Merrill Lynch Uses CDFI Assessment and Ratings System on $93 Million ...

CHARLOTTE, N.C., Jan. 31 /PRNewswire/ -- Bank of America Corporation and Countrywide Financial Corporation today announced that David Sambol, Countrywide's president and chief operating officer, will lead the combined consumer mortgage business once Bank of America's planned purchase of Countrywide is complete.

Sambol will continue in his current role, reporting to Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo until completion of the transaction, which is targeted for the third quarter.

In a related announcement, Bank of America Global Consumer and Small Business Banking President Liam McGee announced that Card Services Executive Bruce Hammonds will assume the newly created role of Global Consumer Credit Executive when the purchase closes.

Hammonds, who will continue to report to McGee, will be in charge of all consumer credit products, including the consumer mortgage organization, Bank of America Card Services and unsecured lending. read more