Countrywide Financial

Bank of America Home Loans is the mortgage unit of Bank of America. Bank of America Home Loans is composed of: During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the company's pre-tax earnings. On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval fro... More

Bank of America Home Loans is the mortgage unit of Bank of America. Bank of America Home Loans is composed of: During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the company's pre-tax earnings. On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. Then, on June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to the planned merger with Bank of America. On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997, Countrywide had spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run....

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