Countrywide Gets Funds, and Stock Rises
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Countrywide Financial, the nationâs largest mortgage lender, said yesterday that it had lined up $12 billion of financing to help weather a housing slowdown that it expects to lead to widespread layoffs.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that has reduced loan demand and will lead to widespread layoffs.
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Countrywide Financial, the nation's largest home loan lender, reported yesterday that foreclosures and late payments on mortgages in December soared to their highest levels in five years.
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Bank of America Corp on Friday said it agreed to acquire struggling mortgage lender Countrywide Financial Corp for about $4 billion  (2.04 billion pounds) in stock, a move that could help avert one of the biggest collapses in the U.S. housing crisis.
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Stocks advanced sharply in early trading, with Wall Street encouraged by strong earnings from Microsoft and an optimistic outlook from Countrywide Financial.
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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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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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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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Countrywide Financial Corp , whose shares have tumbled on concern it might not survive the nation's housing crisis, said on Wednesday it made more loans than expected in the fourth quarter, though foreclosures among loans it services increased.
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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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U.S. stocks gained on Thursday after news Bank of America  is in advanced talks to buy struggling mortgage lender Countrywide Financial Corp .
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Countrywide's third-quarter earnings had investors celebrating, but what's the bigger picture?
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Stocks gained on Friday after a higher profit forecast by Microsoft Corp. , while an upbeat outlook by lender Countrywide Financial Corp.  eased fears about financial-sector losses.
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The deal will bolster Bank of Americaâs position in the mortgage market while rescuing Countrywide from possible bankruptcy.
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Shares of Countrywide Financial, the nation's largest mortgage lender, plummeted yesterday on rumors, which the company denied, that it was contemplating a bankruptcy filing. The drop came on yet another bad day for the stock market, which has been off to a terrible start for 2008.
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NEW YORK (CBS.MW) - Countrywide Financial Corp. on Tuesday reported September loan funding of $31 billion, down 6 percent from year-ago levels and steady with August.
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Countrywide Financial Corp ,  whose shares have tumbled amid worries about the largest U.S.  mortgage lender's survival prospects, on Wednesday said it made  more loans than it expected in the fourth quarter, though  homeowner foreclosures and delinquencies rose.