gina gardner

An Involuntary Transaction: Why BAC + CFC May Never Close

tired of everyone jumping on this bandwagon. yes, mozilo is a creep of the lowest order. but thousands of people at countrywide are not, they are hard working loan officers, underwriters, and servicers no different from those at other lenders.' there is no reason they wouldn't be an asset to whoever acquires the company. my husband is an LO there and in a 12 year career has not had a single deal go sideways or default. so right now we are dealing with not only career worries but a chunk of cw stick as well. it seems irresponsible to voice this sort of opinion when you don't have the facts either -- you admitted as much -- but you seem to take rather too much satisfaction at the prospect of ruin for tens of thousands who are innocent victims and did nothing to deserve your derision.

BofA's Countrywide Acquisition: Dumb And Dumber

God, if this is going to have any credibility at least learn how to spell "lose" and I believe that CW employEES will be laid off, not employERS. For what it's worth, CW employees have been told that B of A will leave Countrywide pretty much alone, the layoffs will be mostly support staff in duplicate or unprofitable branches, and there will be severence packages for them. Most do not have to fear for their jobs if they are producers or in areas with no existing B of A lending offices (too bad about Mozilo's severence, unwarranted and should rightly have gone to mitigating the mess CW had created in hard-hit neighborhoods or to shoring up the company). CW will keep most of its loan products and be the mortgage arm of B of A while "old" B of A will focus primarily on the banking side of things. Countrywide even keeps its name, with the addition os "A Bank of America Company." Many analysts feel that B of A got a screaming deal; the servicing and chance to increase its presence in new markets is worth more than what they pais; even with significant writedowns of the CW portfolio B of A will realize about a 10% return on its investment.