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MISERY: BANK OF AMERICA'S acquisition of COUNTRYWIDE

By
Real Estate Agent with Alain Pinel BRE 01367196

Bank of America -- misery or miserable?

If their own employees are miserable, maybe that explains the miserable service we are getting?

Is anyone happy to be dealing with Bank of America besides Warren Buffet?

Wall street Journal article "Bank of America Countrywide: Worst Deal in History"

Counrywide now looks even more like one of the worst deals ever struck in corporate America. (Yes, we’re keeping a high rank reserved for AOL- Time Warner.)

Take a look at the litany of legal settlements, losses and other headaches Countrywide has brought BofA. Has a $4 billion firesale deal ever looked so expensive?

According to this article that announced Bank of America Job Cuts which could total 10,000

Analysts have noted that Bank of America’s acquisition of mortgage lender Countrywide has proven disastrous, with all the liabilities that a balance sheet full of thousands of subprime mortgages would entail. Employees on glassdoor.com also provide some insight into how the acquisition has affected their workplace.

An Account Executive from San Francisco writes, “The acquisition of [C]ountrywide created many problems in service and IT which resulted in 6 months of awful turn times and low pay for the 100% commissioned ae’s. It was clear that the former [BofA] management style and customer service went to crap once [Countrywide] was acquired.”

The Consumerist posts the worst company in America. Round one shows Bank of America with 81% vote against Citi with 20%.

Surely, Bank of America executives are paying attention? We're in MISERY!




Comments(4)

Rodney Mason, VP of Mtg Lending
Guaranteed Rate NMLS# 2611 - Atlanta, GA
AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

Bank of America was always much more conservative than Countrywide ever was.  From the outside, that looked like a big time cultural clash.  I think the Wachovia purchase of Golden West was pretty bad.  It was one of the biggest reasons why they failed.

Aug 26, 2011 03:35 PM
TERI LINDSAY
Reno, NV
STAGELIGHT HOME STAGING CO.

No sympathy from me for B of A....... and Countrywide is nothing but a lot of "bad JUJU"..... I was a customer of both.....

Aug 26, 2011 04:44 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Pacita, We have a “dog and pony show” at our office this week … not sure who was the dog and who was the pony however a local branch manager from BofA and an escalation manager who flew in from LA where there discussing the BofA short sale escalation process.  They are painfully aware of issues and are working on them.  They are painfully aware that the HAFA outsourcing is not working. They have already fired four of the eight companies …. Blah blah blah!  I told them the only way to fix the problem is to pay them when they close … just as we are paid.  Then perhaps there will be more accountability and responsibility on those in the trenches!  M I S E R Y …. I FEEL YOUR PAIN!

 

Aug 26, 2011 05:35 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Pacita, very interesting and do you know who is buying B of A now? Or at least a majority share of it?

Aug 26, 2011 09:54 PM