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Just finished watching a live stream of SEC Enforcement Chair Robert Khuzami announcing that the SEC had filed charges against three former Countrywide executives, including former CEO Angelo Mozilo, former COO David Sambol and former CFO Eric Sieracki. You can find the live tweets here. During his remarks, Khuzami spent a fair amount of time [...]
I’ve been down in Bradenton, Florida the past few days where I started my career as a journalist. After spending the weekend walking door to door to get out the vote for Barack Obama, I’m now turning my attention to reporting and plan to attend the daily 11 a.m. foreclosure sale run by the Manatee [...]
On Tuesday, Countrywide’s sex party house sold at auction for $475K, a substantial haircut from the $1.1 million Countrywide was in for. Keep in mind that as Floyd Norris pointed out last month, that doesn’t include any losses from second mortgages. Real Estate Disposition Corp handled the auction on Tuesday and will collect a 5% [...]
Footnoted regulars know that I’ve been chronicling the fate of Countrywide’s (CFC) sex party house in Holmes Beach, Fl and using it as a metaphor to explain just how serious the whole subprime mess really is. Not to mention how little Bank of America (BAC) executives seem to really get the problem. Next Tuesday, the [...]
Each time I look at this site, which tracks foreclosures at Countrywide Financial (CFC), I become even more convinced that Bank of America (BAC) still doesn’t get the full extent of the problem it will soon inherit, no matter how many times Ken Lewis says otherwise. As the deal moves ever closer, the number of [...]
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