Countrywide Home Loans, Inc., doing business as Bank of America Home Loans, provides residential loans in the United States. It originates, purchases, securitizes, sells, and services home loans. The company originates mortgage loans primarily through relationships with real estate agents, builders, organizations, mortgage loan brokers, and other financial intermediaries, as well as from the consumer through the Internet and call centers. It also originates mortgage loans by working with relocation companies and corporate relocation departments to provide loans to relocating employees of various companies. In addition, it purchases mortgage loans from other lenders, which include mortgage ba...
4500 Park Granada Boulevard
Calabasas, CA 91302
Founded in 1969
Federal Deposit Insurance Corporation Announces Settlement with Bank of America
Aug 21 14
The Federal Deposit Insurance Corporation (FDIC) as Receiver for 26 failed banks has announced a $1,031,000,000 settlement with Bank of America Corporation, Banc of America Funding Corporation, Banc of America Securities LLC, Banc of America Mortgage Securities, Inc., Bank of America, N.A., NB Holdings, Inc., Countrywide Financial Corporation, Countrywide Securities Corporation, Countrywide Home Loans, Inc., CWMBS, Inc., CWALT, Inc., CWABS, Inc., CWHEQ, Inc., Countrywide Capital Markets, LLC, Merrill Lynch Mortgage Capital Inc., Merrill Lynch Mortgage Investors Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc. of certain of the receiverships' claims. The settlement funds will be distributed among the 26 receiverships.
Most Banks Charged in Atlanta Lawsuit Settle
Nov 19 12
Six banks accused in a whistleblower lawsuit of illegally charging military veterans hidden fees on refinanced home loans have settled out of court while two other banks will be brought to trial. In a ruling issued on November 19, 2012 in an Atlanta federal court, U.S. District Judge Amy Totenberg rejected motions to dismiss filed by lawyers for Wells Fargo & Company and Mortgage Investors Corporation, thus allowing lawsuits against both to proceed. The six banks that agreed to out-of-court settlements will pay a total of $161.7 million. They include Countrywide Home Loans, Inc., PNC Bank, First Tennessee Bank National Association, SunTrust Mortgage, Inc., CitiMortgage, Inc. and JPMorgan Chase Bank, N.A. The lawsuit, filed in 2006, alleges that the banks cheated the veterans and American taxpayers out of millions of dollars by hiding illegal fees in home mortgage refinancing transactions and seeking to collect on federal loan guarantees when loans went into default.