Categorized | Commercial, Featured

No More Countrywide-Bank Of America

No More Countrywide-Bank Of America
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Bank of America has decided to drop the Countrywide moniker from its identification in order to strengthen its mortgage brand. Bank of America is considered as the second-largest real Estate lender of the world before the downfall in the prices of property and decline in real estate values. Bank of America had purchased this mortgage company in July 2008 and just after ten months from purchasing it was decided by the panel to retire the Countrywide label. The planning over this decision was started from the branches of California. Even when the mortgage rates are observing too low as they have ever been in the past few years, Bank of America is still trying to increase the level of its leverage in real estate industry as it has full confidence over the powerful momentum which was achieved by the bank after the approval of $85 billion against home loans.

The foundation of Countrywide brand was laid in 1969 and now it is going to be retired after being purchased by the American bank. It was believed by the executives of Bank of America that Countrywide designation was looking too toxic to save and just to abandon the name the executives of the bank were resolved. It is now considering just after the re-branding as the coinciding situation for the company with the busiest time of the year for purchasing and selling real estate. Countrywide was used to consider as the largest lender of United Sates besides its involvement with the sub-prime lending movement.

 

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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