Bank of America Drops Countrywide Name
Bank of America, which bought Countrywide Home Loans last year, has officially changed the lender’s name to Bank of America Home Loans, which recognizes the merger of Countrywide and Bank of America’s previously existing mortgage and home equity lending operation.
All I can say is good riddance. There were many causes of the current state of the market. But there is no question the Countrywide was a measurable part of it. Time to move on!
It’s the most clever type of re-branding in the financial market. All of the subprime lenders from the 90s and early 2000s are “gone,” but only in the sense that they have changed their names. If you listen really hard, you can hear former Ameriquest employees shuffling into other ventures under other companies.