If, between March 12, 2004 and March 7, 2008, inclusive (the “Class Period”), you purchased or acquired Countrywide Financial Corporation common stock, call options, 6.25% Subordinated Notes Due 5/15/2016, Series A Medium-Term Notes, Series B Medium-Term Notes, certain Series L Medium-Term Notes, certain Series M Medium-Term Notes, and/or Countrywide Capital V 7% Capital Securities, or you sold Countrywide put options during the Class Period, and you were damaged thereby, then you may be entitled to receive money from a class action settlement.
A class action settlement has been reached in a class action lawsuit pending in the United States District Court for the Central District of California, in Los Angeles, California against Countrywide Financial Corporation; Countrywide Securities Corporation, a broker-dealer; Countrywide Capital V, an entity formed for the purpose of issuing certain preferred securities; certain of Countrywide’s former officers and directors, KPMG, Countrywide’s outside auditing firm; and various investment banks that underwrote offerings of Countrywide securities (the “Underwriter Defendants”) including ABN AMRO Incorporated, A.G. Edwards & Sons, Inc., Banc of America Securities LLC, Barclays Capital Inc., BNP Paribas Securities Corp.; Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., Greenwich Capital Markets, Inc. (now RBS Securities, Inc.), HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, RBC Dain Rauscher Inc., UBS Securities LLC, and Wachovia Capital Markets, LLC. (collectively “Defendants” (styled In re Countrywide Financial Corporation Securities Litigation, No. CV 07-05295 MRP (MANx) (C.D. Cal.) alleging, among other things, that Defendants violated the federal securities laws by making false and misleading statements concerning Countrywide’s loan origination and underwriting practices, the creditworthiness of Countrywide’s borrowers and riskiness of Countrywide’s loans, and that Countrywide’s financial statements during the Class Period were false and misleading and presented in violation of generally accepted accounting principles (GAAP) by overvaluing Countrywide’s retained interests in securitized loans and its mortgage servicing rights, while underreserving for losses on loans held on the ’s books and in connection with loans sold onto the secondary mortgage market, according to the Countrywide securities class action settlement notice.
The Countrywide Financial securities fraud class action lawsuit settlement reportedly includes the following as settlement class members, unless otherwise excluded:
All persons or entities that, between March 12, 2004 and March 7, 2008, inclusive (the “Class Period”), either in the open market or pursuant or traceable to a registration statement: (i) Purchased or otherwise acquired Countrywide Financial Corporation (“Countrywide”) publicly traded common stock or call options, and/or sold Countrywide publicly traded put options (the “Common Stock Subclass”); or (ii) Purchased or otherwise acquired Countrywide Capital V 7% Capital Securities3 (the “Capital Securities Subclass”); or (iii) Purchased or otherwise acquired Countrywide Series A Medium-Term Notes,4 Series B Medium-Term Notes,5 6.25% Subordinated Notes Due May 15, 2016,6 Series L Medium-Term Notes (limited to CUSIP Nos. 22237LNR9 and 22237LPA4), and/or Series M Medium-Term Notes (limited to CUSIP No. 22237LPM8) (the “Debt Securities Subclass”); and were damaged thereby (these subclasses are collectively referred to as the “Class”).
In exchange for the settlement and dismissal of the securities fraud class action, the Defendants have agreed to create a Six Hundred Twenty-Four Million Dollar($624,000,000.00) settlement fund to be distributed, after various Court-approved fees and expenses, among all countrywide Class Members who send in a valid Proof of Claim form and are entitled to a distribution from the Net Settlement Fund (“Authorized Claimants”). Countrywide and certain of its insurance carriers are reportedly paying $600 million in settlement, and KPMG is paying $24 million in settlement.
The Court is scheduled to hold a settlement Fairness Hearing on November 15, 2010, at 1:00 p.m., in Courtroom 12 at the United States District Court for the Central District of California, United States Courthouse, 312 North Spring Street, Los Angeles, California 90012 to consider, among other things, whether the countrywide securities class action settlement is fair, reasonable and adequate and should be approved.
The deadline to submit a proof of claim in the proposed Countrywide class action settlement is reportedly February 14, 2011, the deadline to exclude yourself or opt out of the Countrywide class action settlement is reportedly October 18, 2010 and the deadline to object to the Countrywide class action settlement is reportedly October 18, 2010.
For more information on the Countrywide Financial securities class action lawsuit settlement and potential settlement benefits and/or updates on the settlement, visit the Countrywide securities class action settlement website:
www.countrywidesecuritiesclassaction.com
If You Have Thoughts On The Countrywide Financial Securities Class Action Lawsuit Settlement, Share Your Settlement Comments Below.
accounting principles (GAAP) by overvaluing the Company’s retained interests in securitized loans and its mortgage servicing rights, while underreserving
for losses on loans held on the Company’s books and in connection with loans sold onto the secondary mortgage market.
Hello
My name is Jacqueline Silveira- employee #14715 . I feel I was entitle in the class action suits in several areas. I was an underwriter #14715 from 4/2005 – 10/2005 , worked 65- 70 years a week. During that time I had a surgery was out of 2 weeks, was forced to return to work without a medical release I was contributor of stocks and stock options , took loses several times without notices. I have never received any notification by mail. Two former underwriter with less time received a settlement.
Jacqueline Silveira
30133 Longview Lane E
Coarsegold, Ca. 93614
I believe im a victom of fraud aswell,country wide sold my info in wich i was informed by submitting a complaint to the attorney general several months back,due to a modification they tried to say i do not qualify,I also was giving monthly payments after speaking to a representitive with a professional housing consultant last year September 2009, this year in june they (B OF A) tried to foreclose me,after fighting with them several months i got an approval,thanks to the attorney general (John)in pheonix and consultant (Oscar) from La Primavera….I filed a complaint on my info that was sold,but not heard from them yet,,Jose Hernandez(520)203-1794
In 2003 while working for a builder in alabama, I was asked to keep it down – as in – keep the # of black people buying homes to a minimum & don’t talk @ my customers w/ to my GM, as he didn’t “do black well”. Well, I didn’t… But there’s a much bigger monster here if you look into CFS’s 8 & 10K financial statements, they reference, B.I.G. Literally in parenthesis, which I thought took big cajones, as they were pleased w/ the ambiguity, so I got curious. BIG stands for (on the face of it) balboa insuranse group, but it also means Barclay’s insurance Group & Burnham Group, which encompass horace-mann, mann, and others. Remember AIG? CFS holds the 52% of the plc with Barclay Lloyds. That’s pretty sporty if you think @ it! And their 1st tier subsidiaries dominate in the subprime market, i.e. Full-spectrum Lending, Global and many others internationally. Hence the huge collateral affect to london’s economy.
Burnham insurance group – London-Bridges runs the fastest networks for Survey, Appraisal, Flood cert & CREDIT.
And then sometime in 2004, CFS gave birth to countrywide bank whose stock value sky-rocketed over-night. And while they originally serviced my personal Interest Only Equity-line w/ countrywide home loans, but they had no retail outlets – you couldn’t open a checking acct. When I asked a friend of mine who ran a couple branches, he said ” they’re just not set up for that “yet”, but suddenly they were a benchmark in banking whispering in the FED’s ear.
FYI – CFS was the 1st mtg lender to give birth to a bank, Indie-Mac Bank… Though they had severed “contractually”, according to a service rep I spoke to, CFS had put retirement assets in there. The 1st bank to FAIL, as I recall, was Indie-mac Bank… Why?
In July of 2004, Countrywide issued 12 million pieces of mortgage backed securities & over night their stock value (artificially) climbed. PROBLEM – Home-owner’s Equity Protection Act – says something akin to you cannot leverage someone’s homestead, moreover, there’s usually no equity in them.
Reference Mindbox, which builds the fastest program platforms in the world (and yes, X-Box), less than 1w seconds in real time. Mindbox designed CFS’s software for their underwriting programs. Underwriting could occur in 11 seconds, I known because mine approved in less then 10 minutes, but hardly anybody I sent there could get that loan, much less in 10 minutes.
Nextel Partners/Sprint’s #1 partner is CFS.
Black people couldn’t get a loan @ C-wide home loans. I know, because I tested it over & over again,
i.e. Black guy w/ a 780 middle credit score, $200K annual income, strong job history qualified for a No-Doc loan, an 80/20 for sure according to CFS’s own guideline models, but was “pre-qualified” @ CWide for , FHA Loan Max $78K w/ 3% down… Huh? I tracked this for months & tested CFS over & over. I had 33 black clients approved thru Full Spectrum out of dallas, but the “final” approval was oddly decided by a cwide underwriter in alabama? As closing times started approaching, suddenly previously removed items from credit reports started re-appearing on credit reports, they were systematically being un-approved, under-approved, wrongfully. denied & credit tampered with by countrywide. I mentioned it to 1 of their regional vice presidents for contractor division, & 2 days later, 33 black homebuyers who had been previously approved, were denied by 2pm the next day. 21 out of 33 were approved elsewhere… The others were told once they were denied they couldn’t get a loan anywhere, the house they contracted for flooded, told they’d never been approved, though they had the approvals in hard-copy…
They built the most brilliant monster I’d ever seen
Dear Sirs: I sent in all the info. on the Proof of Cl;aim, that is copies of our CIBC Investors Edge Acct. invoices on Dec 14th mailing from Red Deer, Alberta, Canada. Now you are asking me again! You could or should have mailed me another “Proof of Claim” form, because I mailed you all that info.onDec14th of 2010.If you want us to repeat then send me the forms to the above names at Unit313 – 4805 – 45th St. Red Deer, Alta. Postal Code T4N 7A9 . Previous address was 95 Martin Close, but we sold our house at that address.
I am wondering when we may get our money and how much? Country wide employee sold personal and financial information to other groups and we were harrassed for months with up to 26 phone calls a day, which drove me crazy. I had to get rid of my phone. Will we get anything at all and when? We have been waiting for months and months?
Can someone please let me know wif we are getting any compensaion for all this harrassment we had to endure.
KJLomax
COULD SOMEONE EMAIL AND GIVE ME EMAIL ADRESS TO CLASS ACTION SUITE THANK YOU
Received Final Disposition Notice, small individual investor $23,000.00 not entitled to receive any distribution from NET Settlement Fund payment less than $10…Makes you wonder who is receiving the settlement….NOT the small investor….ATTORNEY’S anyone?
Hi, I am one of the people that received a card saying that I am entitled to a settlement from Countrywide, and that I am entitled to an amount of three hundred dollars, but I need to sign over a release form. Do I sign this form? It seems that they want to be released from any fault. Since then my home has been foreclosed and sold to some investor. I am currently unable to work because of a disability. When we first got our home, we were told that our payment would be $525.00 a month, but it kept getting higher and higher until we were paying almost $900.00 a month. We kept all our payments up until I was disabled. Then we tried to get a loan modification, they kept putting us off by telling us that it was at the underwriters. Then one day someone knocked at our door and told us they had just bought our house, which was on foreclosure. After putting us through all this am I suppose to settle for three hundred dollars?