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Fed Clears Bank Of America-Countrywide MergerBofA says it will tighten lending guidelines |
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June 8, 2008
The purchase of Countrywide would make Bank of America the nation's largest mortgage lender and loan servicer and would significantly expand the company's consumer real estate product offerings. "This transaction represents a rare opportunity for Bank of America to significantly gain market share in the mortgage business, allowing it to expand in a cornerstone financial product," said Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis. The company said Countrywide customers would eventually gain access to a broad set of consumer financial products such as credit cards and deposit services. "Mortgages continue to be a key consumer product for Bank of America, serving as a driver for adding new customers and deepening relationships with existing ones," Lewis said. "Countrywide, through its systems, distribution network and servicing platform, will give Bank of America greater ability to meet customers' credit needs." In April 2008, Bank of America signaled that it planned to do business differently than Countrywide has conducted it in the past. In testimony before the Federal Reserve in Chicago, Bank of America Global Consumer Credit Executive Bruce Hammonds unveiled his company's new mortgage lending guidelines. Following the purchase, the combined mortgage business plans to offer retail customers the following types of first-lien mortgages:
"We think it's important to clearly explain the changes in mortgage lending practices once we operate as a combined company," Hammonds said. "We recognize this tightening, by definition, restricts the availability of credit to some borrowers. However, this will help ensure that those who get loans can afford to repay them. Report Your Experience
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