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Countrywide is a diversified economic services company with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they started the Countrywide Credit Industries. Expansion began in 1979, and by the subsequent year, Countrywide had 40 offices in downtown Los Angeles, and in 1981, Countrywide Securities Corporation, a broker-dealer subsidiary that would like to sell securities backed by loans created was formed.
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Countrywide hit ?
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Brief history
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Countrywide is a diversified economic services organization with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they started the Countrywide Credit Industries. Expansion began in 1979, and by the next year, Countrywide had 40 offices in downtown Los Angeles, and in 1981, Countrywide Securities Corporation, a broker-dealer subsidiary that would sell securities backed by loans produced was formed.
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Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Magazine listed Countrywide as one of the 200 Finest Modest Companies, and in 1987, Fortune Magazine?s Top rated 100 Stocks of the Year ranked the company at 37th. During this period, Countrywide moved its headquarters to Pasadena, California.
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In 1992, Countrywide launched Property America, a formal cost-effective lending system, intended to reach out to minority communities, and low and moderate income citizens as a solution for homeownership. By 1995, the Consumer Markets Division was started, an approach to reach out directly to customers. In the year that followed, Countrywide launched the Residence Equity Lending Division and Full Spectrum Lending, Inc (to supply loans to borrowers with negative credit).
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In 1999, CW Technologies Solutions, a new subsidiary was launched with core applications for international mortgage processing operations, such as arrears systems, loan origination, servicing. Then in November 2000, another subsidiary that would serve as the European affiliate of Countrywide Securities Corporation, Countrywide Capital Markets International, Ltd. (CCM) was launched.
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In January 2006, Countrywide was granted by Inside Mortgage Finance the status of Americas No.1 home loan lender, and by this time, Countrywide Bank had grown to grow to be the 11th biggest bank, and the fastest expanding among the main banks in the United States. This is the very same year in which Countrywide became the initial the initial mortgage lender to hit the $1 trillion mark in loan servicing.
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Countrywide Property Equity Loan Programs:
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Residence Equity Loan ? in which principal and interest payment remains the exact same more than the life of the loan
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Home Equity Line of Credit ? Low start interest rate, then variable monthly rate based on the prime rate as published in The Wall Street Journal plus a margin or outstanding balance.
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Combining Residence Equity Loans or Lines of Credit with second mortgages which is obtainable on most Countrywide loan programs, featuring extra tax positive aspects.
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Super Streamline Residence Equity Line of Credit ? Rewards are similar to Property Equity Line of Credit, but with less paperwork and ready money for those whose job and monetary situation haven?t altered drastically after their loans have been closed recently. You can borrow against up to 90% of your home?s value.
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125% Equity Loan ? Loan amounts up to 125% of the value of the home
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