The CtW Investment Group, a nonprofit pension fund advisory group, wants Angelo Mozilo to resign as chairman and chief executive of Countrywide Financial Group, saying his "insider" stock sales have destroyed shareholder confidence in him.CtW advises union pension funds affiliated with Change to Win, which has 6 million union members. William Patterson, executive director of CtWIG, wrote to Countrywide lead director Harley Snyder, calling on the company's board to fire Mr. Mozilo. Change to Win unions hold about 3.5 million shares of Countrywide stock. The Securities and Exchange Commission recently opened an informal investigation into Mr. Mozilo's stock sales, which have totaled about $300 million over the past three years. In past interviews, Mr. Mozilo has defended his disposition of stock, noting that all sales have been disclosed and pre-arranged. At deadline time, Countrywide's spokesman Rick Simon had not returned a telephone call and e-mail message about the matter.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
7h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27