Since 1969 Countrywide (NYSE: CFC) has been funding home loans in the United States and made homeownership possible for about 20 Million borrowers. Almost 40 years later, Countrywide is being purchase by Bank of America (NYSE: BAC) to the tune of $4 Billion.The joining of the two will create an enormous and powerful mortgage franchise. The integration will take place around 2009 with the close of the purchase happening sometime in the mid to late 2008.
In 2007 Countrywide originated $408 billion in Mortgages and services approximately $1.5 Trillion worth of loans. Bank of America services over 57 Million consumers and small business clients with more than 61,000 retail banking locations within over 175 different countries. B of A has fostered relationships with 99% of U.S. Fortune 500 companies and 80% of the Fortune Global 500.
CONTACTS: Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire, +1-704-388-6780, or Leyla Pakzad, +1-704-386-2024, all of Bank of America; or David Bigelow, +1-818-225-3121, or Lisa Riordan, +1-818-225-3959, both of Countrywide; or Media, Scott Silvestri, Bank of America, +1-980-388-9921, email@example.com; or Countrywide Media Hotline, +1-800-796-8448