ADIOS AMIGO

Well you might have noticed I have been off for a few days. I have been in Minnesota at a training. It snowed 6 inches while I was there. Just doesn't seem right somehow. I was doing much contemplation and thinking and must admit I did not take care of my Blog very well. I will get back with the program I am confident.

I ran across this article in Mortgage Banker News and thought is was interesting. I was wondering how Countrywide was going to do this. Now we know. Can you say, Adios Amigo???

Robinson Offers Update on BoA Countrywide Deal:
Bank of America has a rigid transition process it uses for any of the acquisitions it has done or is doing, said its president for consumer real estate Floyd Robinson. He was asked during a panel session at the Regional Conference of Mortgage Bankers Associations in Atlantic City to provide an update on BofA's acquisition of Countrywide Financial Corp., Calabasas, Calif. The Charlotte, N.C.-based bank is assigning "hundreds" of associates to the transition process. There has been a 30-day look at the practices of both companies, Mr. Robinson said, and one of the items that resonated with him is the disparity in the two companies' respective direct-to-consumer businesses. BoA has done $168 billion in this channel while Countrywide has $113 billion. Much of Countrywide's production comes from the correspondent and wholesale channels, areas that BoA does not do business in, leading Mr. Robinson to point out Countrywide has a very different business model than BoA does. The different approaches and attitudes between the two, he added, could make this one of the most challenging acquisition integrations for BoA. One business the combination will not do is subprime, an area BoA has not been in for several years. The company will not take an inappropriate risk to its reputation, Mr. Robinson said.

More to come

Lonny