Mortgage boss forfeits $37.5m
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The boss of Countrywide Financial agrees not to take $37.5m owed to him following the bank's takeover.
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Mortgage lender Countrywide Financial  Corp  said on Monday that Chief Executive Angelo Mozilo  would relinquish his rights to receive around $37.5 million in  severance and other payments related to the company's sale to  Bank of America Corp .
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When Australian property developer Victor Ollis checked his bank account, he couldn't believe his luck. A technical error meant that a total of A$11m (Â£4.5m) had mistakenly poured into his account and he went on a spending spree.
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Angelo R. Mozilo will voluntarily give up $37.5 million in severance and consulting pay in connection with the proposed takeover by the Bank of America Corporation.
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The American billionaire used his 28.1 per cent stake to block the re-election of three directors at an AGM three days ago. It is seen as an act of revenge after the board called off takeover talks last month.
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State Street shares rise, despite the money manager taking a $279m charge for sub-prime mortgage losses.
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Fannie Mae has agreed to forfeit some $7.5 million in an accord with the Justice Department, which had accused the mortgage giant of accepting money it knew had been lost by a federal agency in a fraud scheme.
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A former employee of Countrywide KB Home Loans has filed a lawsuit claiming he was wrongly fired after he reported fraudulent lending practices to superiors and refused to approve mortgages for unqualified applicants.
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The state attorney general's office yesterday stopped four mortgage and real estate companies from doing business, alleging they used deceptive practices such as preying on families about to lose their homes, falsifying income and asset information to lenders, and steering consumers toward homes they could not afford.
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Abbey unexpectedly withdraws a top mortgage shortly before new rules come into force which are designed to protect consumers.
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Fannie Mae, the mortgage finance giant, forced out its chairman and chief executive, days after the company was found to have violated accounting rules.
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Business & money: Astonishment at huge reward for Countrywide boss who is told to go away and 'have fun'
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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September 01, 2004 - The former chief executive of mortgage giant Freddie Mac will receive about $60 million in compensation that was withheld by the company on orders from its regulator.
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WASHINGTON - Fannie Mae has agreed to forfeit some $7.5 million in an accord with the Justice Department, which had accused the mortgage giant of accepting money it knew had been lost by a federal agency in a fraud scheme.
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The former accountant testified today that he had taken his concerns over the mortgage giant's bookkeeping directly to the company's chief executive.
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Britain's fifth largest mortgage lender recieved emergency funding from the Bank of England in an attempt to head of a liquidity crisis.