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Bank of America Home Loans Countrywide

Countrywide home loans is a subsidiary of Bank of America and was sold to the BofA in the year 2008. Along with it Bank of America Home Loan Servicing LP is also a subsidiary company. Countrywide Financial was established in the year 1969 but the name was changed to Bank of America home loans Countrywide in 2009. Both these financial institutions excel in providing home loans to its borrowers. BofA took over for around $4.1 billion in stock. Bank of America received all the required approval from the Federal Reserve System's Board of Governors to take over Countrywide Financial Corporation. Countrywide also announced that it had 69% of shareholder's approval to merge with Bank of America. On July 1st, 2008 all the formalities were duly fulfilled which led to the purchase of Countrywide Financial Corporation by Bank of America.

Bank of America and Countrywide Merger



Countrywide Financial were leaders in lending home loans to its customers but it had to bid a goodbye to its forty year old name when Bank of America took over it. It had been the largest home loan lender before BofA came into the picture. Countrywide nearly collapsed because of an increase in defaults during the global economic crisis. Bank of America home loans Countrywide was then established after the purchase deal was signed. However, the critics blame Countrywide as it offered exciting home loans to borrowers at adjustable rates which was not affordable by them. BAC home loan servicing LP was then accessible by both these financial enterprises. The merger and the acquisition has thus caused two financial giants to come together.

Bank of America Home Loans Countrywide Customers



Countrywide customers have now become Bank of America's customers because of the merger of the two companies. Bank of America then made its new customers understand about different kinds of home loan, interest rates and repayments methods. The bank aimed in moving a step further by explaining the need of a home loan and also made sure that the borrowers do not cross their limits. BofA opened various customer care centers and explained to the present as well as prospective borrowers the advantages and disadvantages of a housing loan. It did not keep people in illusions, thus made every point of home loans clear.

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