Countrywide Financial Corp. was acquired by Bank of America Corp. on Tuesday. The merger creates a bank with around $773 billion in deposits -- more than any other U.S. bank, according to recent data from the Federal Reserve Board. The combined entity will likely originate around $425 billion annually, making it the biggest residential lender in the country.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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