home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Countrywide Receives Fed Approval

Company to acquire Treasury Bank, Ltd.

April 12, 2001

By Sam Garcia

The company which touts itself as "the largest direct lender on the Internet" received approval from the Federal Reserve Board to become a bank and financial holding company. In an announcement today, Countrywide Credit Industries, Inc. (NYSE: CCR) Chief Executive Officer Angelo R. Mozilo said "This approval brings us closer to the realization of our diversification strategies."

The approval clears the way to finalize the acquisition of Treasury Bank, Ltd., by Countrywide's majority-owned affiliate, Effinity Financial Corporation of Alexandria, Virginia. Mr. Mozilo said that the company can now move forward with plans to further diversify the mortgage giant's product offerings, implement Internet banking strategies and "enhance relationships and retention rates with our existing base of nearly 3 million mortgage customers and 500,000 insurance customers."

Stanford L. Kurland, Chief Operating Officer and Executive Managing Director added, "As a bank and financial holding company, Countrywide will be able to capitalize on our strengths to offer new and existing customers a powerful suite of banking products." He continued "This change in status also enables us to leverage two of our most important core competencies; asset origination capability and processing expertise."

Countrywide's move to become a bank follows a similar move by IndyMac. Last year, Countrywide was rumored to have hired Goldman Sachs to line up potential buyers for the company because of frustration over its inability to maintain the leverage ratios that a commercial bank could maintain. Washington Mutual was said to be a possible suitor.

The Calabasas, California company this week reported record loan production during March.

Shares of Countrywide were trading at $45.20 per share this morning, down twenty seven cents.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: [email protected]

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders