The nation’s fastest-growing union, the Service Employees International Union, calls the combination of the United States’ largest mortgage lender with largest bank when both institutions are facing mounting losses and potentially destabilizing risks bad for consumers, bad for business, and bad for America. (more…)

Bank of America Corporation has made an investment in Countrywide Financial Corporation, the largest mortgage lender in the United States.

Bank of America will invest $2 billion in the form of a non-voting convertible preferred security yielding 7.25 percent annually. The security can be converted into common stock at $18 per share. (more…)

Countrywide Financial Corporation (NYSE:CFC) has announced that one of its subsidiary companies has entered into a definitive agreement to acquire the assets and assume certain liabilities of Chicago-based CCM Futures, LLC (“CCMF”). CCMF, an independent Introducing Broker for futures trading on the Chicago Board of Trade and Chicago Mercantile Exchange, is registered with the Commodity Futures Trading Commission and the National Futures Association. The acquisition, expected to close later this month, further solidifies Countrywide’s strategic focus on diversifying revenue streams. (more…)