CALABASAS, Calif. — Bank of America surprised industry watchers recently by reassigning the future leadership spot at Countrywide Financial Corp. to a BofA executive, Barbara J. Desoer. Bank of America has yet to finalize its $3.6 billion acquisition of the nation's largest mortgage lender.
Countrywide President David Sambol, who held the number two spot below Chairman Angelo Mozillo, had been tapped to manage the combined BofA and Countrywide mortgage operations. Political fallout from criticism of Countrywide's huge pay packages to Mozillo and Sambol were a factor, as Sen. Charles Schumer (D-N.Y.) who is chairman of the Joint Economic Committee of Congress, openly asked BofA to rethink the decision.
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