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Affiliates will be attending the public hearings on the CountryWide Financial/Bank of America merger Tuesday in Los Angeles. Anyone in the area or with the ability to attend is highly encouraged to do so.
Details follow.
Hearings set on BofA plans to acquire Countrywide
The Federal Reserve said Thursday that it plans to take the unusual step of holding public hearings on Bank of America Corp.'s proposed acquisition of troubled lender Countrywide Financial Corp.
The Fed said the hearings, in Los Angeles and Chicago, would consider whether the $4 billion deal will benefit the public.
The deal rescues the country's biggest mortgage lender, which saw its share price plummet last year as the mortgage market sank. It also expands the financial services empire of the nation's largest consumer bank. The purchase is expected to close in the third quarter.
Consumer advocates are likely to use the public events as a chance to pressure Charlotte, N.C.-based Bank of America to be more aggressive in helping borrowers who are in trouble on their home loans. Calabasas-based Countrywide has been widely criticized for not being responsive enough to distressed homeowners.
The local hearings are scheduled April 28-29 at the Los Angeles office of the Federal Reserve Bank of San Francisco, 950 S. Grand Ave