Is Countrywide a legitimate company?
Countrywide Financial Corporation operated as a historically legitimate and massive American mortgage lending enterprise before experiencing severe financial distress during the subprime mortgage crisis. Following federal bailouts and massive delinquency defaults, the enterprise was acquired entirely by Bank of America, which subsequently wound down and retired the controversial Countrywide brand name. Today, the original corporate entity no longer functions as an active financial institution in the marketplace.
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Bank of America officially completed its high-profile acquisition of Countrywide Financial Corporation in July 2008, following initial announcements and shareholder approvals earlier that year.