Sambol to Head Combined BoA/CFC Mortgage Operation.

Charlotte, NC -- David Sambol has been chosen to head up the combined consumer mortgage business of Bank of America Corp. here once it completes its acquisition of Countrywide Financial Corp., Calabasas, Calif., which is expected in the third quarter of this year.

There have been questions raised about the deal but investors appeared relatively confident at press time last Thursday. Opposition to the transaction had come from SRM Global Fund, a Cayman Islands-based hedge fund that controls 5.19% of Countrywides stock in a Securities and Exchange Commission filing Thursday. And the day previous Calabasas, Calif.-based company took a major writedown as part of its earnings (see related story). But at press time Countywides stock price was generally trending upward.

In the filing, SRM Global said, The merger agreement does not provide sufficient value to holders of [Countrywides] common stock.

The company also issued a press release which said it will vote against the merger and that Countrywide is strong and will rapidly return to profit on a standalone basis.

If this is not ...