Countrywide R.I.P.

February 27, 2009
Matt Isleib

 

 

Last week according to the Wall Street Journal the “Countrywide” name will be no more. As of April 27 Bank of America will re brand the name to “Bank of America Home Loans.” This will close the chapter on a lender that rose to the top of its industry and then amongst the financial crisis saw itself fall to the bottom were Bank of America stepped in and bought the company for pennies on the dollar.

 

Since the Bank of America acquisition Countrywide has been marred with lawsuits and complaints. The name change is clearly a move to shift away from the now “tainted” lending name. It will certainly bring to end a once household name in lending. It also turns the page to a new chapter, one filled with a mountain of uncertainty in the mortgage industry.