In a good way.
Remarkable headline as well, Countrywide deal is paying off big, BofA exec says.
Trouble is, the story is totally foward-looking — about new mortgages, new loans, new terms. Nothing on the pool of mortgages Bank of American took on from Countrywide. More to the point, if BofA has generated tons of work for itself re-doing the terms of the loans it acquired, is that really net good for the company? For banking in general?
I think the most that can be said is that Countrywide had lots of experience dealing with toxic borrowers, and since the class now includes damn near everybody…I guess that qualifies as a “big payoff” in the era of the New New Deal.
