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Bank of America Agrees to Purchase Countrywide

By Tony D. Howell

Mortgage and Lending with The best place EVER!

January 11, 2008 09:36 AM

Countrywide Home Loans
If you've seen any news on mortgages lately, you already know that the mighty Countrywide has been feeling the pressure from the mortgage meltdown. Today the deal was struck with Bank of America to purchase Countrywide. From what I've been reading it looks as if they will keep the name and operate business as usual. The largest noticeable difference is that Countrywide shareholders will receive partial shares of Bank of America in the deal. BoA's deep pockets keep Countrywide from going completely bankrupt, BoA gets the trillions of dollars worth of servicing rights to Countrywide's loans, and together they form an institution to become one of the largest and most powerful banking franchises in the world. Doesn't sound like a bad deal...sorry about the Bank of America pic, I just thought it was too funny not to use it somehow. LOL

For more info, click the link below for the actual press release I just received from Countrywide.

Bank of America Agrees to Purchase Countrywide Financial Corp.

Tony D. Howell
Mortgage Consultant
Olympic Mortgage Consultants, Inc.
910-264-7802
www.TonyDHowell.com

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Joel Bennett

Long & Foster Real Estate Inc. - Columbia, MD

The Joel Bennett Group

Hey Tony. How are things in the Port City (I'm a Native)? I hope they make a few changes in customer service. That was a major area that Countrywide needs to improve.

Jan 11, 2008 09:58 AM

Kay Perry

Kay Perry, Broker - College Station, TX

We'll have to wait and see how it all plays out over the long haul. There are many banks and mortgage companies that will go out of business this year.

Jan 11, 2008 10:09 AM

Alex Zokan

Advisor's Realty Group - Orlando, FL

Countrywide is one of the biggest places that were doing the no documents loans, I think they will have it tough but shouuld be able to ride it out

Jan 11, 2008 10:44 AM

Kay Baxter

Coldwell Banker King Thompson - Buckeye Lake, OH

I did read an article earlier that said that the CFO was being asked to donate some of his millions to helping homeowners in trouble of losing homes. Im glad BOA stepped in but Countrywide should be ashamed of themselves. In my opinion they are a huge part of why the mortgage crisis occurred.

Jan 11, 2008 10:46 AM

Bank of America Agrees to Purchase Countrywide

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Tony D. Howell

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