As Bank of America Corp. officially puts its brand on former Countrywide Financial Corp. offices today, the Charlotte bank is also unveiling new initiatives aimed at improving mortgage lending for consumers.
The changeover follows the Charlotte bank's July 1 acquisition of Countrywide, which had become a symbol of the nation's mortgage meltdown as it neared collapse early last year. The lender came with a damaged name, troubled loans and a phalanx of lawsuits, but Bank of America prized Countrywide for its dominant market share and well-honed technology and sales force.
Bank of America is retiring the Countrywide brand on 500 retail offices around the country and replacing it with the new Bank of America Home Loans name. Signs in California and North Carolina are changing first, with the rest switching by August.
Countrywide Brand Is Fading Away [Charlotte Observer]