Countrywide Financial Is Bank of America Home Loans

by

Sonal Kaur

Bank of America is the leading global financial services provider in the United States, by assets, and the second largest bank by market capitalization. It provides its services in areas like insurance and finance, corporate banking, consumer banking, investment management, investment banking, private equity, global wealth management, credit cards and mortgages.

It serves clients in more than 150 countries and has a relationship with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. It was established as Bank of Italy in 1904 by Amadeo Peter Giannini and his son in San Francisco. Bofa is the largest lending bank in US and home loans are the most famous. It ranges from home mortgage loan to credit cards, ATMs and other banking facilities. BOA online banking is the best way of doing the banking transaction. You can do your Online bill payment, check your 24 months transaction history, fund tranfer, inquire about particular transaction and lot more.

On August 23, 2007 the company announced a $2 billion repurchase agreement for Countrywide Financial. Merrill Lynch was saved from bankruptcy when on September 14, 2008, Bank of America announced to purchase Merrill Lynch & Co. This acquisition made Bank of America the largest financial services company in the world.

Bank of America generates 90% of its revenues in its domestic market and continues to buy businesses in the US. The core of Bank of America’s strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.

Countrywide Financial is Bank of America Home Loans.

Provides mortgage banking and diversified financial services in domestic and international markets. It is a national leader in residential finance. Bank of America Home Loans, formerly Countrywide Financial Corp., is one of the largest residential mortgage lenders in the U.S. The bank purchased Countrywide Financial for $4.3 billion in stock. It operates in residential real estate loans, refinancing, home equity loans and reverse mortgages.Countrywide is now known as a symbol of slimy lending practices, blatant promotion and high-risk mortgages following the housing market crisis and subprime mortgage debacle. A home mortgage is easier to get here. Gradually, many of Countrywide’s loans soured, and the lender struggled to find new sources of capital. BofA has agreed to settlements with several states to resolve allegations that Countrywide put borrowers in risky subprime loans. The division is continuing to struggle through the fallout from the mortgage crisis.

Also, Countrywide Home Loans is one of the major players on the stock exchange

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