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Goodbye and don't let the door hit you on the way out Countrywide!

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Mortgage and Lending with John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. NMLS# 211187
Bank of America Corp. will rebrand its Countrywide Financial Corp. mortgage unit, a company spokesman confirmed Thursday. Countrywide will be renamed Bank of America Home loans in late April. In addition, according to The Wall Street Journal , Charlotte, N.C.-based BofA (NYSE: BAC) plans to hire 1,000 people in its mortgage unit and move 500 employees to mortgage processing from home-equity processing. In other developments, BofA’s stock fell 14 percent in Thursday trading. The company’s stock, which has traded between $3.77 and $43.50 per share over the last year, closed at $3.93 per share Thursday. BofA’s stock closed at $4.57 per share Wednesday.

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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hmm sounds like some people need to be a lot more responsible -- and a lot of people got away with a lot of wrongdoing.  Greed at its worst.

Feb 21, 2009 06:49 AM
John F Tuggle
John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. - Columbus, GA
Certified VA Expert Renovation Program Specialist

Greeting Joan,

I could not agree with you more.  In my 25 years in this business as a Realtor, Developer, Investor, and Financier / Banker I don't understand how we let "Banks" and "Quasi-Banks" i.e. Countrwide Bank (ISOA) become Venture Capatilist and/or Hedge Funds.  I thought the whole reason for chartering a bank was so the entity would provide the Community Servie of Banking, nothing more and nothing less.

On a side note, thank you and your profession for pushing foward.  To the survivors come the spoils.

Have a great day and contact me if you need anything,

John Tuggle

 

 

Feb 21, 2009 07:05 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

I just hope they have learned their lesson and this doesn't happen again.  I wish sometimes it was as simple as renaming for the rest of us.

Feb 21, 2009 07:18 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Bank of America is now a ward of the state. The stock holder were creamed by them buying companies that are too far gone. Merill Lynch, so much for the boss looking after his shareholders. He should have told the Feds that he had some principles left.  

Feb 21, 2009 07:21 AM
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John F Tuggle

Certified VA Expert Renovation Program Specialist
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