A U.S. lawmaker said Friday he will issue a subpoena to Countrywide Financial, now part of Bank of America, as part of a probe into whether the lender gave favored terms to lawmakers and other VIPs.

Concluding that some of the nation’s biggest banks are in good enough shape to raise capital from private investors, senior Treasury officials would like more of them to repay billions of dollars in taxpayer money that bailed them out over the last year.

Mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans, the New York Times reports.

PennyMac is preparing to go public to raise $400 million to help it buy portfolios of bad mortgages.  Why would anyone want to invest? Because it's run by former Countrywide executives.

A cooperative healthcare plan is the only plan that has a the prospect of Senate passage, Sen. Kent Conrad, a member of the Senate Finance Committee (D-N.D.), told CNBC.

Two influential Senate committee chairmen were told they were getting special VIP deals when they applied for mortgages, an official who handled their loans told Congress in closed-door testimony.

Despite making promises of relief to homeowners desperate to keep their homes, profit making loan modification firms often fail to deliver, according to a New York Times investigation based on interviews with scores of former employees and customers.

Bank of America is ready to disclose details of Countrywide's former VIP program of preferential mortgages if a law enforcement body, Congress or other government bodies, issues a subpoena, documents obtained by CNBC show.

The SEC charged Angelo Mozilo, the former chairman and CEO of Countrywide Financial, with insider trading.

More than three months after the Obama administration outlined a new program aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, confusion, frustration and limited assistance are widespread.

Stocks opened higher after Wal-Mart hit its earnings target but a pair of economic reports that missed expectations curbed gains.

Stocks opened higher after Wal-Mart hit its earnings target but a pair of economic reports that missed expectations curbed gains.

Futures pointed lower after a pair of economic reports came in worse than expected. Wal-Mart Stores reported earnings in line with expectations.

A federal court has ruled that Florida's lawsuit against the former chief executive of Countrywide Financial should be tried in state court.