CALABASAS, Calif. — Countrywide, the largest provider of home loans in the country, will be acquired by Bank of America for a reported price tag of $4.1 billion.
With $209 billion in assets, Countrywide has been a major source of the pain now felt in the mortgage sector owing to loose lending standards.
It was on the brink of bankruptcy following major losses, reporting that 7.2 % of its mortgage servicing portfolio was delinquent in December 2007.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
