Adios, Countrywide
This may be old news to some of you, but it was news to me: Bank of America "plans to dump the Countrywide name early next year."
This from today's L.A. Times: "... Bank of America still plans to dump the Countrywide name early next year in favor of the Bank of America brand, Bank of America CEO Lewis confirmed in an interview with The Times."
More: "Lewis initially said he wanted to study whether to keep the Countrywide brand, which was extremely well recognized even if it was tarnished. 'I went in thinking that there would be some way to use the Countrywide name,' he said Wednesday. But as the mortgage meltdown worsened, with Countrywide at its center, that possibility disappeared."
As I say, some of you may have known this, but I had thought B of A would find some value in the Countrywide name.
Comments? Thoughts? E-mail story tips to peter.viles@latimes.com
Photo: Associated Press
My money is still on the deal falling through. Can't see it making any $cents.....
Posted by: Rob | July 10, 2008 at 04:22 PM
Someone get Rob a calendar. Thx.
(Deal closed July 1st)
Posted by: Cal | July 10, 2008 at 04:31 PM
Value in the name? Of course there's value. All that "good will," since it's inextricably linked with another name with tremendous good will - Mozilo.
But seriously, you could probably generate a couple thousand rupees by recycling all the signage.
Off it goes to the junk heap, like Ameriquest, New Century, and all the other titans of American industry..
Posted by: Uncle Billy Went to Washington | July 10, 2008 at 04:38 PM
Did B of A have the foresight to realize the pending consolidation in the banking industry with the demise of IndyMac? And in the long run would the potential liability from the Countrywide purchase pale in comparison to the benefit received?
Posted by: Pasadena CA Real Estate | July 10, 2008 at 04:41 PM
I've heard that on a radio interview.
There is no value in country wide name and very low value in its assets. The only value of country wide to BoA is the huge tax write offs...
Every sucker know country wide is a monster that gave everybody bad loans, charges them hefty fees and is the reason for all foreclosures....
We know this is not really the case, but that is what most joe 6pack think about them...
Who is going to buy Indymac??? I can't believe FDIC will actaully payoff the depositors...some 18 billion...
I see Citibank and Wells Fargo...i had rumors that Wells is interested in buying WAMU, so Citi?
Posted by: Laker | July 10, 2008 at 04:43 PM
the name is worth as much as the Enron name
Posted by: Stanley | July 10, 2008 at 04:53 PM
Well, perhaps the B of A's spokesperson can find some use for that name, as in, well, the bubbles were not just limited to inside Mr. Sunburn's brain, but there were bubbles countrywide.
Posted by: MyLessThanPrimeBeef | July 10, 2008 at 04:57 PM
I watched Lewis on CNBC yesterday. Some poor woman
(a civilian) was complaining that her identity had being stolen and Bank of America was really unhelpful and what could he do for her. Lewis who had never spoken to anyone making less than 100 millions a year in bonus did not really know how to handle and the woman was promptly taken outside and killed ( as per Cal new regime)
Posted by: CD | July 10, 2008 at 05:02 PM
The names Bear Stearns, Indymac, and Countrywide are just too stigmatized to survive. Bear Stearns and Indymac would both be good names for rappers. Not sure about Countrywide.
Posted by: VanMorrisonFan | July 10, 2008 at 06:02 PM
Rumor is the tanning beds are axed also.
Posted by: BottomFisher | July 10, 2008 at 08:46 PM
the sooner the better.. bye bye Countywide.CFC's toxic loans will bring down BAC in the near future.
Posted by: UPTHECREEK | July 10, 2008 at 09:29 PM
Thanks Cal...
Posted by: Rob | July 11, 2008 at 09:16 AM
hey, maybe they can turn it into their PAC for bribing politicians - of both parties, since that seems to have been one of its major sidelines (wink)...
Posted by: sheila | July 11, 2008 at 12:12 PM
I'm still collecting interest on my Savings Link Acct. at CW...it was sooo great for a few years...5.50% with TOTAL liquidity, no minimum deposits. Now that same acct. is only yielding 3.35%. I will NEVER allow my acct. to go to B of A...they are the worst...even moreso that CW!
B of A caters to illegals and in many ways is responsible for the financial mess we are having: credit cards to illegals and home loans to ilegals, Usuary rates (even for good customers) and ridiculous fees.
I HATE B of A!!!!!
Posted by: fedUpinLA | July 11, 2008 at 12:25 PM
Aside from the fairly reasonable assessment that the Countrywide name is worth about a buck and half I don't believe BOFA would have kept it even if it did turn out to have some positive value. BOFA spends millions every year developing their brand. Like most other corporate entities, BOFA wants to see its name plastered everywhere, not BOFA some places and Countrywide in other places.
No way. NO matter what.
Posted by: ice weasel | July 11, 2008 at 04:14 PM
"some value in the Countrywide name..."
I've been trying to find some value in the
Bank of America name...since August 1967.
Posted by: yours truly, Johnny Dollar | July 11, 2008 at 04:31 PM
Is anyone using the corporate signage
Tyco International or MCI these days?
Maybe Air Florida?
Posted by: yours truly, Johnny Dollar | July 11, 2008 at 04:35 PM