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Arrow Case

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1. What are the two ways Countrywide – or any mortgage lender - made money? In the beginning, Countrywide started making money by offering people mortgages that had very low rates. That didn’t make them #1 in the industry and when Angelo Mozilo became the only owner and the CEO of Countrywide, he decided to enter the risky-mortgages business so that he has the biggest share in the industry. This is how Countrywide started making the big money. Angelo’s theory was that all people should have the equal right to get mortgages so Countrywide started giving mortgages to everyone no matter their credit history or other mandatory requirements. The problems were that, “Minimal FICO scores were often ignored”; "Many mortgages were made based on a borrower’s bare representations about his or her ability to repay, with little or no documentation to support those representations”; “Many mortgages were made with a loan equal to 100% of the appraised value of the house, while waiving the normal PMI (Private Mortgage Insurance) requirement”; etc. All these facts lead us to the understanding that Countrywide didn’t follow any rules for giving mortgages and loans.
This being said, leads us to the second part of how Countrywide made their big money. The answer is that Countrywide didn't disclose to their investors or in their financials that they were into the business of high-risk mortgages business. So they continue making their money by lying to their investors and everyone in the industry on how they are making this money. Countrywide “didn't tell investors the truth about Countrywide's exposure to risky mortgages”. They “stated in its SEC filings that the borrowers of pay option ARM loans had very high FICO scores (over 700), when in fact many of them were below 620”.
“Countrywide had been the nation's largest home loan originator before the housing market collapse left

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