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 Corporation 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
Capital One Financial Advisors, Countrywide Financial Corp., Bank of America N.A., and Seterus Announce $14.75 Million Settlement of Mortgage Discrimination Claims
Sep 15 13
Dismissing a suit alleging discriminatory lending practices by various mortgage companies, the U.S. District Court for the Southern District of New York held that the plaintiff's claims were released in a previous class action settlement. The plaintiff failed to show that she was inadequately represented in the class litigation or that the notice provided to her did not comport with due process. Ibelka Vargas brought a class action lawsuit against Capital One Financial Advisors, Countrywide Financial Corp., Bank of America N.A., IBM Lender Business Process Services Inc. and Seterus. The complaint alleged the defendants utilized a 'discretionary pricing policy' that had a discriminatory impact on African-American and Hispanic borrowers. Capital One moved to dismiss, arguing that the settlement release in Ramirez v. GreenPoint Mortgage Funding Inc. (Ramirez) precluded Vargas' suit. In 2008, the Ramirez plaintiffs filed a class action lawsuit in the Northern District of California against GreenPoint Mortgage Funding, Capital One's predecessor in interest. The Ramirez plaintiffs alleged that GreenPoint's discretionary pricing policy discriminated against minority applicants for home mortgage loans. The parties ultimately reached a $14,750,000 settlement. The district court concluded the prerequisites for res judicata preclusion were met. Vargas was a member of the Ramirez settlement class. Also, Capital One was in privity with GreenPoint during the Ramirez litigation. Finally, the claims asserted in Ramirez were the same as those asserted by Vargas. The settlement notice included all of the information Fed. R. Civ. P. 23 requires. The district court observed the notice adequately advised Vargas of the rights she would give up if she did not opt out of the settlement. The district court concluded that Capital One and the other defendants were released parties under the terms of the Ramirez settlement. Vargas was therefore precluded from pursuing her claims.
Countrywide Financial Corporation and others, Led by Lead Plaintiff, the Iowa Public Employees' Retirement System Agrees to a $500 Million Settlement
Apr 17 13
Plaintiffs in the landmark mortgage-backed securities (MBS) class action litigation against Countrywide Financial Corporation and others, led by Lead Plaintiff, the Iowa Public Employees' Retirement System (IPERS), have agreed to a $500 million settlement, according to plaintiffs' Lead Counsel Steven J. Toll of Cohen Milstein Sellers & Toll PLLC. It is the nation's largest MBS-federal securities class action settlement. If approved by the U.S. District Court in the Central District of California, the settlement will bring to a close the consolidated class action lawsuit brought in 2010 by multiple retirement funds against Countrywide and other defendants for securities violations involving the packaging and sale of MBS. Bank of America acquired Countrywide in 2008. The plaintiffs charge that they and other investors were sold billions of dollars worth of MBS certificates backed primarily with defective Countrywide-originated loans. By late 2008, virtually all of those certificates were downgraded to junk bond status. Class representatives in the settlement of the 429 Countrywide-sponsored offerings are the Iowa Public Employees' Retirement System (IPERS), which was appointed lead plaintiff by the U.S. District Court, Central District of California, in May 2010; as well as the Oregon Public Employee's Retirement System; the Orange County Employees' Retirement System; and the General Board of Pension and Health Benefits of the United Methodist Church, who were appointed additional class representatives in November 2011.
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