Scorned Bear Stearns Investors Lost Money, Now Want Control

October 31, 2007

Investors in two highly leveraged Bear Stearns Cos. (BSC) hedge funds that up in the summer are taking an unusual tack in an effort to probe possible wrongdoing in the fund’s operations, said a person involved with the effort. Read More

13,674 Homes Offered For Sale on Countrywide Financial’s Website

October 31, 2007

Total asking price: $2,867,767,788 (as of October 24, 2007) You can search Countrywide’s website for a ‘bargain’ on a nice foreclosed home organized conveniently by state. Nearly half of the value is concentrated in California.Read More

Countrywide May Still Turn a Profit, Although Modest

October 31, 2007

Countrywide Financial Corp.’s stock price rebounded sharply from its recent lows as the mortgage lender said it will eke out a modest profit in the current quarter after recording a $1.2 billion loss for the third period. Shares of the nation’s largest home lender by volume jumped $4.23, or 32%, to $17.30 in 4 p.m. composite trading on the New York Stock Exchange on Friday. But the stock is still down 59% this year, and investors face a white-knuckle ride as Countrywide struggles with rising defaults, plunging loan volumes and falling home prices, which reduce the value of collateral.Read More

Consumer Warning Network comes online

October 25, 2007

The inaugural blog post for the Consumer Warning Network. Here we’ll be posting news articles, stories, and warnings – basically any information relevant to everyday people about the many flavors of consumer fraud going on all around us each and every day. We’ll have tips and general information gathered from our full-time investigative team on topics ranging from discriminatory credit scoring practices to predatory lending. Where appropriate we’ll provide information on how and where you can obtain help. Check back often for updates on our investigations.