Countrywide Financial Corp.

Countrywide Financial Corp. is a diversified lender, primarily focused on home mortgages. On March 8, 2008, government officials revealed the company was undergoing criminal investigation for securities fraud. In October 2008, it was revealed that the company is also under investigation for offering preferential treatment to selected customers, known as Friends of Angelo after former CEO Angelo Mozilo.¹

Fast Facts

1. Stock symbol: CFC (NYSE)
2. Annual revenue (2007): $25.11 billion
3. Founders: David Loeb, Angelo Mozilo
4. Year established: 1969
5. Industry: Finance
6. Phone: (818) 225-3000
7. Fax: (818) 225-4051
8. HQ: Calabasas, California
9. Staff (2007): 50,600

Key Dates

1. March, 1969: Countrywide Credit Industries is founded
2. September, 1969: Countrywide goes public
3. 1974: First retail Countrywide office opens in California
4. 1980: Countrywide has branches in 40 locations
5. 1985: Stock ticker CCR listed on New York Stock Exchange, Forbes calls it one of the 200 Best Small Companies
6. 1991: Countrywide becomes number one mortgage lender
7. 2002: Renamed Countrywide Financial Corporation (CFC)
8. 2008: Bank of America purchases Countrywide
9. 2008: Undergoes criminal fraud investigation

Countrywide Investigation

In March 2008, media revealed that federal authorities had started an investigation of securities fraud at Countrywide. In October 2008, it was revealed that the investigation had expanded to the preferential treatment selected customers allegedly received at Countrywide. The "VIP" customers, nicknamed "Friends of Angelo'" after former CEO Angelo Mozilo, allegedly received discounts on interest rates and other benefits. Friends of Angelo included former Fannie Mae CEO Franklin Raines and senators Christopher Dodd and Kent Conrad.²

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