E-mail
Print
Countrywide's
rise and fall
1969: Countrywide is founded by Angelo R. Mozilo and David Loeb.
1985: The company's shares begin trading on the New York Stock Exchange.
1992: The firm becomes the largest U.S. mortgage lender. But it loses that ranking three years later.
2004: Countrywide ramps up production of subprime and other risky mortgages. It reclaims the title as No. 1 home lender.
2005: The firm posts net income of $2.5 billion for the year. Mozilo takes home $160 million in pay, including profits taken on stock options.
2006: Mozilo files a plan in October to sell 350,000 shares a month of his Countrywide stock and a separate plan in December to sell 115,000 shares a month.
February 2007: He doubles the number of shares to be sold under the second plan.
October 2007: Countrywide posts a $1.2-billion third-quarter loss. It incorrectly predicts profits will return.
January 2008: Facing threat of collapse, the firm accepts a takeover by Bank of America, which is completed that July for stock worth $2.5 billion.
June 2009: The Securities and Exchange Commission sues Mozilo, accusing him of fraud and insider trading.
rise and fall
1969: Countrywide is founded by Angelo R. Mozilo and David Loeb.
1985: The company's shares begin trading on the New York Stock Exchange.
1992: The firm becomes the largest U.S. mortgage lender. But it loses that ranking three years later.
2004: Countrywide ramps up production of subprime and other risky mortgages. It reclaims the title as No. 1 home lender.
2005: The firm posts net income of $2.5 billion for the year. Mozilo takes home $160 million in pay, including profits taken on stock options.
2006: Mozilo files a plan in October to sell 350,000 shares a month of his Countrywide stock and a separate plan in December to sell 115,000 shares a month.
February 2007: He doubles the number of shares to be sold under the second plan.
October 2007: Countrywide posts a $1.2-billion third-quarter loss. It incorrectly predicts profits will return.
January 2008: Facing threat of collapse, the firm accepts a takeover by Bank of America, which is completed that July for stock worth $2.5 billion.
June 2009: The Securities and Exchange Commission sues Mozilo, accusing him of fraud and insider trading.
Digg
Twitter
Facebook
StumbleUpon
