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.