- A. Linwood Gill, IIIVice-President Federal Reserve Bank of Richmond
Tell the Fed to hold hearings on the merger of Bank of America and Countrywide
If the Federal Reserve approves the acquisition of Countrywide Financial, Bank of America will become the largest mortgage lender in the country and will acquire nine million new customers. At least a million borrowers who obtained subprime and adjustable rate home mortgages from either Countrywide or one of its subsidiaries are either in foreclosure or behind on their payments. This merger could have a dramatic negative impact on homeowners and our economy.
Fill out the form below to tell the Federal Reserve to closely scrutinize the acquisition of Countrywide by Bank of America, and hold public hearings. Visit our Partner the California Reinvestment Coalition for more information.
- Vice-President Federal Reserve Bank of Richmond
A. Linwood Gill, III
The Federal Reserve should closely scrutinize the acquisition of Countrywide by Bank of America, and hold public hearings. It is vital that Bank of America submit a clear, specific plan outlining how its new customers will be refinanced into loans that they can afford. The Federal Reserve should not approve this merger without such a detailed plan in order to benefit the millions of working families in danger of losing the most important investment of their lives--their homes.
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