BofA will reach the top with Countrywide
deal.
|
Charlotte-based Bank of America is set to add "largest U.S.
mortgage lender" to its list of credits, following the news it
intends to purchase financially troubled Countrywide Financial in a $4
billion deal. The bank will add Calabasas, Calif.-based
Countrywide's $1.5 trillion loan portfolio to its own, moving it up
from its current ranking of fourth-largest, past JPMorgan Chase and
Wells Fargo.
[ILLUSTRATION OMITTED]
Home-mortgage originatons in 2007 (billions)
1. Countrywide $408.2
2. Wells Fargo 272.0
3. JPMorgan Chase 207.7
4. Bank of America 188.6
5. Citigroup 151.9
Source: MortgageDaily.com
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