“Countrywide” on The Daily Caller

In a letter obtained by The Daily Caller, House Judiciary Committee chairman Rep. Lamar Smith warned Attorney General Eric Holder not to permit the transfer of funds from a recent $335 million Department of Justice settlement to organizations associated with the Association of Community Organizations for Reform Now, more commonly known as ACORN, or other advocacy groups allied with President Obama. (more)

California’s attorney general’s office subpoenaed Bank of America Tuesday to examine if Countrywide knowingly sold and marketed risky mortgage-backed securities to California investors, The LA Times reported citing people familiar with the matter. (more)

Bank of America Corp. (BAC), the lender burdened by its Countrywide Financial Corp. takeover, would consider putting the unit into bankruptcy if litigation losses threaten to cripple the parent, said four people with knowledge of the firm’s strategy. (more)