Countrywide Financial Corp. chairman and chief executive Angelo Mozilo will not stand for re-election as a director to Home Depot, the nation's largest home improvement retailer.According to a Home Depot filing with the Securities and Exchange Commission, Mr. Mozilo did not cite "any disagreement on any matter" relating to the company's "operations, policies or practices." The Countrywide founder gave notice in mid-March and will serve out his term as a director, which expires in May when Home Depot holds its annual meeting. Countrywide is the nation's fourth-largest originator of home equity mortgages, a category that includes home improvement loans.
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About 43% of Americans upgraded their homes last year, and 33% plan to remodel in the next year, according to a recent survey from Redfin.
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Sun Belt states saw a noticeable surge in liens filed last year, with Florida accounting for 17% of the national total, according to Benutech.
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CEO Tim Spence said folding in the acquired bank has gone to plan so far, but the biggest point of risk is still on the horizon.
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Surge, which claims to serve some of the nation's larger wholesale players, said the lender's behavior was reminiscent of its spat with Black Knight.
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Questions about the single-report option and whether VantageScore should be introduced before FICO 10T arose during a hearing on broader legislative proposals.
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SecurityNational Mortgage Co. alleges that the larger competitor facilitated the mass resignation of its staff from Glendale and Scottsdale offices.
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