LOS ANGELES, Oct. 25 (AP) — An investment group affiliated with labor unions has called on Countrywide Financial, the struggling mortgage lender, to let shareholders play a role in nominating a successor to Henry G. Cisneros on the company's board.
WASHINGTON -- A whistleblower who exposed systemic fraud by Countrywide mortgage lenders called on the Department of Justice on Wednesday to prosecute her former colleagues, if not with fraud, then with covering it up.
He called on lenders to reconfigure subprime mortgages to help people avoid losing their homes.
PHILADELPHIA – Senator Hillary Rodham Clinton returned to one of her major campaign themes this morning – the economic impact of the home mortgage crisis – and called on Congress to provide $30 billion to help states and communities lessen the number of foreclosures.
PHILADELPHIA — Senator Hillary Rodham Clinton returned to one of her major campaign themes Monday — the economic impact of the home mortgage crisis — and called on Congress to provide $30 billion to help states and communities lessen the number of foreclosures.
He called on the Federal Housing Administration to expand its federal mortgage insurance to 80,000 additional homeowners.
Earlier this week, Senator Christopher Dodd, another Democratic presidential hopeful, and Senator Charles Schumer, called on federal regulators to ease restrictions so that Fannie Mae and Freddie Mac — the quasi-government mortgage agencies — can buy more mortgages and mortgage-related securities from lenders.
John A. Paulson, who made billions with his prescient calls on the subprime mortgage market during the financial crisis, apologized to investors in November, saying that that 2011 was shaping up to be the worst-ever at his firm.
Bank of America is currently running its own pilot program to rent homes to families that have been foreclosed on, called Mortgage to Lease.
The company is close to bankruptcy after missing some $400 million in margin calls on mortgage-backed securities, but its co-founder was reported as saying that possible compensation packages for investors were being looked at.
