Countrywide Acquired By Bank Of America

By
Mortgage and Lending with Approved Mortgage Group NMLS #1287673

In what will probably be the biggest merger of the year in the mortgage industry, Bank of America has purchased Countrywide Financial Co. at the tune of $4 billion.

I have blogged about the various articles that have been released today about this acquisition in my Loan Officer Tips blog.  I would love to hear your comments on this since it will be one of the major factors in the overall economy throughout the year.

Here is a direct link:  www.LOTrainer.com

I look forward to hearing from you!

Posted by

Andy Scherer

Loan Officer & Marketing Director

Approved Mortgage Group

610 Farm Lane, Doylestown, PA 18901

Mobile: 203-257-5279

Email: andy@approvedmortgagegroup.com

Comments (8)

Sean Carroll
The Get Off Your A$$ Academy - Manhattan, NY
Real Estate Speaker and "Expert" Coach

my CW lender was in denial this morning, dismissing it as rumor, despite what I told him. I am VERY curious to see how this impacts the day to day operations of his business, and thus my business

Jan 11, 2008 08:07 AM
Alan Brown
Coldwell Banker Montrose Colorado - Montrose, CO
29 Years of Real Estate Experience .
Countrywide saved by the Bell. Just about to be bankrupt and out of business, this will help from the national media running big negative stories had Countrywide gone under, for all of us in the real estate industry we've all been saved by Bank of America. We dodged a media bullet.
Jan 11, 2008 08:12 AM
Andrew Scherer
Approved Mortgage Group - Doylestown, PA
Real Estate Representation At It's Finest
Sean - it's a sad day when something like this happens.  People don't like change, but there is going to be a lot of change going on in the overall industry rather soon!  Feel free to get on my Loan Officer Training blog and find out what I wrote about this situation, and thanks for the comment.
Jan 11, 2008 08:17 AM
Andrew Scherer
Approved Mortgage Group - Doylestown, PA
Real Estate Representation At It's Finest
Alan - I completely agree with that, and you are already starting to see the media swing other negatives towards us with regard to this.  Thanks for the comment!
Jan 11, 2008 08:48 AM
Shane Trotta
CT Appraisal Group, LLC - Guilford, CT

Hmmm, so I wonder how this will impact me. I do a lot of work for Countrywide through their subsidiary appraisal management company (AMC), Landsafe. Unfortunately, they are one of my main clients, and if they stop being in business, this could really hurt! I'm hoping that Landsafe will remain, as BofA does not have it's own AMC and sends their appraisals to a number of different AMC's. Hopefully, Landsafe will take over a bunch, if not all of BofA's appraisal work, then this could actually help me into the future!

When so many appraisers are having trouble finding work, Countrywide/Landsafe has been my saving grace, hopefully this will all work out for the best....I love working with Landsafe, no pressure to hit numbers is a fresh break from some of the mortgage broker work out there. Hope it continues.

Jan 11, 2008 10:14 AM
Find a Notary Public needAnotary
QEC Internet Services - Long Beach, CA

I wonder is there a connection?  Both BOA and Countywide were busy in the secondary market buying loans from Argent and New Century.

I know they had a full-time audit desk in Orange at the Argent office. 

Mar 15, 2008 09:27 PM
Anonymous
julio lopez

does anyone know if landsafe will be kept by bank of america. 

Jul 01, 2008 08:55 AM
#7
James Wexler
wexzilla.com - Scottsdale, AZ

Hoep things are well, havent seen your posts in some time. ARe you working on an outside blog platform besides AR?

Aug 19, 2008 05:51 PM