Mon, Apr 27th, 2009
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NEW YORK, April 27 (Reuters) - Bank of America Corp (BAC.N) onMonday discarded the Countrywide brand in its mortgage operations,a name now sullied by risky home loans, an FBI investigation, andthe high pay of its former chief executive.
Countrywide was founded in 1969, and co-founder Angelo Mozilobuilt it into the largest U.S. mortgage lender. Bank of Americabought the company last July for about $2.5 billion after risingdefaults and an inability to tap capital markets drove Countrywidenear collapse.
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Bank of America Corp. launched a new mortgage and home equity loan brand Monday as a result of combining the previously acquired Countrywide Home Loans with the bank’s mortgage operations.
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Bank of America Corp. dumped the name Countrywide — which had been badly tainted by association with toxic mortgage problems — and rolled out a new home loan web site. The Charlotte...
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Bank of America has plenty to prove
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NEW YORK (CNNMoney.com) -- This earnings season, no company may have more on the line than Bank of America. The last three months have been a painful time for the Charlotte, N.C.-based banking giant...
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- Don't Panic!!!! The dollar...money; if eight default, its two-thirds; and if nine default, the whole amount is repayable. Now, reinhardts predictions are around the banks. Guess which ones are listed in most of the synthetic CDO? the three Icelandic banks ...
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