The House Oversight and Government Affairs Committee has invited Countrywide Financial Corp. chairman and CEO Angelo Mozilo to testify on Feb. 7 on the topic of severance packages for subprime executives. Mr. Mozilo, according to one executive compensation company, stands to earn $112 million in severance benefits if he leaves CFC which is slated for sale to Bank of America. CFC and BoA have not yet addressed Mr. Mozilo's future with the combined firm but he is expected to step down at some point over the next several months. The CFC chief is 69 years old. Also invited to testify at the Feb. 7 hearing is Stanley O'Neal, and Charles Prince, the former chiefs, respectively, of Merrill Lynch and Citigroup. Both were ousted after their firms reported large subprime-related losses.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
8h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25