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Essay / Research Paper Abstract
This 7-page paper gives an overview of current economic indicators in the United States. Also included is an explanation of the sub-prime crisis and credit crunch, and Countrywide Financial's part in it. Bibliography lists 8 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTeconupda.rtf
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Unformatted sample text from the term paper:
on the collapse of Countrywide and recommendations to Bank of America on how to avoid the same fate. Part 1: Mortgage Company in Crisis: The Rise and Fall of Countrywide
Mortgage As well see in the following sections of this paper, the U.S. economy is coming down from its almost phenomenal growth
of the past few years. Many attribute the fall to the sub-prime mortgage fall-out and the resulting credit crunch. In this section, well examine one of the companies hardest hit
in the crisis, Countrywide Mortgage, its rise, fall and takeover by Bank of America. Many analysts point out that Countrywide is very
much linked to the economy, especially on the mortgage side, which is why the company has been getting a great deal of attention during the current mortgage crisis. The company
isnt a Johnny-come-lately by any means. Co-founded during the mid-1960s, by Angelo Mozilo and David Loeb, Countrywide went public in 1969, and began trading on the New York Stock Exchange
in 1985 (White, 2007). Countrywide did very well during the first couple of years on the exchange, gaining applause from analysts, until a spike in interest rates during 1987 caused
mortgage companies to undergo marketing losses, and causing companies to go out of business (White, 2007). Countrywide was no different, but managed to weather that particular storm (White, 2007). As
refinancing went up during the early 1990s, so did Countrywides stock (White, 2007). As the early 1990s progressed, however, the refinance boom faltered and write-downs among mortgage companies occurred (White,
2007). During that period, which stretched well into the mid-1990s, Countrywide shook off bids for takeovers, preferring to take the independent route (White, 2007). During the late 1990s, Countrywide once
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