Three former executives of Countrywide Financial Corp., Calabasas, Calif., pleaded guilty June 26 to insider trading in a scheme that generated more than $100,000 in profits.The three former executives (all vice presidents) are: Alan Cao and Quan Zhu, who worked in Countrywide's Calabasas, Calif. headquarters; and Jun Shi, who worked in the Thousand Oaks office of CFC's bank affiliate. According to the U.S. Attorney's Office for the Central District of California, the three traded on information relating to profits for the third quarter of 2004. The three obtained confidential information revealing that Countrywide would not meet analysts' expectations for that quarter and traded on it. Each man pleaded guilty to one count of securities fraud, which carries a maximum penalty of 20 years in prison. According to the Quarterly Data Report, Countrywide is the nation's largest residential lender. The company can be found online at http://www.countrywide.com.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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