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Bank of America Leapfrogs to Top Spot.(Company overview)
Byline: Ted Cornwell
Charlotte, NC-Bank of America's controversial acquisition of Countrywide Financial Corp. has created the nation's largest mortgage servicer, once again breaking barriers that seemed unlikely to be broken just a few years ago.
Before the deal, Bank of America serviced a little over $400 billion of home loans. Now, it's portfolio is nearly $1.9 trillion. (Long time industry leader Wells Fargo is now second, servicing $1.55 trillion of home loans in the second quarter.) On a pro-forma basis, Bank of America and Countrywide produced $96 billion of home loans together in the second quarter, before the merger was consummated, suggesting that the combined entity will have plenty of origination bandwidth to keep growing the portfolio.
Bank of America now expects the Countrywide acquisition to be "accretive" to earnings this year. In fact, during a conference call with investors and analysts, Mr. Lewis said Countrywide is "adding to the profits of Bank of America as we speak."
Mr. Lewis, now arguably the most important executive involved in the mortgage industry, said that Bank of America's results were "solid" despite a difficult operating environment.
But he did not downplay the continuing weakness in the housing sector, saying that home-equity credit quality has deteriorated faster and more deeply than anticipated.
He defended the bank's performance, noting that Bank of ...
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Source: HighBeam Research, Bank of America Leapfrogs to Top Spot.(Company overview)