Those of us who work with short sales only need to mention "Countrywide" and instantly delays and slow processes are understood. Often the mere mention of "Countrywide" will harness sympathy and compassion. The name has sparked frustration from sellers, buyers and agents across the country. So it should come as no surprise that many of us are anxiously waiting to see if the Bank of America (BofA) acquisition and name change will bring about real change.
When I recently read that Countrywide President David Sambol was given a 20 Million dollar retention bonus, by BofA I was more than a little disappointed and far less optimistic about the company's commitment to real change.
To convince folks like me that the new Bank of America Home Loans is open for business and has shed the tarnish of Countrywide Home Loans, the company has launched a huge marketing campaign. I, for one, sincerely hope that the unrevealed dollar amount, being spent on the rebranding campaign, includes some substantive change and not just in name only...
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