Los Angeles Times (07/10/08); Reckard, E. Scott
Bank of America expects its Countrywide acquisition to show a profit almost immediately after the books on the deal are closed and believes it can contribute considerable growth in income once the mortgage industry rebounds The bank got bargain pricing for the Calabasas, Calif.-based mortgage lender, which has become the face of the lax lending environment that has left millions of Americans struggling to make their mortgage payments. "We don't think in every instance that Countrywide was the bad guy," says Bank of America CEO Ken Lewis, adding that the bank will continue to defend Countrywide and tell its side of the story. Still, Bank of America plans to use its brand name rather than the Countrywide name for its mortgage lending business.
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