Bank of America Countrywide Financial Corp. are discussing a possible alliance that would effectively create the largest mortgage lending group in the United States, according to an article published in Friday’s Financial Times.
When contacted by DSNews.com for comment, a spokesperson with Countrywide Financial cited a long-standing company policy against commenting on market rumors.
The talks, which are said to be in the early stages, could lead to a joint venture in which Bank of America would utilize its nationwide branch network to help sell home mortgages originated by Countrywide. Countrywide, which was the top provider of U.S. home loans during the fourth quarter of 2006, has reportedly experienced a 11 percent increase in stock shares since word leaked of a possible alliance with Bank of America.