Countrywide...what the heck?

[808 Vibes]

Yesterday my "payment coupon" came in the mail and instead of "Countrywide Home Loans", it says "Bank of America Home Loans". What the heck?! I didn't get the memo.

[djkeev]

Hey ! That's MY bank!!! Not only do I have some accounts there but my friendly government recently purchased about 45 BILLION dollars of it for me!!!!Aren't they nice!?!?! Please send in your payment, they really need the money, I hear that they are looking for a couple of Billion $$$'s more real soon.Dave

[kowell]

There are some serious shuffling with banks this year. I deal with computer equipment lease from the States at work and we have equipments financed with multiples banks and a lot of them have changed names or being bought in the last year. I think the funniest thing I saw are "fake banks". Institutions that loan money but aren't legally recognised as banks so insted use the word "banQ or BanC". The best one so far is one of our loaner that no longer calls itself Varesources but insted became "Banc of America".... that's hillarious, that's the kind of name you expect from a Nigerian scammer or a chinese knock-off...

[zionzr2]

I had some investments with A.G. Edwards and in a period of about 10 months they changed to Wachovia and now just changed to Wells Fargo.Its very frustrating trying to keep up. I know the investments themselves are safe, but its how many more hands are they gonna pass through.

[jimincalif]

http://www.npr.org/templates/s...28482 FTA:"All Things Considered, January 11, 2008 · Bank of America announces it will acquire Countrywide in a stock deal valued at $4 billion.Countrywide, the nation's largest mortgage lender, had few options after losses related to the subprime mortgage crisis. Analysts believe the company faced bankruptcy if it didn't work out a deal to be acquired."

[joatmon]

at one point my mortgage was bought by First Union Mortgage Corp, from who ever had it before. That was great, every month it was very satisfying to write my check to "F. U. Mortgage Corp"

[Wolfman213]

Shame they had "Mortgage" in the title, then it would have been a little Van Halen-esq in their album For Unlawful Carnal Knowledge.Just be glad that HSBC didn't buy out your mortgage. IMO, they are the worst mortgage company ever!!!!!!!!!

[scherry2]

thats why I got my mortgage thru a credit union. no sub prime mortgages there to worry about. never have to worry about my mortgage being bought by someone else at anytime either.

[Tubaryan12]

Quote, originally posted by scherry2 » thats why I got my mortgage thru a credit union. no sub prime mortgages there to worry about. never have to worry about my mortgage being bought by someone else at anytime either. Ha! My mortgage changed hands 4 times before I made the 1st payment back in 2002.

[scherry2]

thru a bank or mortgage company right? the credit union I belong to said they will not sell their mortgages and its been over 20 years.

[awfavre]

It’s pretty common for mortgage lenders to sell their mortgage contracts to other banks for cash – happens all the time. Consumers have no recourse when their mortgage is sold to another bank, unless the third-party buyer doesn’t abide by the original mortgage terms, or unless you want to refinance. And don’t assume just because the initial lender is a credit union they won’t sell. My sister’s mortgage was through a credit union, & they sold it to US Bank. (BTW, US Bank is one of the worst lenders out there, in my experience. They have the same types of problems over & over again with all types of consumer loans, mostly due to lack of communication at corporate.)

[808 Vibes]

I got a packet in the mail saying that Countrywide office signage would be up until later this year when they'll be changed to BOAHL. Payments will not be interrupted and account numbers are the same. So I'm thinking...would BOAHL let me refinance this early in the transition? You know, get me a brand spanking new blue Vibe from my equity? and a low interest rate at the same time? Right now there's a rental '09 GT parked right outside my house (thought I was dreaming) and I'm in absolute LUST.