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Countrywide Bank
Bank of America Home Loans is the mortgage unit of Bank of America. 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. History Countrywide was founded in 1969 by David S. Loeb and Angelo Mozilo. Loeb died in 2003. The initial public offering was less than successful, with company stock trading Over-the-counter (finance), over the counter at less than $1 per share. In 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. On January 11, 2008, Bank of America announced that it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Division (business)
A division, sometimes called a business sector or business unit (segment), is one of the parts into which a business, organization or company is divided. Overview Divisions are distinct parts of a business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. In the banking industry, an example would be East West Bancorp and its primary subsidiary, East West Bank. Legal responsibility Subsidiaries are separate, distinct legal entities for the purposes of tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...ation, regulation and Legal liability, liability. For this reason, they differ from divisions, which are businesses fully integrated within the main company, and not legally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |