Bank of America Gets Countrywide

In the MSNBC story Bank of America to buy Countrywide, we see that Bank of America is just growing right along. I've had clients in my vacation home market use B of A for loans from multiple cities around the country. They have taken a significant amount of business from mortgage brokers in our area.

Just yesterday, I recommended B of A to a client making a land purchase. I did so because most local land financing is requiring 30%+ down, and will only do a ten year term. In a previous land deal, my west coast client used an east coast B of A branch to get a 10% down loan for 15 years. That's aggressive, and my clients have appreciated the flexibility. I hope Bank of America hasn't taken on a problem that will reduce their abilities in the future.