Bank of America Finalizes Countrywide Purchase

countrywide home loans becomes BOA

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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