Monday, April 27, 2009

Countrywide Rebranded

Housingwire reports this morning Bank of America Rebrands Mortgage Operations

Countrywide Financial — perhaps the most recognizable name to come out of the nation’s mortgage crisis — is now officially gone. Bank of America Corp. (BAC: 9.2182 +1.30%), which acquired the mammoth lender and servicer last July, is replacing the brand with its own; the company said Monday it had retired the Countrywide name, replacing it with the eponymous Bank of America Home Loans to represent the company’s combined mortgage operations.

…Bank of America is clearly anxious to get beyond the Countrywide brand name, which carries a high degree of recognition but also has become a target for consumer advocates, who say the lender’s aggressive practices during the housing boom recklessly endangered consumers. Both Desoer and chief executive Ken Lewis have been adamant that BofA operates differently, and is committed to responsible lending practices.

“Purchasing a home is one of the biggest decisions an individual makes, and we take seriously our responsibility to educate customers and arm them with the information they need to make smart decisions,” Desoer said.