"Countrywide" Goes the Way of "Blackwater"
Countrywide Financial, the company infamous for its role in the subprime mortgage crisis, is now called "Bank of America Home Loans." Bank of America, which purchased Countrywide in July 2008, is using the name change "to separate itself from Countrywide's reputation," reports the Wall Street Journal. "The company hopes the new brand will simplify its relationship with customers while also emphasizing that Bank of America is a 'responsible lender' and 'accountable' for sustained homeownership." Bank of America is also trying "to showcase its contributions to an economic recovery after receiving $45 billion in U.S. aid." Ironically, "new mortgage applications" are "one of the few bright spots in banking right now," since the collapsing economy had led to low interest rates. Bank of America "plans to hire about 1,000 people" for its newly-renamed mortgage unit, "and move 500 employees to mortgage processing from home-equity processing."
Comments
Ha ha ha!
Yeah, right. Tell that to the Countrywide and B of A customers who know the TRUTH.
Countrywide?BOA
This is still just a joke. 45 billion dollars of the taxpayers money! Tell me what are we getting besides screwed for this money? How about really looking closely at these mortgages and use the money to actually help our fellow Americans rather then line the pockets of management! Show me the money people remember that phrase? BOA is a awfui bank look at their financials and dig deep into salaries. Who was it that said " I will survive " oh yeah Gloria Gaynor.