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Countrywide, one of the largest mortgage lenders in the U.S. announced yesterday that it would be offering free refinancing for 50,000 of it’s customers facing increased rates and payments due to Adjustable Rate Mortgages (ARMs). Additionally, they’re also offering rate reductions for another 30,000 customers that don’t qualify for refinancing. Overall, it would seem that [...]

Employees of Countrywide Mortgage are suing the company because of significant losses incurred due to the company’s financial troubles, and the fact that news of those financial troubles were kept from employees investing in company stock through their retirement accounts. The lawsuit cites that investors have lost a significant amount of the value of their [...]

Countrywide announced Friday, after hours, that they would be laying off between 10,000 and 12,000 employees over the next few months. This adds up to approximately 20% of their workforce. Countrywide management apparently is expecting things to get worse before it gets better, even after the combined 13.5 Billion dollars invested into the company (11.5 [...]

From the Yahoo News article:
NEW YORK (Reuters) – Bank of America Corp (BAC.N) said on Wednesday it would invest $2 billion in Countrywide Financial Corp (CFC.N), helping shore up the finances at the largest U.S. mortgage lender, which has struggled with a liquidity crunch this month.
This $2 billion comes after a previous $11.5 billion line [...]