Mortgage and Financial News From 2008-1-11 Page 11

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• Cleveland sues 21 banks over foreclosure crisis - Akron Beacon Journal

  Cleveland sues 21 banks over foreclosure crisisAkron Beacon Journal, OH - 24 minutes agoThe acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer. BOA spokeswoman Shirley Norton said ...
  2008-01-11 08:57:36

• Heard on the Street - Wall Street Journal

  Heard on the StreetWall Street Journal - 21 minutes agoAs an added benefit, it sharply expands its mortgage business, prevents a potential bankruptcy at the nation's No. 1 mortgage lender and originator that ...
  2008-01-11 09:01:02

• Mortgage Markets Get a Hand - Wall Street Journal

  Mortgage Markets Get a HandWall Street Journal - 21 minutes agoNow, defaults are forcing lenders to tighten their standards, and mortgage volume has been plunging, along with home sales. The Mortgage Bankers Association ...
  2008-01-11 09:01:03

• US stocks to face earnings, data tests next week - MarketWatch

  US stocks to face earnings, data tests next weekMarketWatch - 19 minutes ago... troubled mortgage lender for $4 billion. See full story. , , ) confirmed that problems stemming from bad US home loans weren't going away anytime soon. ...
  2008-01-11 09:02:35

• Bank Agrees to Buy Troubled Loan Giant for $4 Billion - New York Times

  Bank Agrees to Buy Troubled Loan Giant for $4 BillionNew York Times, United States - 16 minutes agoAs the nation’s largest mortgage lender, Countrywide helped fuel the housing boom by offering loans to high-risk borrowers. But as home prices began ...
  2008-01-11 09:05:44

• Mortgage moves for a slow housing market - Discovery Bay Press

  Mortgage moves for a slow housing marketDiscovery Bay Press, CA - 9 minutes agoRefinancing to a fixed-rate home equity loan could be advantageous, but you should first check with your lender. Another option, whether you’re considering ...
  2008-01-11 09:12:32

• Wall Street drops sharply on AmEx earnings - MSN Money

  Wall Street drops sharply on AmEx earningsMSN Money - 5 minutes agoBank of America's agreed takeover of Countrywide Financial, the troubled mortgage lender, helped financial stocks avoid the worst of the selling on Friday ...
  2008-01-11 09:16:07

• Stock markets jittery (Deutsche Welle)

  Share prices on European and US markets have closed mostly lower, amid fresh worries about the US economy and its subprime home loan crisis. The second-largest US commercial bank, Bank of America, says it's agreed to buy the battered mortgage lender Countrywide in a four billion dollar transaction.
  2008-01-11 09:00:57

• U.S. stocks to face earnings test next week (MarketWatch via Yahoo! Finance)

  After another week dominated by concerns about the economy and the impact of the credit crisis, investors next week will take their cues from earnings and forecasts from leading financial firms such as Citigroup Inc. and J.P.
  2008-01-11 09:01:00

• BOA rescues Countrywide with $4B buyout (Knoxville News Sentinel)

  Pedestrians walk past a Bank of America ATM in Charlotte N.C., near the bank's corporate headquarters Friday. Bank of America Corp., said Friday it has agreed to buy Countrywide Financial for $4 billion in stock, a deal that both rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.
  2008-01-11 09:02:16

• Bank of America to the rescue (The State)

  CHARLOTTE — Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country’s biggest mortgage lender and expands the financial services empire of the nation’s largest consumer bank. The acquisition will make Charlotte-based Bank of America the nation’s biggest mortgage lender and loan servicer. The transaction effectively leaves Bank of ...
  2008-01-11 09:03:35

• Some Regional Banks May Put Themselves Up For Sale (The Tampa Tribune)

  The bank branch on the corner might be changing names - again. Get set for the next wave of consolidation that could sweep through the nation's banking industry this year. Chief executives at some of the top regional players might be mulling deals to salvage businesses pummeled by the subprime mortgage market's collapse.
  2008-01-11 09:04:45

• Bank of America to Buy Countrywide (Law.com)

  Bank of America agreed Friday to buy troubled mortgage lender Countrywide Financial Corp. for about $4 billion in stock, another sign the banking market is slowly mopping up its subprime mortgage mess. The move will make Bank of America the largest mortgage lender in the U.S., adding 1,000 Countrywide field offices to its 6,100-branch network. Bank of America was advised by Cleary Gottlieb and ...
  2008-01-11 09:13:28

• Bank to buy troubled loan giant (The Nashua Telegraph)

  CHARLOTTE, N.C. -- In a career defined by blockbuster deals, Bank of America chief executive Ken Lewis has taken his biggest gamble yet with an attempt to rescue the country's biggest mortgage lender, Countrywide Financial. ... - By IEVA M. AUGSTUMS The Associated Press
  2008-01-11 09:13:57

• Bank of America to buy Countrywide for $4.1 billion in stock (Herald Standard)

  CHARLOTTE, N.C. (AP) - In a career defined by blockbuster deals, Bank of America chief executive Ken Lewis has taken his biggest gamble yet with an attempt to rescue the country's biggest mortgage lender, Countrywide Financial.
  2008-01-11 09:19:05

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