Home Mortgage Aid

WASHINGTON (AP) — The Securities and Exchange Commission is examining stock sales of the chief executive of Countrywide Financial Corp., the nation’s largest mortgage lender, a person familiar with the matter said Wednesday.
The informal SEC inquiry of stock sales by CEO Angelo R. Mozilo has been under way for a while, the person said, speaking […]

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Critics have long questioned the outsize pay packages and lucrative share sales of Countrywide Financial Corp.’s chairman and chief executive, Angelo Mozilo. But outside members of the company’s board also have above-average compensation, and three of them have sold more than $2 million of Countrywide shares apiece since mid-2006.

The directors are likely to be in […]

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Countrywide was downgraded to sell this morning by Merrill Lynch, citing the increased uncertainty in the current mortgage market. Margin calls and forced sales could result in more pressure, which would only make matters worse for a company already dangerously exposed.
CFC closed at 24.46 yesterday after an 8% drop, and is trading at 23 this […]

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Here’s an article from Reuters with a more human side of the foreclosures Californian homeowners are now facing. It’s not that I mean to be coldhearted, but in this instance we have another person who signed on the dotted line without understanding what she was agreeing to. I do believe there are predators, even in […]

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A reader alerted us today to a program from Wachovia Bank called ’specialty mortgages’. Rather than just offering either a fixed rate or adjustable loan, they go an extra step (actually a few extra steps) and offer multiple choices. The options available include lot loans, construction loans, 100% financed loans, jumbo loans (for those in […]

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