Countrywide Financial Corp. Tuesday afternoon denied rumors that the company is planning to file for bankruptcy protection. In a statement, it added: "We are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company." The bankruptcy rumor began to circulate late Tuesday morning after the firm's share price fell more than 16% to a new 52-week low, $5.76. There was no major news on the company except for a New York Times report that cited allegations that a Countrywide employee may have recreated documents tied to a consumer's bankruptcy filing in Pennsylvania. A company spokesman said Countrywide, as a policy, does not fabricate documents.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24