| BofA dumps Countrywide name |
| Monday, April 27, 2009 |
by Steven E.F. Brown
Bank of America Corp. dumped the name Countrywide — which had been badly tainted by association with toxic mortgage problems — and rolled out a new home loan web site.
The Charlotte, N.C., bank (NYSE: BAC), which is California’s biggest bank, bought troubled Calabasas-based Countrywide last summer. Countrywide was the nation’s biggest mortgage lender during many of the housing market’s boom years, and it adopted increasingly innovative and aggressive loan offers.
Not only did those loans, some of which required little or no documentation and sketchy proofs of income or assets, turn around to hurt many borrowers, but they also tarred the Countrywide brand.
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posted by citizen jerk @ 3:03 PM   |
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