Countrywide turns: the Federal Reserve held a hearing on Bank of America Corp.'s proposed $4 billion takeover of Calabasas mortgage lender Countrywide Financial Corp.COUNTRYWIDE TURNS: The Federal Reserve held a hearing on Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corp.'s proposed $4 billion takeover of Calabasas mortgage lender Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corp. At the hearing, Fed leaders were criticized by U.S. Rep. Maxine Waters Maxine Waters (born Maxine Moore Carr on August 15 1938) has served as a Democratic member of the United States House of Representatives since 1991, representing the 35th District of California (map). (D-Los Angeles) and others, who said they needed to atone for failing to rein in to check the speed of, or cause to stop, by drawing the reins. to cause (a person) to slow down or cease some activity; - to rein in is used commonly of superiors in a chain of command, ordering a subordinate to moderate or cease some activity deemed excessive. See also: Rein Rein the loose credit policies. Also last week, Countrywide posted a first-quarter loss of $893 million, compared with a profit of $434 million in the same period a year earlier. Revenue for the lender dropped 72 percent to $679 million. |
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