Mortgage news

News, trends and analysis of the mortgage and credit market

Friday, January 11, 2008

Bank Of America buys Countrywide: What's next for the largest mortgage lender?

January 11 2008
Bank of America is in advanced talks to buy Countrywide, the largest mortgage lender in the country, at a severely distressed price in order to avoid the company‘s bankruptcy. Countrywide has been aggressive in helping troubled subprime borrowers get out of loans they can’t afford. Bank of America will have to restructure the loans that have to be reworked. There are hopes that the bailout will provide more opportunity for loans in the future. So what does this mean for Countrywide CEO and co-founder Angelo Mozilo? Bank of America' s CEO Ken Lewis says he will keep many top executives. "Angelo has told me he will do anything we want him to do in terms of how long he stays", he says.

Best Rated Mortgage Companies

Email this article to a friend | Send us a comment


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home