in stock for Countrywide Financial, the lender that became a symbol of the excesses that led to the subprime mortgage crisis.
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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CALABASAS, Calif. -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008.
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Similar deals are expected to follow Bank of America Corp's  agreement on Friday to acquire battered mortgage lender Countrywide Financial Corp  for a knock-down price of $4 billion in stock.
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- Countrywide Financial Corp , which is in the middle of a crisis amid rising delinquencies and foreclosures, on Tuesday said it plans to offer refinancing options to subprime borrowers.
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LOS ANGELES -- Struggling lender Countrywide Financial Corp. said Friday it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry.
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Bank of America Corp  said on  Friday it would buy battered mortgage lender Countrywide  Financial Corp  for $4 billion, a move that could avert  one of the biggest collapses in the U.S. housing crisis.
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Countrywide Financial Corp ,  the largest U.S. mortgage lender, on Tuesday offered to  refinance or restructure up to $16 billion of adjustable-rate  mortgages through the end of 2008.
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Countrywide Financial Corp. , the largest U.S. mortgage lender, on Tuesday said it made 15 percent more home loans in May as the pace of refinancings increased, though the foreclosure rate doubled.
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Bank of America Corp said on Friday it would buy battered mortgage lender Countrywide Financial Corp for $4 billion, a move that could avert one of the biggest collapses in the U.S. housing crisis.
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Countrywide Financial Corp  said on Wednesday it helped more than 81,000 borrowers stay in their residences and avert possible foreclosures in 2007, by either modifying or otherwise restructuring their home loans.
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Countrywide Financial Corp., under pressure to help stem growing home loan defaults, says it will expand programs to help borrowers manage their mortgage payments regardless of the type of subprime loan they have or whether they have already fallen behind on payments.
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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.
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Countrywide Financial Corp   posted a $1.2 billion third-quarter loss on Friday, but its  shares soared after the largest U.S. mortgage lender said it  expects to be profitable in the fourth quarter and in 2008, and  has weathered the worst of the housing downturn.
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Boston housing activist Bruce Marks has persuaded Countrywide Financial Corp. , the nation's largest mortgage lender, to let his nonprofit reengineer some of its least affordable loans.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender said it expects to be profitable in the fourth quarter and in 2008, and has weathered the worst of the housing downturn.