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About Countrywide Mortgage

Countrywide was founded in 1969 by David S. Loeb and Angelo Mozilo. Loeb.  The initial public offering was less than successful, with company stock trading over the counter at less than $1 per share. By 1985 Countrywide stock was re-listed on the New York Stock Exchange under the ticker symbol CFC.  Countrywide's stock has been described as the "23,000% stock" by Fortune magazine. Between 1982 and 2003, Countrywide delivered investors a 23,000.0% return, exceeding the returns of Washington Mutual, Walmart, and Warren Buffett's Berkshire Hathaway. 

Countrywide Political Loan Scandal

In June 2008 Conde Nast Portfolio reported that numerous Washington D.C. politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders "FOA's" — "Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd, the chairman of the Senate Budget Committee and Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.  Senator Dodd proposed that the federal government buy up to $400 Billion in defaulted mortgages. Citizens for Responsibility and Ethics in Washington (CREW) has called for House and Senate to investigate Senators Conrad and Dodd.


It was reported that James Johnson, former CEO of Fannie Mae and an adviser to presidential candidate Barack Obama, had received loans under the "Friends of Angelo".  Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama's campaign.

In June 2008 The Wall Street Journal reported that Franklin Raines, a former CEO of Fannie Mae, received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's". He received loans for over $3 million while CEO of Fannie Mae. 

Countrywide Failure

In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.


Foreclosure Prevention Options


Today Countrywide (Bank of America) offers a number of foreclosure prevention options.  Some of the more popular options are shown below;

Hardest Hit Funds

The federal government created the Hardest Hit Fund (HHF) to help homeowners in states that have been affected by economic downturns.  Your state's website will detail which programs are available and how to apply – from modification, financial contribution toward lowering your principal, funds to help you catch up on past due sums, or relocation assistance to help on first and second mortgages. Eligibility, level and length of financial assistance are determined by each participating state. Programs change frequently, be sure to check for updates.


If you're going through a temporary financial hardship, mortgage loan forbearance may help you get your payments lowered or suspended for no more than 90 days.  To qualify, you'll need a to show a temporary financial hardship may include a loss of income due to a medical illness, death of a co-borrower, natural disaster or unemployment, and there must be a clear end in sight. For example, if you're unable to live in your home because of a flood and you're waiting for an insurance payment to cover additional living expenses, like staying in a hotel

FHA Modification

An FHA modification may lower your monthly mortgage payment.  You are eligible if you're having trouble paying your mortgage due to an increase in your mortgage payment or a reduction in your income

Bank of America Home Loan Modification

Bank of America has many modification programs that may make your payments more affordable – even if you no longer live in the property.

Home Equity Modification

If you've had a financial hardship, you may qualify for a modification to your home equity loan or line of credit term, interest rate or monthly payments, or a combination of these.

Homeowner Counseling Services

HUD is a U.S. government agency that works to increase home ownership, supports homebuyers, and offers government help for homeowners. HUD offers free or low-cost foreclosure prevention counseling throughout the country.  To find out where the nearest counseling agency is in your area, please visit or call toll free, 800 569 4287 for more information

Cooperative Short Sale

If you were evaluated for a loan modification and did not qualify or were unable to complete the modification trial and are looking to settle your home loan debt to prevent foreclosure, this may be right for you. Plus, you may qualify for assistance with relocation costs.

Deed in Lieu

With a deed in lieu of foreclosure, or deed in lieu, you agree to transfer the title or ownership of your property to the owner or servicer of your loan in order to avoid foreclosure sale and satisfy all or a portion of the mortgage debt. If you have been evaluated but do not qualify for a loan modification and have been unable to sell your home through a short sale, a deed in lieu may be an option.

Keep Your Keys

Keep Your Keys is highly experienced in helping homeowners stop foreclosure.   We have a thorough understanding of the products Countrywide (Bank of America) offers as well as their internal processes to get them approved and completed.  With our 5 star reviews and exceptional customer service you would be hard pressed to find a better partner.   Leave your checkbook at home and contact us today for a no cost, no obligation, appointment to get started. 

Additional Questions?

Visit our Frequently Asked Questions page for common questions.   Or setup an no cost, no obligation appointment with one of our licensed Consultants for customized answers for your scenario.

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