US firm in Countrywide move
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US private equity firm Apollo says it has made an approach to UK estate agency group Countrywide about a possible bid.
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The buyout firm Apollo Management said it might offer nearly $2 billion in cash and stock for Countrywide, the largest chain of real estate brokers in Britain. Apollo said it planned to offer 505 pence ($9.86) in cash for each Countrywide share, plus shares in Rightmove, a company in which Countrywide holds a stake. The offer values Countrywide shares at about 590 pence ($11.52) each, or a total of about Â£1 billion ($1.95 billion). Countrywide shareholders have rejected a Â£1.02 billion takeover bid from the 3i Group, a private equity firm.
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Bank of America Corp said on Friday it would buy mortgage lender Countrywide Financial Corp for $4 billion in 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, said on Monday that foreclosures rose to a five-year high and turmoil in the subprime market may hurt earnings, and its shares fell.
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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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US mortgage giant Countrywide Financial sees more than $1bn in quarterly losses - but improved forecasts send shares surging.
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Countrywide Financial Corp's   decision to sell itself to Bank of America Corp  was  driven in part by fear of potential crackdowns by regulators,  the Wall Street Journal reported on its Web site on Monday.
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U.S. stocks ended higher on Thursday following news Bank of America  is in advanced talks to buy struggling mortgage lender Countrywide Financial Corp .
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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., Sept. 12 -- Countrywide Financial said Thursday that it had increased its borrowing capacity by $12 billion as it struggles to weather the slowdown in the housing market.
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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 forecast a return to profit this quarter and said it has weathered the worst of the nationwide housing downturn.
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The deal will significantly bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from the jaws of possible bankruptcy.
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Brandes Investment Partners said yesterday that it had taken a 7.9 percent stake in Countrywide Financial, becoming its second-largest investor.
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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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Bank of America agrees to buy mortgage firm Countrywide Financial, which has been hit by the credit crisis.
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Bank of America Corp said on Friday it agreed to acquire Countrywide Financial Corp, the largest U.S. mortgage lender, in a $4 billion transaction that could help avert one of the biggest collapses in the U.S. housing crisis.
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NEW YORK, Jan. 10 -- Countrywide Financial shares more than doubled Thursday after reports that Bank of America was in discussions to buy the nation's largest mortgage lender.