Countrywide, a business name synonymous with housing mortgage loans for over four decades in the United States, will vanish from the landscape of corporate America from next week.
The Bank of America, which bought Countrywide Financial in January 2008 for 4.1 billion dollars, is expected to begin on Monday re-branding the former major mortgage lender headquartered in a Los Angeles suburb as part of its operations.
"At Countrywide, we're re-branding our stores this month so our customers will be looking at the Bank of America name across our entire mortgage operation," Joe L. Price, chief financial officer of Bank of America, told a conference call earlier this week.
Countrywide Financial had been in the center of the U.S. housing market collapse that plunged the global economy into a deep recession due to its leading role in the subprime mortgage market.
The Bank of America said earlier that the name change would be seamless to Countrywide's current customers.
By acquiring Countrywide, the largest U.S. financial service company got a substantial market share of the mortgage business in the country as well as access to the former market leader's expertise, technology and employees for servicing mortgages.
Source: Xinhua
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