Category: Countrywide

How not to buy a financial institution: Part 2, repent at leisure

3 July, 2012 (10:26) | Bank of America, Countrywide, Foreclosure, Homeownership, Housing, Regulation, Subprime, US News, Workouts |

By:David A. Smith [Continued from yesterday's Part 1.]   Yes, buying Countrywide was worse than a poke in the eye Yesterday’s post chronicled only half of the major problems that Bank of America bought when it acquired Countrywide Financial in what finance professor Tony Plath called “the worst deal in the history of American finance.”Yesterday […]

How not to buy a financial institution: Part 1, act in haste

2 July, 2012 (17:55) | Bank of America, Countrywide, Foreclosure, Homeownership, Housing, Regulation, Subprime, US News, Workouts |

By:David A. Smith   That didn’t work out so well   Some awards we’d just as soon not win, and some decisions we’d just as soon have back, but life doesn’t have a rewind button, so former bank of America CEO Ken Lewis (pictures above) must be considered the proud papa of what, in hindsight, […]

Delusion is an iron-clad defense

28 February, 2011 (12:16) | Angelo Mozilo, Countrywide, Litigation, Subprime, US News | 1 comment

  By: David A. Smith   Too bad the New York Times is so staid it has to waste Joe Nocera‘s great line by burying it after 1,500 words – but I can make it the post’s title.   “What can I do?  I’m not the headline-writer.”   At least he can start with a […]

Open the books Countrywide

19 October, 2009 (10:19) | Countrywide, Policy, Subprime, Transparency, US News |

By: David A. Smith   Two years ago, two years after I’d called the market top and just as the subprime mess was beginning to break, in the form of New Century’s bankruptcy and problems alleged at Countrywide, I stuck up for Angelo Mozilo – or more precisely, I questioned the New York Times‘s putative […]