Many of the write-downs will be made on loans originated by Countrywide Financial Corp.

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Sandy Samuels is an executive with Countrywide Financial Corp, one of the largest U.S. lenders.

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Last year, to settle similar securities fraud charge, Angelo Mozilo, the CEO of Countrywide Financial Corp.

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Balboa provided that coverage on mortgages serviced by the bank and by fallen mortgage giant Countrywide Financial Corp.

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Mr. SANDY SAMUELS (Executive Managing Director, Countrywide Financial Corp): From our perspective, from Countrywide's perspective, we win when we have an educated borrower.

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Angelo Mozilo, the co-founder of Countrywide Financial Corp.

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