Sunday, June 8, 2008

Countrywide rumor featured in NMN.

Countrywide is a big part of the local economy, Paul Muolo of the National Mortgage News suggest changes are coming after the Bank of America merger is completed (emphasis added):

So, what's going on with Bank of America's purchase of Countrywide Financial Corporation? We understand that BoA has a three-pronged approach to the merger, calling each milestone a "tollgate." The first tollgate was to assess how CFC conducts business in its different departments and units. The second tollgate involves realigning CFC to how BoA is organized. The third tollgate: Matching up the departments and eliminating redundancies and ways of business that BoA does not like. From what we've been told the CFC/BoA mortgage "brain trust" will remain in Calabasas but certain offices and divisions might be closed. BoA has yet to disclose details. One source suggested that the merger actually might be completed early in the third quarter.

If any major operations are moved from Ventura it will have a dramatic effect. These are good paying jobs and Ventura's economy isn't very diversified.

No comments: