On July 1, Bank of America finalized its acquisition of Countrywide Financial Corporation. BOA is now the nation’s top originator and servicer of home loans, with a firm grasp on 20% to 25% of the U.S. mortgage market. The value of the all-stock deal has eroded to $2.5 billion from approximately $4 billion in January, reflecting a decline in Bank of America’s share price.
I still use Countrywide on my personal purchase business as they are still the cheapest money in town and do not feel there is a sound reason to make a change at this time. As always, I recommend that buyers get a minimum of 3 quotes from 3 different lenders or banks regardless of whether you are buying a home, town house, or condo in the Nashville area.
From what I understand, Countrywide not change any of their logos in this area until mid 2009 when they will be permanently branded as Bank of America.
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