California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.


Bank of America to Buy Countrywide for $4 Billion

In a move that surprised no one and to protect its own investment, Bank of America agreed today to purchase subprime lender Countrywide Financial Corporation for $4 billion. Before making risky loans, experiencing record borrower defaults, investigations by the SEC and other regulatory agencies, Countrywide was the darling of the lending industry. Less than a year ago, its market value was pegged at $26 billion.

Reuters indicates that Countrywide shareholders would receive 0.1822 of a Bank of America share in exchange for each of their shares.

Comment: sympathizers to the uber-wealthy should not fret over the fortunes of CEO Angelo Mozilo, who not only built Countrywide from the ground up, but tore it down with his reckless lending policies and greed: Mozilo stands to make $115 million on the deal, in addition to the tens of millions he has already sucked out of Countrywide.

Read the Full Story.

Prior the takeover announcement, in a quote that is nothing less than a stunning understatement, Mozilo reportedly told a group of Los Angeles real estate professionals that the industry is “roiling” and that panic is generating fear among lenders “who are increasingly less likely to lend to risky borrowers.” (Reuters)

The above quote was taken from an article published by the San Francisco Bay Independent Media Center.

Comment: how is Angelo Mozilo different from Kenneth Lay of Enron?

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.


Copy Protected by Chetan's WP-Copyprotect.